xBank Liquidity Mining & Project Updates

Published in

xBank Finance

3 min readSep 29, 2023

Dear xBankers,

It has been 3 months since the launch of xBank on ZKSync Mainnet. First of all, we would like to thank our community for their support. We are grateful to the community and our users for using xBank. In this article, we will go over the updates on esXB and what you can expect in the coming weeks.

Protocol Traction and Metrics

xBank has seen good traction since its launch. Let’s briefly visit some of the key metrics:

Total Current Deposit: 625k USD
Total Current Borrow: 271k USD
Max Deposit Value: ~960k USD
Max Borrow Value: ~580k USD
Cumulative Deposit: ~221M USD
Cumulative Borrow: ~46M USD
# of Current Depositors: 190
# of Current Borrowers: 185
# of Deposit Transactions: 92,344
# of Borrow Transactions: 28,828

esXB Allocation

In our launch article, we outlined the conversion schedule of esXB into the protocol Governance token.

Based on the above stats, all the esXB holders will receive 1% of the total Governance token supply. Your exact share of the Governance token will be calculated based on the formula:

Your Share of Governance Token = Your esXB Balance / Total esXB distributed

The snapshot of your esXB balance will be taken at the end of day 30th September 2023 (11.59PM UTC.) After we take the snapshot and finish the calculation, we will publish the information for users to review their allocation.

What’s next?

Given the current state of the market and the ZKSync network, we would like to extend our liquidity mining period for another 3 months (October 2023 — December 2023.) We will call this period Rewards Epoch 2.

Here are the details for Rewards Epoch 2

esXB earned during Rewards Epoch 2 will entitle you to convert to Governance token. Now that we have stats from Epoch 1, we will reduce the requirements to reflect the level of activities. The new conversation schedule for Epoch 2 are shown in the table below:

esXB will be emitted at the rate of ~0.127 esXB / second (same as Epoch 1)
Allocation of exXB to each activities will be the same as Epoch 1
esXB earned from Epoch 1 and Epoch 2 will share any ZKsync airdrops received.

We would like to iterate to our users that we are committed to sharing the majority of any airdrops to our early adopters. Although Matter Labs has not confirmed an airdrop of their native tokens, they have confirmed their intention to launch a governance token in the future. If xBank receives a portion of this governance token airdrop, we will distribute them to our community as bonus incentives, with a significant portion retroactively allocated to our early adopters.

Here is our distribution plan for the airdrop:

40% of the airdrop will be allocated to esXB token holders.
40% will be reserved for future incentives and initiatives.
The remaining 20% will be allocated to the development fund.

We will work to update the UI to reflect the information described next week, so while there might be some delay for the correct data to display, you can be sure that you are not missing out on the tokens and we will calculate everything correctly.

🔗 Official Links

Below are the official links for xBank:
Website: https://xBank.finance/
Twitter: https://twitter.com/xBankFinance
Discord: https://discord.gg/Ywh9hJg6xv
Telegram: https://t.me/xBankFinance