Introducing DEX Changes, dXCAD token, Airdrop and further deflation of the XCAD token
XCADs original goal for its DEX was to only offer creator tokens to be traded there, which was dubbed as ‘Creator Swap’. After further internal discussions, we have decided to allow other ZRC2 Tokens to be listed against XCAD on our DEX. This benefits XCAD as each trading pair will be against XCAD, taking even more supply off the market, while also increasing volume and users.
XCAD will also list against USDT on its own DEX, which helps protect against market volatility. All our other pairs are against stable coins across exchanges besides Zilswap currently.
As well as having XCAD listed against USDT on ZIL we’re also Introducing the XCAD exchange token, called dXCAD. The Token is similar to the $ZWAP, $CAKE (PancakeSwap) or $QUICK (Quickswap) token.
How does it work?
For providing liquidity with a ZRC2 token and XCAD for example CARB-XCAD Pool, users that are providing liquidity would earn ‘dXCAD Token’ as a reward on top of the trading fees.
Unlike ZILSWAP, and more like PANCAKE and QUICK, you will be able to take the dXCAD token and stake it in a single asset pool to return other ZRC20 tokens such as CARB for example.
For the above to happen, CARB for example would give us $50k of their own token, and in return we would allow $40k of dXCAD to be added to the LP farm as rewards ($10k would be used to market buy dXCAD and burn it). We would then launch a single asset pool where users would stake dXCAD (single asset) in order to get CARB token.
LP Rewards = dXCAD
Stake dXCAD = Other ZRC2 tokens
This is the same approach as PCS/Quickswap take and opens up better liquidity, and also helps a project tap into a new community, everyone wins. Of course as well as other ZRC2 tokens if you provide LP for creator tokens you will also receive dXCAD.
Once single asset staking launches on our DEX you will also be able to stake XCAD and earn XCAD & dXCAD
We will be airdropping a small percentage of the dXCAD supply to XCAD holders to allow us to kickstart the dXCAD & XCAD pool. More details on this will follow later in November when we will release a full metric breakdown of dXCAD and its utility.
How does this benefit XCAD?
Every ZRC2 token will be pooled with XCAD, meaning it’s taking more XCAD supply off the market as it’s used for liquidity.
Of course having more tokens on the DEX in theory should also create more volume, the original burn metrics we had still stand, if you are trading XCAD against CARB token for example, a portion of the fees will still be burnt reducing the XCAD supply further.
More info on the airdrop & release plan for the DEX will be posted soon.