XENIFY: Swap To Earn ETH 🚀
Learn how your token swaps unlock daily ETH rewards on Arbitrum!
XENIFY — The Nexus of Innovation & Reward, Effortless Cross-Chain Swapping, and Community-Driven Expansion!
Welcome to this 5-minute guide, where we’ll answer all your questions about the Xenify’s swap auction on Arbitrum, we’ll cover everything from eligible swaps to claiming your rewards. Ready to transform your swaps into passive ETH Rewards? Let’s dive in!
1️⃣ XNF: How’s It Minted?
Xenify is not just simplifying the swap process; it’s transforming it. One of the unique benefits of using Xenify is that you earn XNF every time you pay the 0.5% swap fee on chains where XNF is deployed. This means that you not only enjoy seamless token swaps but also accumulate XNF, and the opportunity to earn daily ETH Rewards!
Before we dig into all the deets, let’s take a quick look at how XNF tokens are minted. Every 24 hours, our protocol mints a portion of XNF’s capped 22.6 mil supply, like a 24-hour token bakery 🥐. At launch, the daily reward pool will kick off at 20,000 XNF tokens (this will decrease by 50% at each halving event). These newly minted tokens are exclusively distributed to those that participate in any of three daily auctions:
- 🔥 Burn Auction (50%) — 10,000 XNF will be distributed among users who either burn vXEN or YSL during the cycle.
- 💸 Native Auction (45%) — 9,000 XNF will be locked and distributed as veXNF (an NFT that represents the locked XNF and earns ETH rewards) among users that contribute ETH during the cycle.
- 🔀Swap Auction (5%) — 1,000 XNF will locked and distributed as veXNF among those who perform eligible Arbitrum based token swaps on Xenify during the cycle.
In contrast to the XNF distributed among burn auction participants, the total XNF allocated for the swap auction will be locked for one year and distributed among participants as veXNF rewards. Upon claiming these rewards, you gain the ability to earn a share of the daily ETH distributions derived from fees across Xenify’s daily auctions on Arbitrum!
If you’re the solo swap auction participant during a cycle, guess what? 👀 The entire 1,000 XNF is exclusively yours!
2️⃣ How Can I Join The Arbitrum Swap Auction?
Grabbing veXNF rewards through Xenify’s swap auction on Arbitrum is a breeze. Begin by switching your network to Arbitrum. Once that’s done, all you have to do is execute a token swap originating from Arbitrum to any of the 52 chains supported by Xenify.
Let’s break down the process into 5 simple steps:
- Step 1: Connect to Xenify & Select Arbitrum — First click on ‘Connect Wallet’ to connect securely to Xenify, and select Arbitrum from the network options available. Remember to confirm the network switch within your wallet.
- Step 2: Select Swap Tokens & Input Amount — Now you’ll need to choose the tokens you wish to swap from and to. Our wide selection of assets across 52 chains and 60 aggregators ensures you have plenty of options to explore. However, keep in mind, to earn veXNF through the swap auction on Arbitrum, you’ll need to swap a token originating from the Arbitrum network!
- Step 3: Sort Swap Routes & Select Aggregator — You have the ability to sort all available routes by Max Returns, Lowest Gas, Fastest Route, and the Best Route overall. Simply pick your desired aggregator from the list of options, and your selection will be highlighted at the top with a green indicator 🟢
- Step 4: Select Earn XNF or Pay Zero Fees — Here comes the exciting part! Before confirming your swap, decide whether you want to earn veXNF rewards or opt for a fee-free transaction. The choice is yours, but for veXNF rewards, select ‘Earn XNF’
- Step 5: Click on Confirm Swap to Finalise — With everything now set, all you need to do is click ‘Confirm Swap’ and proceed with your transaction in your wallet. Once executed, a pop-up window will appear on Xenify, displaying the status of your transaction. There you have it! You’re now on your way to earning some ETH Rewards 🤩
💡Unlike the burn fee, the swap fee is not subject to any time-weighted discount!
What does this mean? Well, whether you swap in the cycle’s opening hour or in its final moments – your 0.5% swap fee remains unchanged.
This levels the playing field for everyone, ensuring a fair shot for all throughout the entire cycle!
3️⃣ ETH Rewards: How Do I Get ‘Em?
Before you can start racking in ETH rewards, you’ll first need to visit the Earn page on Xenify to claim your veXNF. Once claimed, your veXNF rewards morph into a unique NFT on your Lock Page. This NFT will represent your locked XNF position and keep track of its earning power.
Now, let’s talk about the decay schedule — it’s like a countdown timer, but for your earning potential. As a veXNF holder, you’ll receive ETH rewards generated from fees during each cycle based on your NFT’s current earning power. Starting at 100%, your NFT’s earning power gradually diminishes over its pre-set 60-day decay schedule, until it hits zero, at which point you will stop earning ETH rewards.
But there’s no need to fret, as you can always bolster your position by merging additional veXNF rewards, or extend your lock duration to reboot your earning power before rewards run dry. Once your veXNF lock period concludes, simply click ‘Unlock NFT’ to access 100% of the XNF that was originally locked by the protocol — the XNF will be sent to your wallet and the protocol burns your veXNF NFT from existence 🔥
⚡ Keep in mind that the amount of ETH rewards you receive at the end of each cycle ultimately depends on your share of total veXNF earning power.
The greater the amount of veXNF you hold and the higher your earning power, the more substantial your ETH gains when the cycle ends!
💫 And there you have it — a quick overview of the XNF Swap Auction!
That wasn’t too bad, was it? Hopefully having read this you now have a better understanding of how you can start earning ETH from your token swaps on Arbitrum!
Xenify not only offers you instant access to market-leading rates from 60 aggregators across 54 chains, but a truly rewarding swap experience. With unique tokenomics, and an equitable, community-driven approach, Xenify represents the ultimate choice for anyone looking to simplify the swap process while maximising their earning potential.
Keep in mind, this is merely a 5-minute guide, so don’t forget to dive deeper into the Xenify Litepaper for a more comprehensive understanding!
Signing off for now ✌️
Bonus Tips & Tricks
♻️ Recycle ETH Rewards for Fee-Free XNF Acquisition & More: Opting to recycle your ETH rewards is a smart move, as it not only helps you side-step the 25% claim fee but also enables you to grow your XNF position and earn exclusive ETH rewards. How? Your full rewards balance automatically joins the daily burn auction, with no vXEN or YSL required. The protocol even covers burn fees out of your recycled rewards. This means you’re effectively participating in the burn auction without providing any vXEN, YSL, or ETH for the burn fees! And that’s not all — by recycling your rewards in the first hour of the cycle you’ll also be included in an exclusive reward distribution of ETH generated from the platforms claim fees!
📌 Keep Up With XENIFY
🌟 Stay in the loop by following us on Twitter and Medium, and don’t forget to subscribe to our YouTube Channel for more content!
🤔 Curious to learn more? Check out our Litepaper, it’s a great resource and is packed full of information on everything Xenify!
👋 Can’t find what you’re looking for? Hop into our Telegram channel for help. Don’t be shy — come say hi!
You can find all our helpful links here: info.xenify.io
