Weekly Update #8
Hello X-Force! As Christmas is around the corner, we would first like to extend our seasons greetings, and wish everyone to be safe with their families — both in the crypto and real world! As always, we are focused and dedicated to deliver what our supporters and investors deserve: The eXtraordinary product and platform that provides the best DeFi eXperience.
This week we are focusing on the following:
A. Staking UI and new main page design
The staking UI design is going super. We are finalizing the details for the interface. Our main focus is to make it clean, efficient and easy to use. We are confident that it will be the best quality we can deliver.
B. Staking Mechanism
We have also decided that each staker, instead of receiving LP tokens, will receive an NFT representing their share of the deep pool rewards. Unlike most other NFTs, these NFTs will have a deterministic underlying value. This makes each NFT redeemable for rewards. Instead of redeeming the whole NFT, users will be able to redeem a portion of the NFT. That is, the users can lower the underlying value of the NFT while still keeping the token. The reason for this decision: We want the “share / portion” of the staker to be transferable, while still keeping the temporal properties of the staking event. This makes the staking liquid but at the same preserve the unique properties of the LP staking token. Through the NFT design, we can secure the advantages of both properties in one structure.
II. Development Update
A. Smart Contract coding
So far, we have identified that there needs to be 4 types of actions/ behavior patterns to be coded in the smart contract.
- Stake XFit
- Stake the XFit portion of the farmed amount and return the stablecoins
- All in, stake XFit and sell the stablecoin portion to get more XFit to stake
- Send LP tokens to user as well as their XFit rewards.
- We have identified the major steps needed for the smart contract and will proceed to code it, optimize it and test various scenarios before finalizing it. We will upload when there are major changes as always.
B. Flash Minting
We have completed the XFai token code with the flash minting ability. We are currently the only DeFi project that has developed flash minting for a token that is not backed by an asset (i.e. wrapped). As this is a completely new ERC20 extension, we need to remain careful and try out as many adversarial attacks as possible.
The holiday season is coming, and together with it, an eXciting time for the XFai community!
XFai develops tooling for the DeFi space, graphing it to build game-changing products. The XFai DEX is set to invite mid and small-cap tokens to start earning APY on their token holdings. We are aiming to become industry-first in providing a more efficient, transparent, and fair way for everyone to get involved at an early stage. The LGE for XFai’s native token, XFIT, was launched on 16th April 2021. We invite everyone to join the DeFi revolution, spearheaded by XFai.
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