Fair launch via seed pool. Equitable distribution to all.
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Dear tEXO community,
As everyone of us are looking forward to tEXO listing within the next two days, we would like to thank you for your support throughout the seed phase thus far. Over the past three days, we've received feedback on listing price as well as fees used for liquidity.
After a round of careful consideration, we've decided to USE 100% of deposit fee for INITIAL liquidity and adjust initial listing price to ~US$20.
Instead of using just 50% of deposit fee during listing, 100% of the fees will be allocated for LP on both chains, listing at $20/tEXO. These LPs will then be locked on Unicrypt for 6 months. (both bsc and polygon.)
The previous plan of listing at $100 was projected based on a targeted TVL, which is unfortunately not achieved. Therefore, the listing price has to be be changed and adjusted based on seed pool participation. This is to ensure that all seed pool participants, liquidity providers and new buyers will all benefit from the new listing price.
If we list at $100 based on current deposit fees, these are the possible scenarios -
1) Seed pool participants do not have enough funds for liquidity at tEXO = $100. Not encouraging for tEXO holders to provide liquidity.
2) Seed pool tokens total valuation at $100/tEXO will be floating on a liquidity of around $40k, and an artificial market cap of $7.2m.
3) Listing at $100 with an artificial market cap will likely deter new buyers to obtain tEXO in the open market and participate in liquidity mining.
Therefore, we have to adjust listing price to a lower range in order to improve token health during launch. However, that does not mean we just lower listing price just for the sake of lowering listing price.
The team considered other variables that will affect listing price and token health as well.
From seed pool participants, there is a 4% fee. Most users would want to at least breakeven from the fee upon listing before providing liquidity. After all, early adopters and supporters should be rewarded for coming onboard before everyone else.
One of our community members suggested this formula-
Initial tEXO Listing Price: 50% of deposit fee/7,200 tEXO (from Dev wallet)
In one way, this formula provides an indicative figure of tEXO "market value" neglecting any other variables "ceteris paribus". Based on this formula, seed participants will probably break even but late participants will probably NOT breakeven, which is not what we want. Seed participants needs to be rewarded with incentives upon listing. However, listing at a hyper-inflated value could be detrimental to all parties, including seed participants.
During liquidity mining stage, incentivising LP provider is crucial for both liquidity AS WELL AS token distribution from tEXO rewards during farming. During farming stage, the initial emission will be high before reduction every 24 hours to incentives early liquidity providers. Thereafter, the next phase for community growth will commence in with Yield Protocols and the introduction of tEXO revenue pool, allowing tEXO holders to earn platform fees.
Meanwhile, If initial listing price is not "lucrative" enough for LP providers, it will not be encouraging. However, if listing price is TOO high, once again, it will be hyper-inflated.
While we hope that all participants will benefit through seed phase and liquidity mining, we need to find a right balance between the pros and cons of any new implementation.
Based on the formula of,
Initial tEXO Listing Price: TVL/72,000 tEXO (Total Supply of tEXO after seed phase)
which is not the most ideal way to determine token listing price, we factored in additional variables to the equation so that-
1) ALL Seed pool participants will still get incentives
2) Mitigate the risk of huge price impact from a small amount of token holders, as compared to listing at $100.
3) Seed pool participants will not need to contribute liquidity at an hyperinflated price.
4) New buyers have lower barrier of entry to buy from AMMs upon listing.
5) Farming APY remains attractive, while within reasonable range when 1st block starts.
We thank you for your tremendous supports and understanding. We will be releasing a couple of exciting new products for our community after seed phase so do look forward to new updates and commit on Github!
Best regards,
ExoniumDEX Team
Over the past few months, we have monitored the launch strategy of many other DeFi projects and farms based on BSC, Ethereum, Matic (POLYGON) and Polkadot.
After researching and studying various staking and farming mechanisms, Exonium has decided to distribute tEXO to early participants in a fully decentralised and fair method. No private sale, No presale. This method is conceptualised based on single staking pools with deposit fees, found in majority of the farming protocols. tEXO will be on both BSC and Polygon for seed phase (single token staking pools). As we continue with development, a bridge will be introduced to allow users from both community to cross interact.
The difference between other "farms" and our seed phase is that we do not reward NON-native token stakers when liquidity mining starts. The single token staking pool is for INITIAL DISTRIBUTION only. After the single token staking phase concludes, tEXO LP farming starts. When users start earning rewards for providing liquidity on "tEXO/BUSD", "tEXO/USDC" and "tEXO/BNB","tEXO/MATIC" pairs, all tEXO rewards generated will be concentrated to these two pools, instead of sharing with non-native pools participants. This ensures that only tEXO LPs are incentivised, and everyone can participate in fair launch with other existing tokens adopted.
This launch article carries specific details of each stage and we advise all community members to read through carefully. For a simple summary of genesis plan:
TL;DR-
tEXO will not have any form of token sale.
Users may obtain tEXO by staking adopted BEP-20/Polygon chain tokens on ExoniumDEX. There will be harvest lock during seed phase. But users can withdraw their deposits ANYTIME. Seed pools carry a 4% deposit fee, which will be allocated for initial liquidity by team. Deposit fee is capped at 4% and there is no withdrawal fee.
During the single token staking phase, users will accumulate tEXO and they can harvest tEXO around an hour before LP farming reward starts and provide liquidity to stake their tEXO LP for farming reward.
Team will provide liquidity before farming starts. LP will be locked on Unicrypt.
When single token staking phase concludes, all tEXO rewards will go to LP farmers only.
User Process Simplified:
Stake BEP-20/Polygon chain tokens in return for tEXO (On ~ 6th Aug)
When single staking pool ends after 72,000 tEXO are distributed, withdraw your initial deposit and harvest your tEXO reward.
Provide liquidity with the tEXO received from seed pool. (On either PancakeSwap or Quickswap)
Stake tEXO LP token on ExoniumDEX
Stake tEXO in FAANG pool to receive FAANG
There will be 2% referral reward. Just share the link with your friends to join!
Important Blockheight/Time to take note of:
Single Staking Pool StartBlock: ~6th August 2021, do refer to blockheight below (Single staking pool will stop receiving rewards after 72,000 tEXO. All rewards generated from tEXO Orchestrator Contract will goes to tEXO LP pools)
Single Staking Pool Reward Harvest Unlock: ~1 hour before tEXO LP farm starts
$tEXO LP farming and $FAANG pool reward starts: ~5+ Days after single staking reward startblock, no harvest lock for LP and FAANG pools. (5 days is an estimated based on block time before deploying. This may varies as the BSC and Polygon network block time is unstable)
Team to Add Liquidity using Deposit Fees + LP Lock: Within the day before LP farming starts (11th August 2021 as projected.)
BSC blockheights (Click for countdown):
+ startblock (seed pool): 9794888 (~6th Aug)
+ harvest reward block (seed pool) : 9937888 (~11th Aug)
+ inactive block (seed pool): 9938888 (~11th Aug)
+ LP farm startblock: 9938888 (~11th Aug)
+ FAANG startblock: 9938888 (~11th Aug)
+ FAANG inactive block: 10770888 (~10th Sep)
Polygon blockheights (Click for countdown):
+ startblock (seed pool): 17694805 (~6th Aug)
+ harvest reward block (seed pool): 17898809 (~12th Aug)
+ inactive block (seed pool): 17900519 (~12th Aug)
+ LP farm startblock: 17900519 (~12th Aug)
+ FAANG startblock: 17900519 (~12th Aug)
+ FAANG inactive block: 19089090 (~13th Sept)
*Do note that all timing will be based on blockheight and ExoniumDEX team will do our best to provide the most accurate projected time. As BSC and Polygon carry different block time, there will be discrepancies in timing. Use blockheight countdown on explorer for the most accurate timing. Due to differences in blocktime from planning to actual, duration of 5 days may vary. Do keep track of actual blockheight for the latest timing. Throughout the seed pool period, Exonium team will update on social media to remind our community as well.
Token Contract Address
tEXO BSC: 0xF1afb5674Bf946458BD1163163F62dE683B07D65
tEXO (POLY): 0xF1afb5674Bf946458BD1163163F62dE683B07D65
Please always ensure that you are approving the official verified contracts when interacting with our dAPP. Our official contracts can be found in this link:
https://texo.gitbook.io/exoniumdex/smart-contracts-and-audits/smart-contracts
Team will mint 100 tEXO and list a small amount in "BNB and BUSD" & "MATIC and USDC" pair for price reference on PancakeSwap and Quickswap before seed staking phase. Any attempt to push the price up and manipulate prices will be countered by team with the pre-mined 100 tEXO tokens on each chain before adding liquidity with deposit fees + tEXO from the 10% tEXO in DEV wallet.
The reason for harvest lock till LP farm rewards starts is to prevent any token holders from providing liquidity before ExoniumDEX team and cause irreversible price deviation from initial listing price. Thereafter, tEXO price will be determined by the open market. The main objective to provide liquidity with deposit fee is to reduce price impact and slippage before farm starts. This will be healthier to the token economy and protects our community, unlike other projects providing minimal liquidity and expect the community to take responsibility and high risk during launch. However, just like all DeFi protocols, investment risk is unavoidable. ExoniumDEX's responsibility is to mitigate risks for our community.
After team provides liquidity with deposit fees and when farming starts, participants in seed pools will be able to harvest $tEXO token and start pairing tEXO with BUSD/BNB or MATIC/USDC, provide liquidity and stake on ExoniumDEX LP pools. All reward will be concentrated in tEXO LP pools.
Community members who did not participate in seed pool but wish to get tEXO token can purchase on PancakeSwap or QUICKSWAP after team provides liquidity with Deposit fee. Once again, do not purchase any tEXO before team provides liquidity.
There will be time gap from initial liquidity to farm starts to allow users to purchase tEXO and get ready to stake LP for tEXO rewards. Liquidity from deposit fees will be provided and locked on ~11th August 2021.
When providing additional liquidity, team will use the deposit fees accordingly. Refer to liquidity plan in the latter part of this article.
tEXO supply on individual chain:
Total supply of tEXO after the first ~5 days* of seed staking will be around: 72,000 tEXO
*Timing will varies depending on block time on each chain. This estimate is based on the average daily block height and our tEXO/block allocated for each chain. Use this example as reference on how the team will allocate funds and tEXO for liquidity.
Team will have around 7,200 in dev wallet for liquidity. (From 10% of tEXO mined to DEV wallet.)
Amount of tEXO from this 7,200 in DEV wallet will be used for liquidity together with the the deposit fee received in fee wallet. The LP will be locked for 6 months on Unicrypt. We will release actual lock update on social channels.
As tEXO launch process is determined by multiple factors, team planned for dynamic changes dependent on deposit fee in FEE wallet for providing liquidity.
Do note that token emission and dates are solely dependent on blockheight. Timing will change. But the concept of token allocation for liquidity and percentage will not change.
Audit, Marketing, Airdrop and future development cost will be generated from FEE and DEV wallet.
tEXO Genesis Stage will have a few different phases:
Emission Rate: 0.5 tEXO/block
Duration: 144000 Blocks, ~5+ DAYs (timing is entirely determined by block time on BSC, therefore may varies)
Harvest UnLock : 1000 blocks before farm starts. ~1 hour before LP farm starts.
Deposit fee: 4%
Emission reduction: No. Consistent over the single token staking period.
Dev wallet: 10% of every block
At this stage, over the single token staking phase, users can start staking adopted BEP-20/Polygon network tokens on ExoniumDEX site to receive tEXO. Same concept as usual staking pools yield farmers are familiar with.
Adopted BEP-20 tokens are (X are multipliers) -
(X3) wBNB - 0xbb4CdB9CBd36B01bD1cBaEBF2De08d9173bc095c
(X4) bUSD - 0xe9e7cea3dedca5984780bafc599bd69add087d56
(X2) CAKE - 0x0e09fabb73bd3ade0a17ecc321fd13a19e81ce82
(X2) BTCB - 0x7130d2a12b9bcbfae4f2634d864a1ee1ce3ead9c
(X2) ETH - 0x2170ed0880ac9a755fd29b2688956bd959f933f8
(X2) BUNNY - 0xc9849e6fdb743d08faee3e34dd2d1bc69ea11a51
(X2) XVS - 0xcf6bb5389c92bdda8a3747ddb454cb7a64626c63
(X4) USDT - 0x55d398326f99059ff775485246999027b3197955
(X4) USDC - 0x8ac76a51cc950d9822d68b83fe1ad97b32cd580d
(X4) DAI - 0x1af3f329e8be154074d8769d1ffa4ee058b1dbc3
(X2) DOT - 0x7083609fce4d1d8dc0c979aab8c869ea2c873402
Emission Rate: 0.35 tEXO/block
Duration: 205714 Blocks ~ 5+ DAYs (timing is entirely determined by block time on Polygon network, therefore may varies)
Harvest UnLock : 1710 blocks before farming starts. ~1 hour before LP farm starts.
Deposit fee: 4%
Emission reduction: No. Consistent over the single token staking period.
Dev wallet: 10% of every block
Adopted Polygon network tokens are (X are multipliers) -
(X4) USDC - 0x2791bca1f2de4661ed88a30c99a7a9449aa84174
(X3) wETH - 0x7ceb23fd6bc0add59e62ac25578270cff1b9f619
(X3) wMATIC - 0x0d500b1d8e8ef31e21c99d1db9a6444d3adf1270
(X4) USDT - 0xc2132d05d31c914a87c6611c10748aeb04b58e8f
(X3) WBTC - 0x1bfd67037b42cf73acf2047067bd4f2c47d9bfd6
(X4) DAI - 0x8f3cf7ad23cd3cadbd9735aff958023239c6a063
(X2) QUICK - 0x831753dd7087cac61ab5644b308642cc1c33dc13
(X2) LINK - 0x53e0bca35ec356bd5dddfebbd1fc0fd03fabad39
(X2) AAVE - 0xd6df932a45c0f255f85145f286ea0b292b21c90b
(x2) FISH - 0x3a3df212b7aa91aa0402b9035b098891d276572b
Once the smart contract starts generating reward, users who staked these tokens will receive their share of tEXO rewards. Each pool will receive a designated poolWeight according to the multipier. tEXO received is dependent on -
Your staked vs Total liquidity in the pool
APR reflected is based on your staked token price, tEXO price on PancakeSwap and Quickswap, estimated block on Binance Smart Chain/Polygon over a year, value of total staked tokens in the pool.
Keep in mind that there will be a 4% deposit fee charged every time you stake. 100% of this 4% will be used to add to liquidity pool before farming starts and this LP will be sent to LP locker Unicrypt. (locked for 6 months).
Many DeFi protocols launch their project with minimal liquidity and expect their community to provide liquidity and cause a huge price impact on token price due to minimal liquidity. Exonium aims to mitigate that by using deposit fees for liquidity. Listing before farming starts allow early adopters who are not staking to purchase tEXO with minimal price impact and start contributing liquidity. Regardless of how much deposit fee is raised, we will oblige to the fees for liquidity. If it's $1,000,000, then $1,000,000 will be used for liquidity. (split between BNB & BUSD, MATIC & USDC pair). tEXO used to pair with BNB and BUSD, MATIC and USDC will come from the 10% DEV wallet's tEXO generated through tEXO contract.
In the event that the amount for liquidity exceeds the tEXO in DEV wallet, we will provide liquidity first and thereafter, we will either;
Buy back from market
or
Contribute second batch when dev wallet have sufficient tEXO
Various protocols buy back and burn tokens to "make their project deflationary". That sounds and looks deflationary on paper but liquidity is still the most important factor in Decentralised Finance where the project longevity heavily relies on. We will have deflationary protocols in place but for the early stage, we focus on tEXO liquidity. For deflationary mechanisms, do refer to "tEXO" token section in this document.
Single token pool reward will last for ~5 Days (take note of the block period above for the most accurate timings). Users will be able to withdraw their initial deposit ANY TIME during the single token staking period. However, you will only be able to harvest tEXO when rewards are unlocked. When you withdraw initial deposits, you will stop receiving any additional tEXO rewards.
After the single token staking period is over, tEXO smart contract will stop allocating tEXO to single token pools and all tEXO mined/block will be concentrated on tEXO LP pools on BSC and Polygon. Reward for these all LP pools will start exactly after seed staking phase ended. Details for LP farming can be found below.
~1 hour before single token staking (seed staking) rewards stop and LP reward starts, users will be able to harvest their tEXO and provide liquidity to stake their LPs and earn tEXO farm rewards. Harvest button will be activated and deposit function for single staking pool will be removed.
After the single token staking phase and team provides liquidity, tEXO LP staking commence (or what the DeFi community calls it, farming). This stage is will set the foundation for tEXO on popular decentralised exchanges by incentivising liquidity for tEXO. We will tap on PancakeSwap (BSC) and QUICKSWAP (Polygon) for tEXO liquidity. All rewards from contract will goes to LP pools. (until the next phase begins: yield optimizer and upcoming products)
Emission Rate: Starts with 1 tEXO/block
Duration: Perpetual
Harvest Lock : NO
Deposit fee: 0%
Emission reduction: 15% reduction after every 24 HOURs
Minimum Emission Rate: 0.1 tEXO/block
Dev wallet: 10% of every block
tEXO LPs on PancakeSwap V2 includes:
tEXO/BNB: 0x572274f3f1a2d4016d85eb1ba2c4da671805218e
tEXO/BUSD: 0x19f4f3cdaae6923b387566161a10dc517a0d11af
Emission Rate: Starts with 0.7 tEXO/block
Duration: Perpetual
Harvest Lock : NO
Deposit fee: 0%
Emission reduction: 15% reduction after every 24 HOURs
Minimum Emission Rate: 0.07 tEXO/block
Dev wallet: 10% of every block
tEXO LPs on QuickSwap includes:
tEXO/MATIC: 0x64005aaa879bf0882b93a9360d57be53305d6ee7
tEXO/USDC: 0x818a2465759c2163041904626b806b2f35e39500
Rewards will be in $tEXO on both chains.
During this stage, there will be no tEXO single staking pool that rewards more tEXO. To incentives tEXO token holders and add value to tEXO, we will be implementing various mechanism as part of our projects vision.
tEXO holders can look forward to stake tEXO and earn:
FAANG (Available at launch)
Performance fee generated from ExoniumDEX features and new protocols. (To be implemented upon new product launch)
For more information, do refer to the latter part of this document under "tEXO" and "FAANG".
We understand that it is a norm for DeFi protocols to implement single native token staking pool. However, this is not a long term solution for the longevity of the project and this approach will reduce tEXO allocated to liquidity providers. Our goal for initial launch plan is to form a healthy token economy for future implementations, with phase 1 and 2 targeted to be completed by the end of 2021.
Take a look at what tEXO is building in the latter part of this document or read our whitepaper:
Instead of rewarding tEXO token holder with more tEXO generated from the main tEXO contract, we will be implementing a limited period FAANG pool for our community.
To find out more about what is FAANG, please review our document on FAANG here.
tEXO token holder who receive tEXO from either:
Initial seed staking phase
tEXO LP staking phase
Purchase of tEXO from PCS V2/Quickswap
will be able to stake tEXO in the FAANG reward pool and receive FAANG token in return.
This FAANG will not be listed on PCS or Quickswap as a token. However, after our synthetic asset (tASSET) platform launch, FAANG token holder will be able to redeem their FAANG tokens in return for a portion of:
tFB
tAAPL
tAMZN
tNFLX
tGOOGL
This rewards will come from ExoniumDEX team wallet (both tEXO in DEV wallet and other assets from Fee wallet).
As mentioned in the document, tEXO will be used as collateral for tDOLLAR, our native stablecoin. ExoniumDEX team will utilise fees receive from staking contract and mint the first batch of synthetic assets for FAANG token redemption.
This adds an additional incentive for early tEXO token holders who believes in ExoniumDEX long term vision and be rewarded with synthetic assets (tASSETS) tied to real stock price in TradFi.
Just think of FAANG as an index for the world's most valuable companies.
FAANG staking contract will last for 832,000 blocks on BSC & 1,188,571 blocks on Polygon and will launch after initial seed staking phase (in aligned with tEXO LP farming phase).
Emission Rate: 1 FAANG/block (BSC) & 0.7 FAANG/block (POLYGON)
Emission reduction: Nil
Harvest Lock: Nil
Deposit lock: Nil
Deposit Fee: Nil
Total Supply (On each chain) : 832,000 FAANG
After tASSET launch, ExoniumDEX team will contribute fees as collateral to mint tASSETs.
Of all the tASSETs accumulated for FAANG redemption, it will be divided according to the total supply of FAANG after the 30 days period.
If there are US$1m worth of tASSETs minted and there are 832,000 FAANG total supply, each FAANG will have a share of 5 different tASSETS (tFB, tAAPL, tAMZN, tNFLX, tGOOGL) that will be worth around US$1.20. If you have 100 FAANG, you will receive $120.
Your share of FAANG in the staking pool is determined by
User tEXO staked
vs
Total tEXO staked in Pool
This is dynamic as the numbers will change every time another user stake or un-stake.
The concept here is to encourage consistent staking of tEXO in pool over the ~30 days to get the most FAANG.
Once redemption is ready, users just needs to redeem the tASSETs with their FAANG tokens in wallet.
Do note that valuation of tASSETs minted will be determined by market value of tEXO and FEE wallet assets (if any).
