In the modern-day, Ethereum gas fees are an inevitable unpleasantry that all users have to deal with. The latest data from Etherscan indicate that the Ethereum gas fee is a serious hole in many traders’ pockets, with ERC-20 token transfer requiring an average of almost $13 USD per transaction, while smart-contract heavy operations such as swapping on DEX such as Uniswap would cost an average of almost $40 per transaction. Uniswap liquidity farmers are not exempt from the high gas fee, with a Uniswap LP transaction — either adding or removing — costing an average of about $35 per transaction. In total, users of the Ethereum network spend about $134,000 US Dollars on gas fees alone per day or just above 4 million US Dollars per month.
XFai has developed the definitive tooling to save users from unnecessarily hefty gas fees, often raised to the highest level due to multiple Defi transactions, especially when they are in sequence during farming. Etherscan data indicates that around 23% of all gas fees spent are used either on Uniswap or Metamask, with an additional 5% of all gas fees spent on other DEXs. The data shows that Defi is the main factor driving up the gas fee, costing everyone more to complete any transaction. With XFai, users can not only save on gas fees, but they benefit from a lower risk of failed transactions, earn high APY on liquidity farming, and are able to make an impermanent gain.
XFai to Lower Gas Fee, and Increase APY
During the public sale of XFai’s native XFIT token, participating users will be able to arrive directly on XFai to purchase the XFIT token and automatically add their newly-purchased tokens into the liquidity mining pool. The event that includes both the public sale of XFIT and the generation of liquidity is appropriately named a Liquidity Generation Event, or LGE. The much anticipated XFai LGE is scheduled for April 8, 2021.
In all other cases of buying a specific type of token and adding it to the liquidity mining pool, there is a minimum of 4 transactions involved. Each of these 4 transactions requires a gas fee, without a guarantee that the transaction will be successful. If a transaction fails, the gas fee is already spent and the user is left with no choice other than to spend an additional sum of money to finish a transaction to which he or she has already committed.
XFai’s innovative technology allows these multiples of transactions to be combined into a single step, resulting in a single transaction that only requires one gas fee. The result has a force multiplier effect. Since there is only one transaction, the possibility of a failed transaction is nearly zero. A single transaction also means that users can save up to 75% of the normal gas fee required to participate in liquidity mining. The lower amount of transactions stemming from liquidity mining would free up more space within the Ethereum blockchain, reducing the burden of the network and thus decreasing the required gas fee amount to fuel each transaction.
With lower gas fees involved in liquidity mining, participating users can also enjoy increased APY as they have spent significantly less to add their tokens in liquidity mining. This results in what we believe is unique to XFai — impermanent gain.
Impermanent Gain, Powered by XFai
Impermanent gain is an unfamiliar term within the DeFi industry, and all for the wrong reasons. Impermanent loss are the words mainly associated with liquidity mining, to indicate that the miners have actually lost money by participating in liquidity mining, often times so much so that they would have made more money if they did not do anything with their tokens other than holding it in their wallets. So what, on the other hand, is impermanent gain?
At XFai, the reduced gas cost and anti-slippage mechanism allows liquidity mining participants to significantly save on operational costs that often lead to impermanent loss. Moreover, XFai’s true-APY allows liquidity miners to directly see the real APY of their liquidity mining operations, compared to the skewed traditional method of calculating the ratio of the token price and the liquidity pool value without showing the composition of the liquidity pool. This empowers liquidity miners to reduce their costs while increasing their earnings, resulting in impermanent gain — indicating that the result will almost always be more profitable than holding the token in their wallets.
Open to Anyone, Especially First Timers
At XFai, we are committed to making the DeFi and the wider cryptocurrency space more inclusive to both small and mid-cap tokens and those who may not be tech-savvy. This is why the XFai LGE is set to chart a new standard of how tokens are offered to the public, with its easy, one-click method with far-reaching benefits.
The XFai LGE, set to go live on April 8, is designed with feasibility and simplicity in mind. The user interface is intuitively layed out, while the involved operations are combined into one single click. We believe this will result in the opportunity for even those who have never participated in liquidity mining to join in a stress-free manner, and reap the benefits of high APY and the explosive potential of XFIT.
We invite everyone to join XFai in making DeFi more accessible, open, and economically empowering, starting with the XFai LGE.
XFai develops tooling for the DeFi space, graphing it to build game-changing products. The XFai DLO is set to invite mid and small-cap tokens to start earning APY on their token holdings, while the XFai LGE is set 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, is set to launch on 8th April 2021. We invite everyone to join the DeFi revolution, spearheaded by XFai.
ShapeShift Launches Decentralized Trading Through THORChain, RUNE at ATH
In an announcement on April 13, the Switzerland-based non-custodial crypto company stated that it was now fully integrated with THORChain, enabling users to trade native Bitcoin with Litecoin and Ethereum for the first time.
The move is a big deal because it is the first time a decentralized exchange has enabled crypto asset swaps across different blockchains without the need for bridging technology or custodian controlled wrapped tokens.
Launch all the things! 🚀 🚀 🚀 pic.twitter.com/lgkUxl2QJ6
— ShapeShift 🦊 (@ShapeShift_io) April 13, 2021
THORchain Crossing the Chains
THORchain launched its long-awaited MCCN, ‘multi-chain chaos net’ platform on Tuesday, April 13 amid a great deal of hype from the crypto community including ShapeShift CEO Erik Voorhees.
Less than a day before the launch, Voorhees stated that it would be a huge deal for crypto.
“Native cross-chain decentralized exchange. Never been done before. Arguably the biggest event in crypto this week, though it may not be obvious for a year or two.”
THORchain uses its own native token RUNE as collateral and an intermediary, so those wanting to trade BTC for ETH, for example, will have the trade go via RUNE yet the end-user will not notice.
The revolutionary platform has been in development for three years and yesterday’s launch could bring big improvements to the rapidly evolving DEX space.
Voorhees continued to extol its virtues:
“We saw the power of this technology and wanted to bring it to our users immediately. This is a continuation of our commitment to offer users an easy, self-custody platform for their decentralized trading needs.”
ShapeShift DEX users, including those making trades via the new THORChain integration, can also earn FOX Tokens with every trade which enables eligibility for other rewards on the platform.
FOX Pumps 45%, RUNE Hits ATH
ShapeShift’s FOX token exploded on the news, pumping 45% to reach an intraday high of $1.30. The exchange-based token has made 180% over the past month and hit an all-time high of $1.60 on April 6.
THORchain’s RUNE token has also been on fire, surging 19% on the day to hit an all-time high of $14.60 at the time of writing according to Coingecko.
RUNE has doubled in price over the past fortnight and pumped a monumental 1,150% since the beginning of the year.
AAX Exchange reveals: HKD, SDG, and GBP Top FIAT currencies deposited in April
[Press Release – Singapore, April 13, 2021 ]
After the 2021 easter holiday, AAX recorded the highest amount of fiat deposits into the exchange with a total over 10 million USD in 10 days. The top three currencies are Hong Kong Dollar, Singapore Dollar and Great Britain Pound.
AAX supports three methods for depositing fiat, including peer-to-peer trading, fiat gateways supported by fiat gateway partners, and direct bank transfer powered by First Digital Trust, the digital custody arm of Hong Kong-licensed and publicly registered trust company, Legacy Trust.
“For many years, the on and off-ramps between crypto and fiat have acted as a bottleneck,” said AAX’s CEO, Thor Chan. “Now that the infrastructure is in place, we’re seeing more and more individuals transition into Bitcoin for its disinflationary qualities or seek exposure to altcoins for portfolio diversification.”
“While our peer-to-peer and Fast Buy platforms are effective in serving most retail traders, with First Digital Trust we’re also able to serve high net worth investors as well as traders that are looking for cross-currency arbitrage opportunities.”
AAX, a member of the London Stock Exchange Group’s institutional partner platform, gives its investors the same tools and market infrastructure as what institutional investors generally expect to see on traditional exchanges.
Investors of all levels will find that AAX’s platform caters to their every need. Its newly created fiat deposit services provided through First Digital Trust adds an extra layer of trust to ease any concerns new investors in crypto might have when entering the crypto space.
AAX is a deep-liquidity and deeply trusted cryptocurrency exchange that is favored by more than half a million users. Powered by London Stock Exchange’s LSEG Technology, AAX offers crypto futures contracts, 50+ spot pairs, P2P fiat trading, savings products and top-grade API connectivity. AAX enables users to buy bitcoin easily via its OTC or Fast Buy platforms and supports over 20 fiat currencies.
Stellar-based gaming and collectibles platform Litemint to integrate DigitalBits
Non-fungible tokens or NFTs have stolen headlines the world over, plastered across both crypto and mainstream media. And, it’s no surprise. Beeple’s “Everyday’s – The First 5000 Days” sold at Christie’s for an astounding $69,346,250, asserting Beeple as one of the top three most valuable living artists. This sale established two historical landmarks: the first sale of a wholly digital piece of art with a unique NFT, and the acceptance of cryptocurrency (ETH) as the form of payment.
Paris Hilton recently released a comprehensive article on NFTs and their potential to empower creators. She also hinted at releasing her own. And this is only the tip of the iceberg, with musicians such as 3LAU and the King of Leons, as well as sports superstars like Tom Brady and Rob Gronkowski getting in on the action.
The DigitalBits Project, first launched in 2017 with an initial focus on consumer digital assets, has since expanded to include branded stablecoins as well as the rapidly growing world of esports and gaming. The XDB Foundation, the primary contributor to the DigitalBits Project, is now looking to enter the NFT space, having recently sealed a partnership with leading NFT and Collectibles Marketplace, Litemint, a technology company specializing in the creation of unique experiences for crypto enthusiasts, collectors, and gamers.
The introduction of NFT functionality to the DigitalBits blockchain introduces a wholly new vertical to the platform. As scalability issues continue to plague Ethereum, DigitalBits provides a welcome alternative to creators and users alike, allowing for significantly reduced gas fees and wait times.
Built on Stellar since its inception in 2018, Litemint recently unveiled its NFT and Collectibles marketplace, expanding beyond its initial gaming value proposition. Litemint brings NFTs and digital collectibles to the online gaming experience, introducing unique elements such as true asset ownership and seamless transfer and tradeability not available within today’s leading online gaming environments.
DigitalBits’ origins as a Stellar fork make it highly compatible with Litemint’s existing technology and allows for the activation of a number of potential synergies between the XDB Foundation and Litemint.
“With its unique closeness to the mainstream, gaming industry and core compatibility with the Stellar technology, DigitalBits is a perfect match for our NFT and collectibles platform,” stated Frederic Rezeau, Founder and CEO of Litemint. “I am confident that together, provided our ability to execute on the open-source Stellar technology, we can leverage exceptional business opportunities with a seamless integration of DigitalBits and their consumer-oriented market.”
Other organizations are also looking to DigitalBits as an alternative for their NFT initiatives. The network is highly scalable, capable of processing upwards of 10 000 transactions per second, with transaction fees as low as 0.00001 XDB (less than a penny at today’s prices), and confirmation times ranging between 2-5 seconds. Although Ethereum is the current market leader for NFTs, the network’s inability to scale has resulted in exorbitant fees when minting and transferring NFTs, creating a huge barrier to entry. The integration of the DigitalBits network with platforms such as Litemint now provides an agile, low-cost alternative for creators and users, streamlining the issuance, transfer, and trade of NFTs.
“I’m very excited to see the upcoming integration of the DigitalBits network into Litemint’s NFT and collectibles marketplace,” said Michael Gord, Managing Director of the XDB Foundation. “NFTs have the ability to add an entirely new layer to the user experience, allowing for unique activations that can be implemented across numerous different industries. I look forward to seeing the ongoing innovation that continues to emerge from this new asset class as more and more people begin to use NFTs.”
Litemint acquired Stellarport, a leading decentralized exchange, and service platform within the Stellar ecosystem, in January 2020, citing the massive opportunity created by bringing together crypto users and gamers, bringing unmatched dynamism to both platforms. The DigitalBits Project is an open-source protocol layer blockchain specializing in consumer digital assets, the development of which is led by the XDB Foundation. The XDB Foundation is a non-profit organization focused on driving growth and adoption of the DigitalBits blockchain and ecosystem.
Disclaimer: This is a paid post and should not be treated as news/advice
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