I must to admit that i never hear of DexToken before the Publish0x contest. But once i searched about it, i found that there are a lot of people praising their project team work. For what i know the next-generation protocol links the Flowchain Foundations’ IoT infrastructure to the DeFi community in ways previously unimaginable. The integration of this protocol will help drive innovation in the Flowchain Foundation’s ecosystem. Keenly, the DEXToken Protocol offers extensive opportunities for business clients and the industrial sector around the globe.
Instead of trying in Initial Coin Offering, they used another surprising option, as the team behind the project didn’t even host a pre-sale. Instead, they conducted a quiet launch on the popular DEX Uniswap. Specifically, they listed 20,000 DEXG to the Balancer shared pool. These early tokens were listed at a value of 0.5 USDT. The first round of liquidity staking was named IGNITION: Locked Staking and ended in 21st of September 2020. The second round of liquidity staking, known as “LUNA” officially begins on October 21, 2020 and anyone who wants to participate can do so simply by adding DEXG to the Balancer shared pool. You receive an equivalent value in BPT LP tokens sent to your wallet instantly, which you again can use to participate in the Luna DEXG staking round. The LUNA round of staking will provide stakers with an impressive reward of 5,250 DEXG and you can start depositing from 21st of October. The rewards are received in the same day. This is one plus in my books. And more rounds will come, with more tokens to be released.
The platform is easy to use and quite intuitive, so, once you added the tokens in the Balancer fund, you just press the 'Join LUNA' button and add the BPT LP tokens that you received from Uniswap. Now you are probably confused, so what is this DEXG? Let me explain. The Dextoken Governance token is the main governance token for the network, so large DEXG token holders gain more voting rights within the network. Voting rights allow users to decide on major upgrades and changes in a democratic way, similar with any other governance token, inspired most probably by the Compound governance model. DEXG is also how users pay fees, receive rewards, and collect a share of the global trading fees from the decentralized exchange. Additionally, the token plays a crucial role in providing liquidity for the swap exchange. Liquidity concerns have long plagued decentralized exchanges. DEXToken eliminates these issues in a unique manner , by using the Balancer Shared Pool.
So, how deep we will go into the rabbit hole? We have a new thing, DEXG Balancer Shared Pool, which is DEXToken’s answer to the current liquidity issues facing DEXs being designed to support liquidity in the ecosystem while also prevents losses for liquidity providers. Since this system is better protected against impermanent loss it can provide investors with more value. To accomplish this task, the firm utilizes a customized asset weight protocol. Apparently there is more, with a DEXToken Swap Exchange to be launched in November. On their exchange, they plan to do something that nobody did until now, they want to completely remove the oracles from the DEX. Oracles are off-chain sensors that can monitor real-world data and then share this data with the blockchain allowing blockchains to communicate with outside networks. But all the oracles used at the moment in the decentralized exchanges are heavily centralized. Instead, the network integrates an advanced ‘Speculative’ Automated Market Maker. The AMM leverages smart contract protocols to maintain token pool liquidity levels. It also ensures a reliable and secure method to determine the actual value of tokens within the ecosystem. As opposed of oracles, who are reviewing the blockchain to determine the value of tokens, the AMM utilizes a volatility calculation to come up with this number. This move has some advantages, as it can reduce the volatility effect observable on other decentralized exchanges.
DEXToken protocol is a result of 2 years of research backed by Flowchain Foundation Limited, which is also developin the Flowchain token (FLC) at the moment. Flowchain Foundation Limited has ties with AI Mining Inc (Taipei localized company) and with Wù liàn qū kuài liàn (物链区块链) localized in Shenzhen, China. The Ceo of the company is present on Twitter (https://twitter.com/jollen) and few other media platform. He had experience in on embedded software, being software architect and fullstack developer for over ten years. The rest of the team is also young, but well prepared.
So far, the project looks promising, and, as i am not a big oracle fan, i will keep an eye on it.
Your truly
G.
Sources:
2. https://cryptopress.news/dextoken-is-set-to-change-the-market-forever/
4. https://cryptoadventure.org/take-your-staking-game-up-a-notch-with-the-dextoken-protocol/
5. https://flowchain.co/team.html
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it's an interesting project...nice post my friend!