It’s time to swap! Announcing the StableXSwap Beta Launch & Initial Participant Lucky Draw
Our StableXSwap beta is here, and we’re super excited to announce that there will be incentives to encourage users to try out our new…
Our StableXSwap beta is here, and we’re super excited to announce that there will be incentives to encourage users to try out our new product.
We realise that there’s still lots of risks in interacting with a brand new smart contract, and we have yet to receive an audit on our swap, so that means that we want users to be aware of all risks in participation. We are launching with a basic version of our swap just to test product-market fit, but will be further optimising to make this an even lower slippage product for users.
With that being said, we will retroactively reward all users who participate in our beta launch with a to be determined amount of STAX for participating in the following ways:
1. Trading on StableXSwap between any stablecoins
2. Providing liquidity to the initial StableXSwap pools
Liquidity providers here take on contract risk from leaving funds within these new pools, as well as forego the current STAX rewards for the LP farming pools, so they will be positively rewarded with vesting STAX rewards for helping us with this launch. This is completely voluntary, and LPs will also earn good rewards from swap fees, which should supplant the rewards they get in STAX. We will not post an exact STAX amount to incentivize stablecoin LP during this beta launch, but will make sure that it will be worth these users’ while to partake in this launch with capital they can afford to risk given our lack of audit. Every address that participates should expect to receive some STAX for going through the effort of providing liquidity. Exact rewards will be determined based on the participation of the launch and will be announced retrospectively. We will also select 5 lucky LP providers (who deposit at least $100 in stablecoins) to win 500 STAX (2500 vested STAX total)!
Regarding trades, we encourage as many users to trade on StableXSwap as possible, as trading features less risk than the LP providers — probably the worst case at this time is your transaction fails due to slippage and you lose your gas fee of < 5 cents. However, we do want users to try to test things out as much as possible, so we will conduct our Inaugural Trading Competition Lucky Draw for our beta launch participants:
10 lucky traders will receive 250 vested STAX (worth $10 as of time of writing). Eligibility is as follows:
All BSC addresses with a trade of $10 or more from a StableXSwap pool will be entered with 1 chance of winning.
All BSC addresses with a trade of $100 or more from a StableXSwap pool will earn 3 chances of winning.
All BSC addresses with a trade of $1000 or more from a StableXSwap pool will earn 10 chances of winning.
Traders who participate within the first two weeks of launch will be counted in this campaign if they have qualifying trades between now and November 15, 2020 UTC 23:59:59PM. Winners will be selected within that following week.
We hope you guys all join us for a safe launch for our StableXSwap beta!