XGT Auto Compounding Single Asset Staking + $1250 Giveaway
Staking and yield farming activities have shot up along with the fast-paced growth of decentralized finance. There are thousands of staking and LP pools around allowing crypto enthusiasts to earn passive income from whatever crypto asset they hold. However, the attention of asset or token holders has shifted to the pools on decentralized exchanges (Dexes) despite the several pools available on centralized exchanges. Perhaps this answers for the increase in the TVL of DeFi which has leapt from merely $1 billion to a whopping $80 billion as of May.
Moreover, staking pools on DEXes offer more attractive annual percentage rates (APRs) compared to CEXes. The highest APR an asset holder is likely to get on a CEX staking pool is 8% while the APR for DEX pools could be as high as 1000%.
Xion Finance, a cross-chain DeFi protocol that combines e-commerce and finance intending to provide instant and free payments to shoppers on popular e-commerce platforms has launched its single asset staking plus auto-compounding pool. The protocol’s native token, XGT, will serve as a staking tool on the pool, giving plenty of users on the protocol the chance to earn from staking a single asset.
Until now, Xion Finance only had pools for those who were willing to provide liquidity or engage in yield farming such that they could earn as high as 150% APY on their LP tokens The available pools for LPs include stable token xDAI and XGT, and xDAI and Binance Coin (BNB). However, with efforts bordering on inclusion, Xion Finance has decided to embrace single asset staking pools while also creating a level playing field for every user of the protocol.
With a circulating and overall supply of 4.3 million and 1 billion, respectively, the XGT Token will be at the epicentre of the new single asset staking pools, driving more traffic to the e-commerce and finance protocol. Based on precedents, when the utility of a token increases and the demand for the token shoots up, this is bound to have a positive effect on its price. Xion Finance aims to achieve the same for its native token ($XGT), creating more demand for it in light of the single staking and auto-compounding utility.
XGT Unstaking and Fees
Xion Finance is adopting a similar staking mechanism on popular DEX, Pancakeswap that is driving more utility for its CAKE token with the single staking function alongside an auto-compounding feature. XGT holders can stake their tokens to withdraw daily or decide to lock them up for a longer duration after 72 hours. Interestingly, these holders do not have to worry about referring to their stakes daily or at intervals to harvest and re-stake because the auto-compounding capability on the new pool handles this responsibility for them.
Staking on the new pool attracts no deposit fee. However, withdrawing before the 72 hours duration is complete attracts an unstaking fee of 0.1%. In contrast, stakers can unstake their tokens from the pool after 72 hours at no cost. Each time the XGT token is staked, the timer on the auto-compounding pool is reset to 72 hours.
Every yield harvest on the single asset staking and the auto-compounding pool is charged with a performance fee of 2% and this fee is automatically deducted. For instance, if the yield harvested is 1 XGT, 0.02 XGT will serve as the performance fee for such a harvest.
Auto XGT Bounty
The XGT bounty is calculated as 0.25% of the pending yield of all XGT stakers on the auto-compounding pool. It can be claimed by anyone. Claiming the XGT bounty activates the auto-compounding feature on the pool such that the yields of stakers are harvested and restaked automatically.
The XGT bounty is also harvested when someone newly deposits or withdraws and the last harvest occurred an hour ago.
Where Do All XGT Tokens Collected as Fees Go To?
XGT tokens subtracted as unstaking fee and performance fee accrue to a freezer contract that is locked until 2100. This confers more value on the token because the circulating supply is reduced preventing inflation.
Revolutionizing E-commerce and Finance
Xion Finance aims to be the Web3 Stripe, changing the scope of e-commerce and finance with its DeFi products. Its protocol also features loyalty programs and cashback rewards for regular shoppers. Xion Finance plans to integrate its protocol across major e-commerce platforms like Shopify and Amazon. The protocol’s selling point is allowing shoppers to make both crypto and fiat (USD) payments at ultra-low costs and high speed.
The DeFi protocol has cross-chain capabilities as it has been integrated on the xDAI, Ethereum and BSC blockchain. Users can also buy and swap any of the native tokens (xDAI, ETH and BNB) of these blockchains with their cards. In addition, they can earn interest, non-fungible tokens, trading fees and other rewards just by becoming liquidity providers across the pools on the protocol. The protocol will enable users to borrow across lending protocols like AAVE, Compound and Agave.
Xion Finance has backing from several investors and partners such as Certik, Skyvision Capital, Twin Apex Capital, Tokenova, Amazon Web Services (AWS), Mt Pelerin, Metrix Capital and many others.
Get involved & stand a chance to WIN up to $125 in BNB each
To celebrate the launch of the $XGT single asset staking pool we will be giving away $1250 in BNB, split between 10 lucky winners.
To make things even more exciting, Xion’s payments & rewards gateway will be Beta launching in early September, so make sure to collect those XGT rewards to purchase some amazing tech products at a discount. The more XGT you stake the more XGT you earn!
Complete this form, refer friends and stake a minimum of 65 $XGT on Xion Finance to improve your chances of winning.
Competition Link >> https://gleam.io/cEw3J/xion-finance-staking-competition