Unleash the Potential of Cross-Chain Swaps - Effortless, Efficient, and Rewarding!
Simran Dhillon • Co-Founder • simran@xenify.io
Hardev Dhillon • Co-Founder • hardev@xenify.io
Dayana Plaz • Co-Founder • dayana@xenify.io
- Burn-a-mentals
- Introduction
- Our Mission
- Our Principles
- Key Features
- Our Founders
- XEN Overview
- vXNF - Cross-Chain XNF Burns
- vXEN - Cross-Chain XEN Burns
- Bridging XEN - Unifying the Chains
- YSL - Hyper-Deflationary
- XNF & veXNF Overview
- Xenify Overview
- Xenify Tokenomics
- Deployment Schedule
- XNF Liquidity (Uniswap V3 Integration)
- XNF Minting Process and Incentives
- Xenify Architecture
- XNF Airdrops
- User Experience
- Security
- Conclusion
- FAQs
- Glossary
- Acknowledgements
- Contract Addresses
- Helpful Links
For those short on time, this section provides an overview of the core "Burn-A-Mentals" that drive Xenify's vision and set it apart from other platforms. You'll learn how Xenify generates unmatched WETH liquidity provisioning for XNF holders, rewards users for swapping and burning tokens, and incorporates an automated buyback and burn mechanism to bolster value while reducing the circulating supply of XNF.
You'll also discover Xenify's fair and transparent token distribution model, with no allocation to the team, founders or investors. Plus, Xenify's unique game theory-based incentive structure that cultivates a positive feedback loop of continual engagement and participation.
At its core, Xenify offers the best of both worlds: an ultra-efficient swap experience paired with significant earning potential. Truly pioneering in both its design and functionality, Xenify has been purpose-built to foster sustainable expansion and value creation for the entire community. Read on to uncover how Xenify is transforming the future of DeFi with its unique approach.
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In the daily burn auction on Arbitrum, participants have the option to burn vXEN and YSL. A user can opt to burn anywhere from 1 to 10,000 batches. To acquire a single batch, a user will need a minimum of 0.01 YSL, or 10,000,000 vXEN. At the end of the cycle, 50% of the XNF supply is distributed to participants of the burn auction based on the amount of batches burned.
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In the daily ETH auction, participants receive 45% of the daily XNF supply as veXNF rewards, which are locked for one year before they become claimable. These rewards, once claimed, increase the participant's earning power for future ETH earnings. A native fee of 0.01 ETH applies per batch for both burn and ETH auctions.
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Participants in the Swap auction are awarded the remaining 5% of the XNF supply as veXNF rewards, subject to the same one-year claimable lock, enhancing their earning power upon claiming.
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Users who participate in the first hour can benefit from both the Time Coefficient (TC) and the Batch Coefficient (BC) to achieve significant discounts. Specifically, any batches obtained in the first hour will benefit from a 50% discount due to the TC. Additionally, by obtaining 10,000 batches within this window, users can achieve up to a 75% discount, considering the BC. As the cycle progresses, discounts from both the TC and BC diminish.
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By the final hour, discounts approach close to zero. Participating early, especially in the first hour, is crucial for users looking to maximize their batch discounts. The initial hours offer the most considerable reductions, ensuring participants receive the best value for their participation.
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Conversely, delaying participation until the last hour of the current cycle can result in higher costs. With the discounts substantially reduced by then, users will contribute more ETH than they would at the beginning of the cycle, highlighting the advantages of early engagement.
- 25% of the ETH gathered from daily auctions will be allocated to veXNF holders: this is proportional to their veXNF power. Users who opt to claim their ETH rewards will incur a 25% claim fee; this fee will then be redistributed to participants who took part in recycling within the first hour of a cycle, in alignment with their veXNF power.
- Those who recycle ETH within the first hour of a cycle are eligible to earn a share of the ETH claim fees from that cycle. The share is proportional to their veXNF power: the more veXNF power you have, the larger your portion of the ETH yields from claim fees. The most significant advantage of recycling is its direct entry into the burn auctions, which eliminates the necessity to burn other tokens. Furthermore, users who miss the first-hour period still have a chance to enter the burn auctions during the cycle's remaining 23 hours, without the requirement to burn vXEN or YSL, as long as they recycle.
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70% of the ETH collected from daily auctions will be used for the buyback of XNF off the market, specifically through the WETH-XNF pair on Uniswap V3. Importantly, 100% of the bought-back XNF will be burned. Additionally, 90% of the recycled ETH from each daily cycle will be used for the buyback of XNF off the market via the same WETH-XNF pair on Uniswap, with all the bought-back XNF being burned as well.
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The buyback and burn mechanisms within our protocol are designed to be immutable and automatic. Whenever a user engages with a daily auction or recycles rewards, the protocol automatically triggers the buyback and burn. This approach eliminates counterparty risk and mitigates the potential for front-running issues that could arise if a third party were required to manage the buyback and burn processes.
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The protocol will utilise Uniswap V3 for liquidity provisioning by launching the WETH-XNF trading pair with an allocation of 100,000 XNF and setting an initial price point of $1.00 per XNF. This initial price is adjustable, contingent on the ETH volume collected during the initial cycle. A full-range pairing will subsequently be established within the 1% fee tier on Uniswap V3.
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To promote the continuous growth of ETH protocol-owned liquidity, starting from the second cycle, 70% of the ETH—received from burn fees, native fees, swap fees, and 90% from recycling—will be reinvested into expanding protocol-owned liquidity. In this model, the entire sum of collected ETH is channeled to market buy and burn XNF. Simultaneously, an equivalent amount of WETH is directed into the protocol-owned pool, thus increasing the WETH reserves in the WETH-XNF liquidity pool and ensuring extensive support across the entire range.
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Liquidity providers are restricted from adding to the WETH-XNF pool at the 1% fee tier; this pool is reserved exclusively for the protocol to perform market buybacks and burns from its own liquidity within the same fee tier. XNF holders are confined to selling via the Xenify platform or by directly interacting with the recycling contract if they wish to sell in the 1% fee tier pool.
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Xenify will initiate an airdrop event across each chain it operates on. Throughout this phase, 1,500,000 XNF will be distributed to participants.
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For both the BNB Chain and Arbitrum, our 60-day airdrop events will feature the allocation of 25,000 XNF tokens based on each participant's contribution through swap fees. This extends to swaps conducted across all supported EVM-compatible chains, ensuring widespread inclusivity. To be eligible for the airdrop, transactions must originate from or be completed on an EVM chain, provided participants have opted to pay the 0.5% swap fee.
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Once an airdrop event concludes, recipients will gain the ability to claim their XNF tokens upon its deployment. These airdropped tokens will unlock gradually over 730 days. For example, if you claim 7,300 locked XNF tokens from the airdrop, you can anticipate an unlocking of approximately 10 XNF tokens daily into your wallet.
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The veXNF mechanism is a strategic feature that locks in a significant portion of the XNF supply to increase scarcity. Users can choose to lock their XNF from one week up to one year, with longer lock periods granting more substantial earning power. Notably, longer commitments also slow the decay rate of this power, providing a sustained advantage.
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In the first example, veXNF holders locking their XNF for one year encounter a steep reduction in earning power if they do not extend their lock-in period. Their earning power is reduced by half after only 30 days, and it depletes completely after 60 days, leaving them with no earning benefits for the remaining ten months until the lock period expires.
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The second example illustrates the situation for a six-month lock-in. Should these users decide against extending, their earning power also diminishes quickly, halving in 15 days and disappearing after 30 days. Consequently, they forfeit any potential earnings for the rest of their lock period, which lasts for five months.
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XNF has a maximum supply of 22.6 million tokens. Distribution occurs through three daily auctions. Each day, 50% of the XNF tokens are allocated to burn auction participants. Additionally, 50% of the daily XNF supply is reserved for veXNF rewards, with these rewards being locked for one year before distribution to participants in the ETH Auction (45%) and the Swap Auction (5%).
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Xenify employs an aggressive halving schedule for its token distribution. The first reduction takes place at the 3-month mark, followed by another at 6 months, and subsequent halvings at 12, 24, and 48 months. After these initial five halvings, there are three additional reductions, each occurring every 48 months. This halving mechanics is designed to gradually reduce the daily distribution of XNF tokens.
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After the halvings are completed, a fixed daily amount of 156.25 XNF will be distributed over the course of 2224 months, leading up to the maximum supply cap. This ensures a steady and extended token rollout, promoting long-term distribution stability and giving users a reliable framework for participation.
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XNF holders can freely sell their XNF through our protocol-owned liquidity pool or any community-established pools. However, purchasing XNF from our protocol-owned liquidity pool is restricted - making our daily auctions the primary avenue for acquiring a substantial amount of XNF. This means that every time a user or an arbitrage bot sells XNF via our protocol-owned liquidity pool, the tokens are permanently removed from circulation, creating a “black hole” effect that increases XNF scarcity.
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This mechanism is strategically designed to protect the initial liquidity from being exploited by speculators and liquidity snipers, thereby reinforcing the foundation of our ecosystem. However, it should be noted that users cannot add liquidity to the protocol-owned pool; they can only sell their XNF through it. Any additions to the 1% fee tier pool's liquidity must be conducted by the protocol itself, following a controlled and secure process that aligns with our ecosystem's long-term viability.
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By establishing a one-way street, our protocol-owned liquidity pool transforms into a deflationary XNF vacuum. Tokens that are sold by users vanish from circulation, while new supply can only enter through active participation in the auctions. Our protocol is designed to promote the interests of committed users - not short-term speculators. This innovative approach, combined with our protocol's automated buyback and burn mechanism, is geared towards creating a sustained deflationary pressure on the XNF supply, while concurrently fostering a sustainable ecosystem built on long-term engagement.
- vXEN enables participants from different EVM chains within the XEN ecosystem to participate in daily burn auctions. vXEN is generated by burning XEN native tokens from any of the nine supported chains in the XEN ecosystem. Whenever a holder burns native XEN from one of these chains, the transaction is recorded in the burn record. The following is a detailed list of the supported EVM chains, each with its corresponding identifier and ratio for a single vXEN:
| Num | Ratio | Identifiers | Chains |
|---|---|---|---|
| 1 | 1 | XEN | Ethereum |
| 2 | 1 | opXEN | Optimism |
| 3 | 134 | aXEN | Avalanche |
| 4 | 134 | cbXEN | Base |
| 5 | 200 | bXEN | BNB Chain |
| 6 | 334 | mXEN | Polygon |
| 7 | 567 | mbXEN | Moonbeam |
| 8 | 667 | fmXEN | Fantom |
| 9 | 680 | okXEN | OKT (OKX) |
- KYC Verified
- Double Audited
- Immutable Code
- Daily ETH Rewards
- Cross-chain XEN Burning
- Automated ETH Exit Liquidity
- Automated XNF Buyback & Burn
- Fair Launch
- No Admin Keys
- Immutable Code
- Audited by Peckshield
- Audited by Solidproof
- KYC verified by Solidproof
- LayerZero OFT
- Axelar Network
- Wormhole Bridge
Welcome to Xenify! We are the Nexus of Innovation, Reward, Effortless Cross-Chain Swapping, and Community-Driven Expansion.
Xenify stands as a cross-chain meta-aggregator of aggregators, pioneering a new era of 'Swap to Earn'. Our groundbreaking protocol seamlessly integrates inventive tokenomics and advanced cross-chain functionality into a single, powerful package. By incorporating a unique, game theory-based incentive model that actively rewards engagement, Xenify is primed to instigate a seismic shift in the world of cross-chain swapping. Our mission is clear: revolutionise the DeFi landscape by offering the best of both worlds: an ultra-efficient cross-chain swap experience and substantial opportunities for earning.
At the core of Xenify's bold vision is a cutting-edge liquidity aggregation protocol that streamlines cross-chain token swaps. Whether you want to swap tokens on Arbitrum, Ethereum, BNB Chain, Polygon, or any of the 54 supported chains, Xenify has you covered. With access to 60 different aggregators, Xenify guarantees unparalleled liquidity and optimal rates for your swaps. By leveraging cutting-edge APIs, Xenify bridges seamless communication with a wide array of DEX aggregators, dramatically enhancing the swapping experience and streamlining the quest for optimal swap routes across the vast tapestry of chains.
What sets Xenify apart from other cross-chain swapping platforms is our commitment to cultivating an ecosystem where all participants prosper collectively. By contributing to swap fees across the supported EVM chains, users earn XNF tokens. Meanwhile, the accrued fees are redistributed as rewards to veXNF stakeholders and redeployed into fueling Xenify's growth. Furthermore, Xenify serves as a strategic layer 1 burner for XEN, enabling seamless conversion for XEN holders to participate in the burn auctions. At the conclusion of each burn auction cycle, our unique fee-utilisation algorithm directs burn fees not just as rewards to veXNF holders, but also fuel the continuous growth of Xenify through protocol-owned liquidity.
This win-win approach guarantees the perpetual proliferation of protocol-owned liquidity through the buying and burning mechanics of XNF, irrespective of market conditions, while also enhancing rewards for dedicated participants within the Xenify ecosystem. Through these aligned incentives that capture value for all participants, Xenify cultivates a thriving ecosystem for the long term. Moreover, at the heart of Xenify's ethos is a steadfast commitment to fairness and transparency, embodied by our exemplary token distribution model. With a maximum total supply of only 22,600,000 XNF tokens, there will be no allocation for the team, founders, or investors. In fact, the only way to acquire XNF tokens is through active participation in the ecosystem. This approach ensures a truly equitable distribution of XNF tokens, rewarding users for their contributions and fostering a community-driven protocol.
As we bring together our cutting-edge liquidity aggregation and distinctive tokenomics, Xenify is poised to redefine the landscape of cross-chain swapping, all while nurturing a thriving ecosystem that places utmost importance on user satisfaction and sustainable growth. Join us as we take a leap into the future, and experience the world of Xenify - a realm where innovation meets reward, and community powers expansion!
Xenify isn't just here to push boundaries - we’re on a mission to obliterate the barriers that have been holding back mainstream adoption of DeFi. Our purpose-built protocol is set to revolutionise token transfers across a vast network of 54 chains, while ensuring a fluid and seamless experience for users navigating the intricate world of token swapping across multiple chains.
As true pioneers in cross-chain swap aggregation, our commitment to breaking down barriers runs deep. We aspire to build an intuitive, secure, and fair environment where swapping and staking tokens across a vast number of EVM chains feels effortless. Our mission is to persistently innovate and refine Xenify's features, adapting to the ever-evolving needs of our diverse community, and continuously expanding our user base.
We're not just champions of cross-chain capabilities and interoperability - we're visionaries. Our mission is to extend our support to a vast spectrum of EVM networks and foster strong bonds within the broader decentralised ecosystem. By harnessing the power of avant-garde liquidity aggregation and cross-chain functionality, we're building bridges between different chains and unlocking the enormous potential of cross-chain interoperability.
But Xenify is more than just a protocol - it's a community. We’re passionate about empowering users to actively participate in the growth and expansion of the protocol. That’s what truly sets us apart. Our mission is to cultivate a vibrant, global community of like-minded individuals who are united by the shared aspiration of making DeFi more accessible, inclusive, and, dare we say it, undeniably exhilarating.
At Xenify, we're not content with the status quo! Our unyielding ambition has led us to pursue the audacious goal of revolutionising cross-chain token swapping. Guided by our steadfast core values, we are on a mission to build a transformative experience that dismantles barriers, broadens accessibility, and empowers users around the globe. As an integral part of the XEN ecosystem, Xenify is unwavering in its dedication to nurturing a vibrant community that shares our vision of a bright, decentralised future. We're constantly striving to elevate our standards and remain committed to upholding the First Principles of Crypto in all our endeavours:
- We believe in creating a fair and level playing field where every user has an equal opportunity to thrive. Xenify promotes equitable token distribution and guarantees equal access to the protocol, leaving no room for favouritism towards founders, team members, or investors.
- We aim to deliver a simple and effortlessly intuitive experience for everyone. Xenify's user-friendly interface welcomes both seasoned veterans and newcomers alike, enabling them to easily navigate and engage with the protocol.
- We strive to build a strong foundation of trust and accountability within the community. Xenify upholds open-source solidity code and maintains clear communication channels to foster a collaborative and honest environment.
- We embrace diversity and innovation as the drivers of the DeFi ecosystem. Bridging the gap between various chains, Xenify leverages cross-chain capabilities to enable seamless interactions and expand the scope of the protocol, unlocking endless possibilities.
- We empower our users to take control of their equity, governance, and growth. Xenify enables users to mint their own tokens, have a voice in the protocol's direction, and share in its success. Our users are not just a passenger on this journey - they are an essential part of it, and have the power to steer their own course.
Built on a foundation of fairness, simplicity, transparency, user empowerment, and interoperability, Xenify is not content to merely play the game – it's here to shake things up and rewrite the rulebook. With a powerful amalgamation of innovative, user-centric features designed to revolutionise the way we navigate and interact across multiple chains - Xenify is more than just another addition to the XEN ecosystem. Let's delve into some of the standout features that distinguish Xenify from conventional protocols.
Xenify sets itself apart in the DeFi space with its unwavering commitment to fairness, simplicity, transparency, user empowerment, and interoperability. These guiding principles form the bedrock of Xenify's development and growth, driving us to revolutionise the DeFi experience and create a more inclusive, accessible, and interconnected ecosystem.
With Xenify, swapping between chains has never been more seamless and efficient, breaking down barriers and fostering a more interconnected DeFi ecosystem. A standout feature that sets Xenify apart from the rest is that we're a cross-chain meta aggregator of aggregators. While the term may sound complex, it simply means that we bring together multiple cross-chain aggregators onto a single platform. By leveraging our advanced liquidity aggregation protocol, we are able to transform the way users transition between blockchain networks. Moreover, users have the opportunity to earn native tokens from the respective chains on a daily basis, further enhancing their portfolio. With access to competitive rates and exceptional liquidity from 60 aggregators across 54 chains, our users enjoy unparalleled benefits and enhanced flexibility in managing their assets.
Xenify places great emphasis on equity and long-term investments. We believe in empowering our users to reap the rewards of our protocol's growth and token value appreciation. By holding a stake in Xenify, users have the opportunity to become a part of our success and stand to potentially generate passive income through locking XNF. To accomplish this, we've developed a range of robust features designed to maximise your benefits as a Xenify user:
- Xenify introduces a dynamic rewards mechanism that offers significant advantages to XNF holders. By locking XNF tokens, users become eligible to receive an impressive 40% of daily auction fees generated on supported chains, every single day.
- Within our protocol, 70% of the ETH collected from daily auctions, and 90% of the recycled ETH from each daily cycle, are utilised to purchase XNF directly from the market via the WETH-XNF pair on Uniswap V3. Subsequently, 100% of the acquired XNF is immediately and irrevocably burned through an immutable process. This process ensures the integrity of the buyback and burn mechanism, obviating the need for third-party involvement and thereby mitigating the risks associated with counterparty front-running.
- Xenify is dedicated to promoting fairness and transparency in the distribution of equity among its users. Our unique tokenomics and locking model are designed to reward active participants and long-term holders, creating a strong incentive for users to contribute to the growth of our ecosystem. As our community continues to grow, the equitable distribution of rewards and XNF tokens ensures that everyone benefits, promoting a vibrant and engaged community. Xenify's commitment to fairness and equity fosters trust within the ecosystem, promoting a sustainable and inclusive environment for all participants.
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In the daily burn auction on Arbitrum, participants have the option to burn vXEN and YSL. A user can opt to burn anywhere from 1 to 10,000 batches. To acquire a single batch, a user will need a minimum of 0.01 YSL, or 10,000,000 vXEN. At the end of the cycle, 50% of the XNF supply is distributed to participants of the burn auction based on the amount of batches burned.
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In the daily ETH auction, participants receive 45% of the daily XNF supply as veXNF rewards, which are locked for one year before they become claimable. These rewards, once claimed, increase the participant's earning power for future ETH earnings. A native fee of 0.01 ETH applies per batch for both burn and ETH auctions.
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Participants in the Swap auction are awarded the remaining 5% of the XNF supply as veXNF rewards, subject to the same one-year claimable lock, enhancing their earning power upon claiming.
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Xenify is the ultimate solution for cross-chain swapping, allowing you to exchange tokens across 54 different chains with ease and efficiency. Our streamlined approach offers a new level of simplicity and provides access to 60 aggregators, ensuring you always have access to the best liquidity and rates for your swaps.
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But here’s the best part: One of the unique benefits of using Xenify is that you earn veXNF every time you pay the 0.5% swap fee on chains where XNF is deployed. This means that you not only enjoy seamless token swaps but also accumulate XNF, the native token of Xenify.
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And the rewards keep coming! Holding veXNF entitles you to additional daily rewards such as ETH, BNB, and MATIC, based on the burn fees, swap fees and native fees generated during each cycle. Xenify is not just simplifying the swap process; it’s transforming it. We not only offer you the ultimate efficiency and market-leading rates, but a truly rewarding swap experience.
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Recycling your native chain rewards offers a wide range of benefits and is a strategic decision to consider. By choosing to recycle your rewards, you not only bypass the 25% claim fee, but also unlock the ability to participate in the burn cycle without providing additional native tokens to cover the mandatory burn fee. Unlike the normal burn process, our protocol uniquely deducts the burn fee from your recycled rewards, enabling fee-free participation.
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Recycling also provides a gateway to an exclusive distribution of rewards generated from the 25% claim fee when you opt to recycle during the first hour of a cycle. But here’s the best part, when you recycle, your rewards go a long way in fortifying our ecosystem. Your contribution will not only boost rewards for veXNF holders, but also stimulates the proliferation of protocol-owned liquidity through the buying and burning mechanics of XNF, and supports our team's operational efforts. It's a strategic move that strengthens Xenify from the inside out.
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In a nutshell, recycling doesn’t only enhance your XNF position through fee-free burning. It also unlocks exclusive access to rewards and actively contributes to the growth of Xenify. This forges a win-win situation where your contributions are rewarded, and the protocol advances, creating a thriving ecosystem for all participants.
XEN is a project that was launched on the principles of self-custody, trustless consensus, and decentralisation. It is a joint effort of several blockchain enthusiasts who aim to create a fairer, more transparent mining ecosystem. One of the main goals of XEN is to democratise mining by providing a decentralised platform that allows anyone to participate in the mining process. This is achieved by utilising a Proof-of-Work (PoW) consensus algorithm that is resistant to ASIC mining, thus ensuring that the network remains accessible to individual miners.
In addition to its mining capabilities, XEN also features a native cryptocurrency, XEN token, which is used to incentivise miners and maintain the security of the network. XEN tokens are also used to pay for transaction fees and other network services. XEN operates on a Proof of Participation (PoP) system, which allows participants to mint their coins. The XEN smart contract employs a fair distribution system based on reward time locks and the total number of participants. XEN's value is linked to its difficulty to be minted, similar to Bitcoin. As more participants join and mint XEN, the total amount of generated XEN drops, making it more scarce and valuable. One of the key features of XEN is its simplicity, as it is based on the ERC20 token standard with minimal code, no pre-minting, hidden doors, admin keys, or origin wallets. Furthermore, XEN has a supply of zero and can only be minted by the participating community. This makes it inflationary at the beginning and disinflationary as adoption increases. XEN is immutable and has no backing by investors or intrinsic value.
To mint XEN, participants can connect their Ethereum-compatible wallets to the XEN smart contract and specify the number of days they are willing to wait to receive XEN. The smart contract generates a XEN rank (cRANK) based on how many people interacted with the contract before the participant. Participants can also stake XEN for 1 to 1000 days, with APY rewards starting at 20% on XEN Genesis and decreasing by 1 percentage point every 90 days until it reaches 2%, where it will remain indefinitely. Overall, XEN represents an innovative approach to mining that emphasises decentralisation, accessibility, and sustainability. XEN's combination of features, simplicity and fairness make it a unique and promising project in the crypto space.
Introducing vXEN, Xenify's innovative solution crafted to simplify participation in its multi-chain burn auctions. By burning XEN tokens on the native chain, this initiative highlights Xenify's steadfast dedication to advancing interoperability across multiple chains, reinforcing its stature as a leading layer-1 burner of XEN. To acquire vXEN, users must first hold native XEN tokens. Should a user choose to convert their XEN into vXEN, the “Burn” function of the XEN token contract on Ethereum is activated. This action results in the XEN being permanently burnt, with the user's address captured in the burn record for the emerging XEN layer 1 token (X1).
Once this on-chain procedure is finalised, a quantity of vXEN, aligned with the chain's set ratio, is produced on the user's selected chain. With vXEN tokens in their possession, holders can opt to either participate in the daily burn auction on a specific chain or effortlessly transfer their vXEN to any other chain where XNF is operational. For instance, on the BNB Chain, a burn ratio of 200:1 means that a conversion of 200 bXEN yields 1 vXEN. Holders have the flexibility to either bridge their current vXEN tokens or generate new ones by burning native XEN. This setup empowers vXEN holders to engage in Xenify's burn auctions, be it on the BNB Chain or any other chain that Xenify supports.
For optimal cross-chain bridging of vXEN, Xenify has chosen LayerZero OFT as its primary bridging protocol. Should any unexpected challenges arise, Axelar and Wormhole are on standby as backup bridging solutions. By utilising an array of specialised, decentralised protocols, Xenify guarantees steadfast interoperability between chains. At its core, vXEN facilitates seamless engagement across various chains, ensuring transparent on-chain documentation of XEN burns. This strategy not only enhances cross-chain access but also promotes the growth of the Xenify ecosystem. The distinct ratios set for each chain ensure that users always obtain equitable value for their burns.
Here's a concise breakdown of our deployment chains for vXEN:
| Num | Ratio | Identifiers | Chains |
|---|---|---|---|
| 1 | 1 | XEN | Ethereum |
| 2 | 1 | opXEN | Optimism |
| 3 | 134 | aXEN | Avalanche |
| 4 | 134 | cbXEN | Base |
| 5 | 200 | bXEN | BNB Chain |
| 6 | 334 | mXEN | Polygon |
| 7 | 567 | mbXEN | Moonbeam |
| 8 | 667 | fmXEN | Fantom |
| 9 | 680 | okXEN | OKT (OKX) |
Introducing vXNF, an innovative solution developed by Xenify that enables XNF holders from Arbitrum and bXNF holders from BNB Chain to participate and earn ETH Rewards on Ethereum. In contrast to Arbitrum and BNB Chain, where users burn batches of vXEN or YSL, the Ethereum Burn Auctions will require participants to burn batches of vXNF.
To get vXNF, you simply need XNF on Arbitrum or bXNF on BNB Chain. When you burn your XNF or bXNF to acquire vXNF, Xenify’s contract automatically burns your tokens and mints an equivalent amount of vXNF to your Ethereum address. It’s that simple. Once you have your vXNF tokens, you can participate in the Ethereum burn auctions for eXNF, which you can lock to earn ETH rewards. This way, you can enjoy the benefits of Xenify’s multi-chain ecosystem and earn rewards across the chains.
With vXNF, you can seamlessly join the Ethereum Daily Auctions for eXNF which can be locked to earn ETH rewards. By enabling frictionless participation for our diverse XNF user base, vXNF demonstrates our commitment to cross-chain interoperability and accessibility. Whether you hold XNF, bXNF, or soon eXNF - Xenify empowers you to maximise rewards across multiple chains in one unified ecosystem.
Xenify powers next-level interoperability for the XEN ecosystem with its game-changing wrapped XEN contract, enabling frictionless movement of XEN tokens across a diverse range of EVM chains.
Unlike the traditional burn-to-bridge model, our wrapped XEN contract retains the tokens on the originating chain while minting the equivalent wrapped XEN on the target chain. This ensures the total XEN supply remains intact, with each transaction securely associated with the user's address to maintain transparency throughout the entire process.
Once wrapped XEN arrives on an alternate chain, users can easily bridge tokens back by burning the wrapped tokens. The contract recognises this, releasing the retained XEN on the originating chain back to the user's address. This interoperable design interconnects the XEN ecosystem, making it readily accessible for users across chains - showcasing Xenify’s commitment to usability and cross-chain interoperability.
When wrapped XEN is introduced on new chains, it's specifically crafted to facilitate a bridge between the chain where the XEN originates (referred to as the 'originating chain') and the target chain. On each target EVM chain, wrapped XEN has a unique identifier. For instance, on the BNB Chain, the representation of wrapped XEN is termed as 'wbXEN'.
Here's a concise breakdown of our deployment chains and wrapped XEN identifiers:
| Num | Identifiers | Wrapped Identifiers | Chains |
|---|---|---|---|
| 1 | XEN | wXEN | Ethereum |
| 2 | opXEN | wopXEN | Optimism |
| 3 | aXEN | waXEN | Avalanche |
| 4 | cbXEN | wcbXEN | Base |
| 5 | bXEN | wbXEN | BNB Chain |
| 6 | mXEN | wmXEN | Polygon |
| 7 | mbXEN | wmbXEN | Moonbeam |
| 8 | fmXEN | wfmXEN | Fantom |
| 9 | okXEN | wokXEN | OKT (OKX) |
Introducing YSL - a hyper-deflationary token that blends quantifiable scarcity with real-world utility through Xenify’s daily burn auctions. Rather than solely relying on market activity for supply reduction like traditional models, YSL integrates a unique mechanism - the Xenify burn auctions. With each batch burned, a portion of YSL is permanently removed from circulation, inherently reducing total supply and potentially amplifying value. More importantly, YSL has been engineered for trust and features an immutable, non-upgradable contract designed for full transparency without the potential for unforeseen changes.
Before the inception of Xenify, existed a separate protocol known as YSL.IO, developed on the BNB Chain and featuring a series of tokens. Each token played a specific role within an ecosystem crafted to optimise rewards derived from the rehypothecation of yield-bearing LPs from AMMs like ApeSwap (now ApeBond) and PancakeSwap. As an official partner of ApeSwap, YSL.IO joined their BUIDL program and successfully graduated following an on-chain governance proposal by ApeSwap. The protocol underwent meticulous development, with each iteration audited by industry leaders such as CertiK and PeckShield. Due to market shifts a community decision was reached following an on-chain governance proposal to consolidate the tokens of the YSL.IO ecosystem into a singular fixed-cap immutable token. This strategic move aligned YSL with the first principles codified into the development of Xenify, while ensuring utility through the Burn Auctions. The new YSL token will be released on Arbitrum, and BNB Chain, with eligible airdrop recipients needing to claim their share from each within 90 days of its deployment.
In short, YSL’s one-of-a-kind deflationary tokenomics fuse scarcity and utility, providing holders with a dynamic token that features codified, usage-based value growth. Here's a breakdown of the deployment chains, their unique YSL identifiers, and the amount of YSL required per batch:
| Num | Identifiers | Chains | YSL Per Batch | Max Supply |
|---|---|---|---|---|
| 1 | YSL | Arbitrum | 0.01 | ~145,459 YSL |
| 2 | bYSL | BNB Chain | 1.00 | ~145,459 bYSL |
At the heart of Xenify lies XNF, a dynamic reward token designed to encourage active participation from users. Its distinctive tokenomics forms the foundation for a unique approach to claiming and locking, fostering greater user engagement and providing users with control over their earning strategies. This means you have the freedom to claim your XNF rewards and decide on a lock period tailored to your preferences, spanning anywhere from a short 1 week to a maximum of 1 year. This level of customisation offers a truly personalised interaction with the protocol. When you lock your XNF tokens, a unique ERC-721 non-fungible token (NFT) is minted in exchange - known as veXNF. Beyond merely reflecting your stake within the protocol, veXNF also acts as an indicator of your 'earning power', influencing your portion of the native rewards distribution.
The power of your veXNF aligns with the amount of XNF you've locked and the duration of your chosen lock-in period. It's important to note that this 'earning power' isn't static. Over time, even if you opt for the maximum 1 year lock-in period, the strength of your veXNF power gradually diminishes. This decline underscores the importance of regularly engaging with the protocol to maintain and even enhance your earning potential. To boost your veXNF power and ensure a consistent capacity to earn, it's advised to not only claim rewards but also add to your locked XNF balance, and extend your lock duration as needed. For users aiming to sustain their earning potential over time, the protocol offers an opportunity to extend lock periods. By doing so, you not only increase your veXNF power but also reset the decay schedule of your position, fostering continued involvement in the protocol.
Beyond extending lock periods, users can also take advantage of the option to merge or split their veXNF positions. When merging multiple veXNF NFTs, the protocol consolidates locked balances and issues a fresh veXNF NFT with the longest lock period among the merged tokens. Alternatively, when opting to split your veXNF position, the old NFT is burned, and new veXNF NFTs are minted based on the specified percentages you've chosen. In essence, XNF and veXNF work hand in hand to not only reward your engagement but also empower you to tailor your involvement in the Xenify Protocol to your unique preferences and goals.
Introducing Xenify, the ultimate cross-chain aggregator of aggregators! Expertly designed to streamline the swapping process for users traversing multiple chains, Xenify offers unmatched capabilities. Powered by an advanced liquidity aggregation protocol, Xenify connects to 60 different aggregators, delivering exceptional liquidity and unbeatable rates across 54 leading chains. Whether you want to swap tokens between Ethereum, Arbitrum, BNB Chain, Polygon, or many others, Xenify makes it effortless and rewarding!
Imagine this scenario: you want to trade Token-A on Ethereum for Token-B on BNB Chain. With Xenify, all it takes is a single click and a single transaction on Ethereum. No more hassle of navigating different chains or searching for the best rates – Xenify takes care of everything, providing you with the most favourable rates available. But there's more to Xenify than just token swaps; It's a meticulously designed ecosystem with unique tokenomics, incorporating a groundbreaking incentive model that benefits all participants.
Xenify's built-in swap fee mechanism creates a reciprocal environment that rewards platform users with XNF, and veXNF holders with swap fees generated across supported chains. On chains where XNF has yet to be deployed, the swap fee is utilised by the team to promote and enhance the Xenify platform and its associated tokens, ensuring widespread awareness and adoption.
Here's how it works: When you opt to pay the 0.5% swap fee to execute a swap on supported EVM chains where XNF has been deployed, you not only facilitate your transaction but also secure a position in the daily XNF distribution for that chain. At the end of each day, 50% of your swap fee is utilised for the Partner Fee Sharing Programme, and the remaining 50% distributed as native rewards to veXNF holders on that specific chain. This means you not only earn XNF tokens based on your swap fee contribution but also reward veXNF holders with native chain tokens, while simultaneously supporting the expansion of Xenify. It's a win-win situation for everyone involved.
What's more, Xenify incorporates an ingenious burn mechanism that enables users to burn vXEN and YSL tokens to mint XNF. The vXEN burning process acts as a strategic layer 1 burner, and here's the exciting part – 70% is utilised to perform an automated buyback and burn of XNF, 25% of the burn fees go back to veXNF holders, and the remaining 5% is sent to the Xenify team. This approach not only encourages long-term user engagement but also improves sustainability, while enhancing rewards for those deeply involved with the protocol.
Xenify's innovative approach to locking and rewards, combined with its unique tokenomics model, creates a thoughtfully designed ecosystem that benefits all participants. Whether you're executing token swaps or burning tokens to mint XNF, every action you take on the Xenify platform contributes to a reciprocal environment of rewards and engagement. You not only enjoy unparalleled efficiency when swapping across 54 leading chains but also have the opportunity to earn native chain tokens daily and be part of a thriving community. Xenify truly offers the best of both worlds: effortless token swaps and significant earning potential.
Xenify is a groundbreaking protocol that champions fairness, sustainability, and user engagement. At the heart of its tokenomics structure lies XNF, the platform's native token. XNF serves as the primary incentive for users, with a limited supply of 22.6 million. By participating in various protocol activities such as burning, locking, recycling, and swapping, users are rewarded, fostering a dynamic ecosystem where benefits are accrued on contributions and involvement. With this thoughtful design, Xenify ensures a level playing field for all users, building an environment where everyone can enjoy the rewards and establishing a foundation for an equitable, community-driven platform.
XNF is the lifeblood of the Xenify protocol, and features a limited total supply of 22.6 million tokens. The distribution process for XNF is designed with transparency and equity in mind, ensuring a level playing field for all. With no pre-mines, investor allocations, founder allocations, or team allocations, the Xenify protocol fosters an environment of fairness and inclusivity. Users have the opportunity to earn XNF equity by engaging in various activities, such as burning vXEN or YSL tokens and swapping tokens from supported chains. This unique token supply model not only promotes active participation but also cultivates a thriving, community-focused ecosystem that everyone can be a part of.
With a total supply capped at 22.6 million XNF tokens, strategically divided into three core segments, Xenify has been purposefully designed to reward active participants while promoting a balanced ecosystem:
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21,000,000 XNF assigned for the daily auctions: Users who participate in various activities that bolster the ongoing development of the protocol will have the chance to earn a share of the XNF tokens dedicated to the daily auctions.
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10,500,000 XNF (50%) is distributed to the burn auction participants based on the amount of batches burned during each cycle.
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9,450,000 XNF (45%) is distributed to users that contribute native tokens to participate in the daily auction. These XNF tokens will be distributed among participants in the form of veXNF, with an associated lock period of 1 year.
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1,050,000 XNF (5%) is distributed to users who engage in swaps on supported EVM chains. These XNF tokens will be distributed among swap participants in the form of veXNF, with an associated lock period of 1 year.
-
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100,000 XNF assigned to establish Uniswap V3 liquidity pool: To empower a robust ecosystem, 100,000 XNF will be set aside to bootstrap protocol-owned liquidity at launch. This initiative will allow our community to seamlessly trade XNF right from the start. To facilitate this, a majority of the fees generated from day-one participation (including swap fees, native fees, and burn fees) will be utilised to establish an Uniswap V3 liquidity pool at the end of the cycle.
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1,500,000 XNF assigned as an exclusive airdrop: To encourage engagement, each chain will have an exclusive airdrop of 1,500,000 XNF before deployment. Participants will be able to claim their airdrop on the first day of launch, and will be distributed as locked tokens, gradually unlocking over 730 days.
Drawing inspiration from Bitcoin, Xenify's distribution model adopts the halving principle. As illustrated in the accompanying graph below, following the 7th halving, the rate of Xenify's daily mint allocation stabilises, ensuring a consistent output of 156.25 XNF tokens per day until the maximum supply is reached in month 2461. This innovative strategy has been thoughtfully engineered to ensure an equitable supply distribution centred around long-term user participation, highlighting Xenify's unwavering commitment to fostering a balanced ecosystem and an engaged community.
In the ever-evolving DeFi landscape, bridging the gap between different chains is vital to serve a wide array of users effectively. In light of this, Xenify has meticulously scheduled deployments across various EVM chains to optimise accessibility and engagement as our ecosystem expands. This strategically phased, multi-chain approach underscores Xenify's unwavering commitment to interoperability, paving the way for an inclusive ecosystem that caters to a diverse range of chains and users. To ensure complete transparency and to provide our community with a clear understanding of our protocol's growth trajectory, we're pleased to present our detailed deployment schedule below:
- Arbitrum is our genesis deployment chain.
- BNB Chain is set for deployment following Arbitrum.
- Polygon will be determined following BNB Chain deployment.
- Ethereum will be determined following Polygon deployment.
- Base will be determined following Ethereum deployment.
- Optimism will be determined following Base deployment.
- Avalanche will be determined following Optimism deployment.
Our timeline for deployments aims to concentrate liquidity and economic energy/activity on one chain before expanding. This focused approach aims to build sustainable growth versus aggressive multi-chain rollouts better suited to bullish market conditions. However, it's essential to emphasise our flexibility to expedite our deployment schedule on Polygon, Ethereum, Base, Optimism, and Avalanche. Depending on market conditions, we retain the capability to accelerate our deployment timelines to as short as 1 month or even just 1 week. This adaptability empowers us to respond strategically to market conditions while ensuring a controlled and well-considered expansion that maximises benefits for our entire community.
Xenify is getting ready to go big, sizing up a bunch of blockchains for its next big move. The list of chains we're checking out right now is quite a mixed bag, from heavyweights like Fantom and zkSync ERA to the new kids on the blockchain like Linea and PulseChain, there's no shortage of options. The full list of potential chains include:
- Linea
- Fantom
- zkSync Era
- OKT (OKX)
- PulseChain
- Moonbeam
| Chain Name | DEX Name | Liquidity Pairing |
|---|---|---|
| Base | Uniswap V3 | cbXNF-ETH |
| Polygon | Uniswap V3 | mXNF-MATIC |
| Arbitrum | Uniswap V3 | XNF-ETH |
| Ethereum | Uniswap V3 | eXNF-ETH |
| Optimism | Uniswap V3 | opXNF-ETH |
| Avalanche | Uniswap V3 | aXNF-AVAX |
| BNB Chain | Uniswap V3 | bXNF-BNB |
To jumpstart a thriving ecosystem that allows our community to trade XNF immediately upon launch, 100,000 XNF will be set aside to bootstrap protocol-owned liquidity. Upon completion of this initial phase, our protocol will establish the WETH-XNF trading pair using this allocated XNF. The protocol will utilise the majority of the fees collected from the first day's activities, encompassing swap fees, native fees, and burn fees, to form an WETH-XNF V3 liquidity pool at the end of the cycle.
The initial price for the WETH-XNF pair is set at $1.00, ensuring an equal distribution of both ETH and XNF across the entire range. However, if the ETH acquired from fees during the initial cycle increases significantly, the initial price will rise above $1.00. On the other hand, if the ETH acquired during the initial cycle does not reach the minimum value of $100k at deployment, the initial price will be adjusted to match its pairing with 100k XNF, potentially setting the starting price below $1.00.
Please be aware that liquidity providers will not be able to add liquidity to the WETH-XNF 1% fee tier. Additionally, it’s important to note that only the protocol itself has the capability to conduct purchases from its own liquidity in the WETH-XNF pool. XNF holders can only execute sell transactions either through the Xenify site or directly via the recycling contract.
Our protocol is designed to ensure the perpetual growth of ETH protocol-owned liquidity with each subsequent cycle. From the second cycle onwards, a large portion of the ETH obtained daily—through burn fees, native fees, swap fees, and recycling activities—will be used to support ETH liquidity growth. Within this framework, ETH is used to market-buy and burn XNF; simultaneously, the equivalent amount of WETH, which was used for the buyback and burn of XNF, is injected into the protocol-owned pool. This action results in a significant increase in WETH within the WETH-XNF liquidity pool, ensuring comprehensive coverage across the entire protocol-owned range.
XNF holders can freely sell their XNF through our protocol-owned liquidity pool or any community-established pools. However, purchasing XNF from our protocol-owned liquidity pool is restricted - making our daily auctions the primary avenue for acquiring a substantial amount of XNF. This means that every time a user or an arbitrage bot sells XNF via our protocol-owned liquidity pool, the tokens are permanently removed from circulation, creating a “black hole” effect that increases XNF scarcity.
This carefully devised mechanism also serves to safeguard the initial liquidity deployment against potential exploitation by speculators and liquidity snipers, solidifying the integrity of our ecosystem from the outset. It's worth mentioning that while users retain the ability to contribute liquidity to the protocol-owned pool, opting to do so will require a manual withdrawal from the recycling contract.
By establishing a one-way street, our protocol-owned liquidity pool transforms into a deflationary XNF vacuum. Tokens that are sold by users vanish from circulation, while new supply can only enter through active participation in the auctions. Our protocol is designed to promote the interests of committed users - not short-term speculators. This innovative approach, combined with our protocol's automated buyback and burn mechanism, is geared towards creating a sustained deflationary pressure on the XNF supply, while concurrently fostering a sustainable ecosystem built on long-term engagement.
The XNF minting process within Xenify has been meticulously structured to reward users who actively engage with and contribute to the protocol's growth. This initiative ensures an equitable distribution of XNF tokens and fosters a genuinely decentralised and community-driven protocol. Xenify's incentive model is carefully crafted, offering proportionate rewards to users who intensify their engagement with the platform. Such an approach propels further participation, as users stand to acquire newly minted XNF tokens relative to their platform activity.
Distribution of XNF tokens follows one-day cycles, initiating with a reward pool of 20,000 XNF tokens. This daily allocation gets split three ways: 50% is distributed to users who burn vXEN or YSL, 45% is distributed to native token contributors, and the remaining 5% is distributed among the platform's swap fee contributors. This daily allocation will extend across all other future deployment chains as well. Through the implementation of a halving model, the daily minting quantity gradually reduces, culminating in the complete distribution of the total 22.6 million XNF tokens by month 2461.
Users are further incentivised through the protocol's locking mechanism, which allows them to accumulate rewards in the form of chain-specific native tokens, such as ETH on Arbitrum. These rewards are generated from various activities within Xenify, specifically from burn fees, swap fees and native fees. Our unique three-tiered incentive model prompts users to use Xenify to earn XNF, while also rewarding those who lock their XNF tokens to earn native rewards. This operates as a flywheel, propelling Xenify's long-term growth while cultivating a vibrant and sustainable reward system that incentivises an ever-growing user base.
Xenify empowers users to effortlessly burn vXEN or YSL tokens directly from their wallets to participate in the daily burn cycle. To acquire XNF with XEN, you'll need to go through a process of burning your XEN token variant in exchange for vXEN. Please note that the amount of vXEN required per batch is fixed at 10,000,000 vXEN, however, the amount of XEN required to obtain one batch will vary based on the burn ratio that applies to each XEN variant. For example, if you want to take part in Xenify's burn auction on Arbitrum, you'll require a minimum of 10,000,000 XEN to burn (with a burn ratio of 1:1), and in return, you'll receive 1 batch of vXEN (10,000,000 vXEN). This burn function positions our protocol as a key player in the layer-1 burning of XEN tokens. Each time you burn your XEN tokens, your address will be logged in the X1 burn record, and in return, you'll receive vXEN.
It's essential to note that when you decide to burn your vXEN to participate in the daily burn auction for an allocation of XNF, a Burn Fee applies. Similar to the vXEN burn process, burning your YSL tokens also incurs a Burn Fee. The conversion rate to acquire one batch during the burn process will be fixed, with one batch equivalent to 0.01 YSL (Arbitrum) or 10,000,000 vXEN. At the end of the cycle, you'll receive XNF tokens based on the total amount of batches you burned.
Regardless of whether you opt to burn vXEN or YSL, the value per batch (VB) will be contingent on the specific chain you select for the burn. This value will be established upon Xenify’s deployment, and will be dynamically based on the current price of the chain’s native token. The cumulative value of the batches you burn will play a direct role in determining the Burn Fee (BF) required to execute the burn function, ensuring a seamless and transparent process for all participants.
For each batch burned, the tokens you provide (vXEN or YSL) are permanently removed from circulation. Of your burn fee, 70% is utilised to create protocol-owned liquidity through the buying and burning mechanics of XNF, 25% is distributed as native rewards among veXNF holders, and the remaining 5% is sent to the Xenify team. This burn mechanism goes beyond simply reducing the circulating supply of XEN and YSL tokens; it embodies a strategic approach that unifies the YSL and broader XEN communities across all chains while supporting the growth of our ecosystem and rewarding active participants.
Xenify is redefining the game with a groundbreaking platform that enables seamless single-click cross-chain transactions across 54 chains, while providing users the exciting opportunity to earn native chain tokens daily. Every time users pay the 0.5% swap fee on chains where XNF has been deployed, they are rewarded with veXNF through daily mint allocation. This unique advantage enables users to enjoy an effortless swapping experience while simultaneously accumulating XNF tokens.
But, the rewards don't stop there. By holding veXNF, users have the opportunity to rake in native chain tokens like BNB, ETH, and MATIC on a daily basis. These native rewards stem from the protocol’s swap fees and burn fees. As a result, users can not only enjoy the efficiency and competitive rates Xenify offers but also gain access to a dynamic and sustainable reward system that enhances their portfolio.
Distinguishing itself from generic aggregators, Xenify takes pride in its avant-garde incentive model that empowers platform users to execute seamless swaps and embark on a rewarding journey by earning rewards every cycle based on their locked XNF. These rewards are distributed in the form of native chain tokens — a highly liquid asset — signaling a potentially lucrative return for users who lock XNF.
veXNF holders play an essential role in Xenify's long-term growth, and in return reap the benefits. For chains where XNF has been deployed, veXNF holders enjoy native tokens generated from swap fees across all supported EVM chains at the end of each cycle. As Xenify continues to broaden its reach, an increasing amount of swap volume is guaranteed, with users eager to benefit from a seamless swapping experience while earning XNF on every swap they make. Consequently, veXNF holders benefit from increased rewards! This equitable model establishes a virtuous cycle, guaranteeing every participant benefits in direct proportion to their engagement.
In addition to swap fees, veXNF holders on chains where XNF has been deployed, will also earn native tokens at the end of each cycle generated from the burn fee. With XNF adopting the halving model and 50% of the daily mint reserved for those burning vXEN or YSL, participating in the daily burn auction is one of the few means to securing a sizable XNF position. As more users burn vXEN and YSL to acquire XNF, not only do veXNF holders profit from increased rewards through the burn fee, but the ecosystem benefits through increased proliferation of protocol-owned liquidity through the buying and burning mechanics of XNF. This innovative burn cycle implementation creates another positive feedback loop, ensuring the entire ecosystem thrives through active user participation.
Xenify's innovative locking model enables users to lock their XNF tokens for an opportunity to receive a steady stream of exceptional rewards in the form of native rewards. This distinctive rewards distribution model not only strengthens demand and value for XNF, but also serves as an added incentive for holders to lock their daily XNF distributions. This strategy has been integrated to encourage long-term engagement with the protocol, while cultivating an ever-expanding user base.
Xenify offers a groundbreaking token swap solution that not only simplifies cross-chain transactions but also rewards its users, all the while nurturing the expansion of its ecosystem. Through a 0.5% fee on every token swap, Xenify is able to achieve three crucial objectives: reward its platform users with XNF tokens, provide native rewards to veXNF holders, and ensure the continuous development of the protocol.
Here's how it works: When a user initiates a token swap on Xenify, they can choose to pay an optional 0.5% swap fee. This fee is strategically allocated to encourage future growth and incentivise user engagement. On chains where XNF has been deployed, 70% of the swap fee will be utilised for the proliferation of protocol-owned liquidity through the buying and burning mechanics of XNF, 25% will be distributed as native rewards among veXNF holders, with the remaining 5% being utilised by the team to support Xenify's ongoing development.
By paying the nominal 0.5% swap fee on chains where XNF is deployed, you not only expedite your transaction but also secure an allocation of XNF from the protocol's daily mint cycle. These XNF tokens are locked for 1 year and distributed among swap participants as veXNF. This unique ERC-721 non-fungible token (NFT) will represent your XNF holdings, which can be withdrawn at the end of the lockup period.
And here's the exciting part, by holding veXNF you unlock additional gains in the form of native rewards based on your earning power. These rewards are distributed at the close of each daily cycle. In essence, by simply executing a swap on Xenify, you have the incredible opportunity to rake in native chain tokens such as BNB and ETH on a daily basis!
But that’s not all! The swap fee has also been designed to support the expansion of Xenify through our Partner Fee Sharing Programme. This initiative provides an exciting opportunity for partner projects to earn a share of the swap fees generated on their native tokens. This way, we can encourage more projects to join our ecosystem and empower their users to reap the benefits of Xenify. With 25% of the swap fee shared equally between the partner project and Xenify, we establish a mutually advantageous relationship that supports the partner project and bolsters Xenify's ongoing development, marketing, and outreach efforts.
In short, the Xenify Partner Fee Sharing Programme strategically leverages the swap fee to align incentives between swap participants, veXNF holders, partners, and the protocol itself - facilitating sustainable growth for all.
The Xenify protocol enables users to burn vXEN or YSL tokens to secure XNF from the daily XNF reward cycle. By participating in the daily burn auction to acquire XNF, users will encounter certain costs such as transaction gas fees and the mandatory burn fee. However, the burn fee calculation has been carefully designed to not only ensure a transparent and consistent method for token burning but also reward users with an attractive discount of up to 75%.
The burn fee formula is designed to consider various factors, including the timing of the burn during a cycle, the number of batches being burned, and their associated value. The best part? The more batches a user burns, the greater the discount they'll enjoy, with potential savings of up to 75% off for 10,000 batches during the first hour of every cycle. This creates a compelling incentive for users to engage in larger burn operations early in the cycle.
Now, you might wonder, what exactly is a batch? A batch represents a fixed number of tokens, either vXEN or YSL, required to participate in the burn process. Specifically, a single batch of vXEN is equivalent to 10,000,000 vXEN, while a single batch of YSL is equivalent to 0.01 YSL on Arbitrum, and 1.00 bYSL on BNB Chain.
By implementing this factor into the burn formula, we ensure that users receive discounts in proportion to the volume of batches they burn. The value per batch for a chain is established when Xenify is deployed, and will be dynamically based on the current price of the chain’s native token using the formula below:
| VP (Value Per Batch) |
The value per batch that is set for the chain. |
| ND (Number of Digits) |
The count of digits preceding the decimal point in the price of the native gas token. |
Here’s how it works: The value per batch is calculated as 10 raised to the power of (2 - ND), where ND is the number of digits before the decimal place in the native token's price. This formula creates a batch value that remains consistent relative to the native token's price. When the native token value is high, the value per batch set at deployment will be proportionally lower to ensure an appropriate burn fee for the chain.
This mechanism helps ensure that the burn fee remains consistent across different chains where Xenify deploys, particularly for chains with higher-priced native tokens. For instance, the value of one batch on Arbitrum will be set at 0.01 ETH at deployment, since ETH has 4 digits before the decimal point at its current market value. However, when Xenify deploys on BNB Chain, the value of one batch will be set at 0.1 BNB, since BNB has 3 digits before the decimal point at its current value above $100.
By aligning batch values to native token prices and providing volume discounts, our burn fee formula enables transparency while encouraging burning. Furthermore, we are proud to emphasise that 100% of the burn fees are redeployed to bolster protocol-owned liquidity through the buying and burning mechanics of XNF, support the ongoing development of Xenify, and reward veXNF holders. This approach not only promotes efficiency but also recognises the invaluable contributions of our community members, while establishing a mutually beneficial ecosystem that fosters the continuous proliferation of liquidity.
Plus, with the maximum discount of 75% for 10,000 batches, the more users burn, the more they save! This opportunity not only provides substantial benefits for those who engage in burning but also generates enhanced rewards for veXNF holders. It's a win-win scenario that encourages active involvement in the Xenify ecosystem while ensuring value capture for all participants.
Xenify introduces an innovative approach to burn fee discounts that aims to promote fairness and prevent manipulation. By implementing a carefully designed burn fee calculation, the protocol effectively curbs unfair practices where users strategically time transactions to maximise their rewards or incentives.
The Burn Fee (BF) calculation includes time-weighted factors known as the Time Coefficient (TC) and the Batch Coefficient (BC), which help determine the fee needed to execute the burn function based on the value of batches being burned. The burn fee discount that you obtain will be dependent on the Time Coefficient (TC) and the Batch Coefficient (BC) that is applicable when you are burning during a cycle. Both coefficients are time-weighted, decreasing throughout the daily cycle. This means the effective discount that you obtain will vary depending on when you decide to burn during a cycle.
To initiate the burn function on Xenify, users must have a sufficient wallet balance of native chain tokens that meets or exceeds the amount required for the Burn Fee. The protocol will calculate the Burn Fee (BF) using the formula below:
| BF (Burn Fee) |
The fee charged for the burn function, paid in the native token of the chain. |
| TC (Time Coefficient) |
A time-weighted coefficient used to factor in a discount based on when the burn is being executed during a cycle. |
| VB (Value of Batches) |
The value of batches being burned by the user. The value per batch will be fixed and vary depending on the chain. |
| BC (Batch Coefficient) |
A time-weighted coefficient used to factor in the discount based on the batches being burned. |
| NB (Number of Batches) |
The number of batches the user burns, influencing the discount in burn fees as the number of batches increases. |
It's worth noting that the burn fee discount you receive will depend on the current values of the Time Coefficient (TC) and the Batch Coefficient (BC) at the time of burning. As these coefficients decrease throughout the daily cycle, the effective discount you obtain will vary depending on when you decide to burn during a cycle. This dynamic approach ensures that users have an opportunity to benefit from different discount levels based on their timing.
Xenify's approach to burn fee discounts not only promotes fairness but also provides users with the potential to optimise their savings. By considering the time-weighted coefficients and strategically choosing when to execute burns, users can maximise their discounts and overall value. This innovative approach brings transparency, fairness, and increased benefits to all participants of the Xenify ecosystem.
The Burn Fee (BF) needed to execute the burn function will increase as the total value of batches being burned increases, however by executing burns earlier in the cycle users have the opportunity to benefit from a lower burn fee thanks to the Time Coefficient (TC).
As illustrated in the table below, the Time Coefficient starts at 50% when a cycle begins and increases by approximately 2.174% every hour until it reaches 100% in the final hour of the daily cycle. This means that users will need to contribute more to execute the burn function as the day goes on. However, it also provides an opportunity for users who burn earlier in the cycle to get a discount of up to 75% during the first hour of each cycle.
| Hour | Time Coefficient (TC) |
|---|---|
| 1 | 50.00% |
| 2 | 52.17% |
| 3 | 54.35% |
| 4 | 56.52% |
| 5 | 58.70% |
| 6 | 60.87% |
| 7 | 63.04% |
| 8 | 65.22% |
| 9 | 67.39% |
| 10 | 69.57% |
| 11 | 71.74% |
| 12 | 73.91% |
| 13 | 76.09% |
| 14 | 78.26% |
| 15 | 80.43% |
| 16 | 82.61% |
| 17 | 84.78% |
| 18 | 86.96% |
| 19 | 89.13% |
| 20 | 91.30% |
| 21 | 93.48% |
| 22 | 95.65% |
| 23 | 97.83% |
| 24 | 100.00% |
The Batch Coefficient (BC) factors in a discount on the burn fee based on the number of batches you burn. The more batches you burn, the greater the batch discount, represented by the term (1 - (NB x BC)). The value of the Batch Coefficient (BC) varies depending on when a user decides to burn during a cycle.
The table below illustrates how the value of the coefficient changes during a 24-hour cycle. The constant starts at 0.00005 when the cycle begins and decreases by 0.0000025 every hour until it reaches zero after 20 hours. As a result, users will not benefit from the batch discount during the last four hours of the cycle.
| Hour | Batch Coefficient (BC) |
|---|---|
| 1 | 0.00005 |
| 2 | 0.0000475 |
| 3 | 0.000045 |
| 4 | 0.0000425 |
| 5 | 0.00004 |
| 6 | 0.0000375 |
| 7 | 0.000035 |
| 8 | 0.0000325 |
| 9 | 0.00003 |
| 10 | 0.0000275 |
| 11 | 0.000025 |
| 12 | 0.0000225 |
| 13 | 0.00002 |
| 14 | 0.0000175 |
| 15 | 0.000015 |
| 16 | 0.0000125 |
| 17 | 0.00001 |
| 18 | 0.0000075 |
| 19 | 0.000005 |
| 20 | 0.0000025 |
| 21 | 0 |
| 22 | 0 |
| 23 | 0 |
| 24 | 0 |
Let's take a closer look at how the Time-Weighted Burn Fee Discount operates in different scenarios:
Let’s say you decide to burn 10,000 batches during the first hour of the daily cycle on Arbitrum, where the value per batch is set at 0.01 ETH. Taking into account that the Batch Coefficient (BC) during the first hour of a cycle is 0.00005 and the Time Coefficient (TC) during the first hour is 50%, the protocol will determine your Burn Fee (BF) as 25 ETH.
Now, let’s say you decide to burn 10,000 batches during the last hour of the daily cycle on Arbitrum, where the value per batch is set at 0.01 ETH. Taking into account that the Batch Coefficient (BC) during the last hour of a cycle is 0 and the Time Coefficient (TC) during the last hour is 100%, the protocol will determine your Burn Fee (BF) as 100 ETH.
Comparing these scenarios highlights the benefits of burning batches in the first hour versus the final hour. The maximum savings of 75% are only possible if you burn 10,000 batches during the first hour of the daily cycle. This time-weighted burn fee mechanism mitigates unfair practices and enhances fairness, rewarding users who execute larger burns earlier in the cycle with greater discounts.
Xenify adopts a strategic approach to allocating XNF tokens each day, focusing on rewarding three key participant groups within the ecosystems of all EVM chains it operates on. These groups are recognised through a predetermined percentage of the total daily minted tokens: 50% is granted to users burning either vXEN tokens or YSL tokens, 45% to native token contributors, and the final 5% to those involved in token swaps.
For example, with a daily minting volume of 20,000 XNF tokens, the allotment is not equally split by default, given the variable percentage designations. Consequently, vXEN and YSL token burners secure 10,000 XNF tokens, representing a 50% share. Native token contributors are apportioned 9,000 XNF tokens, corresponding to a 45% allocation, while swap participants are awarded a share of 1,000 XNF tokens, making up the remaining 5%. This systematic distribution process is uniform across all EVM chains, ensuring fair and proportionate rewards for varied user activities.
To determine the precise share of XNF tokens each user receives from the daily mint, the protocol conducts a series of precise calculations that factor in the user's individual contribution to each of the activity pools. Following the collection of data on user activities, the protocol calculates the deserved amount of XNF tokens for distribution to each participant. This rigorous process guarantees a fair distribution by acknowledging the user's active participation in token burns, native token contributions, and swap activities. Notably, tokens earned from native contributions and swap fees are provided as veXNF, reinforcing user engagement with additional benefits.
The protocol calculates your share of the daily XNF allocated to the burn fee contributions, by taking into account the total XNF tokens distributed (TD), the total number of batches burned during the cycle (TB), and the number of batches you burned during the cycle (BB). Here's the formula for the vXEN burn allocation (BA) explained in detail:
| BA (Burn Allocation) |
The amount of XNF a specific user obtains based on the batches burned during a cycle. |
| TD (Total Distributed) |
The total number of XNF tokens that are distributed among users during a specific cycle. |
| BB (Batches Burned) |
The number of batches burned during a cycle by the specific user whose burn contribution is being calculated. |
| TB (Total Batches) |
The combined number of batches burned by all users during a cycle. |
Here’s how it works: The protocol calculates the user’s burn allocation (BA) by first multiplying the total XNF tokens scheduled to be distributed for the cycle (TD) by 50%, since 50% of the XNF daily mint is allocated to participants who burn vXEN or YSL. It then calculates the proportion of batches burned by the specific user (BB) to the total batches burned by all users (TB), resulting in a value per batch burned. Finally, the protocol multiplies these values to determine the user’s individual burn allocation for that cycle (BA).
Similarly, the protocol calculates your swap allocation (SA) for a cycle, by taking into account the total XNF tokens scheduled to be distributed for the cycle (TD), the total swap fees paid by all users during the cycle (TSF), and the swap fees paid by you during the cycle (USF). Here's the formula explained in detail:
| SA (Swap Allocation) |
The XNF allocation for a specific user based on their swap fee contributions during a cycle. |
| TD (Total Distributed) |
The total number of XNF tokens that are distributed among users during a specific cycle. |
| USF (User Swap Fees) |
The swap fees paid by a specific user in a cycle. |
| TSF (Total Swap Fees) |
The total swap fees paid in a cycle by all users. |
The process for calculating each user's share of XNF tokens for swap activities is meticulous and involves several steps. First, the protocol determines the total allocation for swap participants, which is 5% of the total XNF tokens distributed daily.
After setting aside the total swap allocation, the protocol quantifies each user's individual contribution. It compares the user's paid swap fees (USF) against the total of swap fees (TS) collected from all users. The user's swap fee amount is divided by the total swap fees to calculate their contribution ratio. This step is crucial for ensuring that the tokens distributed to each user are proportional to their specific involvement.
Lastly, the protocol multiplies the total swap allocation by the user's contribution ratio to determine their rightful share of XNF tokens. This final calculation assigns a distinct value to every unit of fee paid by the user. Consequently, the protocol disburses XNF tokens in a manner that precisely mirrors the user's engagement with the swap fee pool for that cycle. This ensures a fair and accurate token distribution corresponding to each user's activity level.
Utilising a similar logic, the protocol will calculate your share of the native allocation (NA) for a cycle, by taking into account the total XNF tokens scheduled to be distributed for the cycle (TD), the total batches contributed through native tokens by all users during the cycle (TNC), and the number of batches contributed with native tokens by you during the cycle (UNC). Here's the formula explained in detail:
| NA (Native Allocation) |
The XNF allocation for a specific user based on their native token contributions during a cycle. |
| TD (Total Distributed) |
The total number of XNF tokens that are distributed among users during a specific cycle. |
| UNC (User Native Contribution) |
The number of batches contributed through native tokens by a specific user in a cycle. |
| TNC (Total Native Contributions) |
The total number of batches contributed through native tokens in a cycle by all users. |
Locked XNF tokens play an essential role in the accumulation of native rewards for users, with each user's share being determined by their veXNF position and the associated earning power. Your XNF tokens start to accumulate native rewards within the same cycle they are locked. These rewards are gathered into a reward pool during each cycle and then distributed among veXNF holders by the protocol at the end of the daily cycle. Users that earn XNF through their swap fee contributions will not be required to lock their XNF, as the protocol automatically locks their XNF allocation for the maximum lock-in period of 1 year and enables the user to earn native rewards over a 60-day decay schedule.
On the other hand, users who earn XNF through burn fee contributions and recycling will need to manually lock their XNF tokens if they are aiming to earn a share of native rewards. In doing so, they lock their XNF for a chosen locking period, which can be as short as one week or as long as one year. Once the desired lock period has been set, the user's XNF is locked as per the selected period. Subsequently, the protocol mints a veXNF NFT for the user, reflecting the amount of XNF locked and the chosen lock period. Throughout the lock period, users cannot unlock their XNF but continue to accumulate native rewards based on the earning power of their veXNF.
A user's earning power will decrease linearly over a decay schedule. This decay schedule will be dependent on the user's chosen lock period, and will be set to a maximum of 60 days for a 1 year lock period. This enables the protocol to scale the decay schedule linearly between a minimum of 1.15 days (for a 7-day lock) and a maximum of 60 days (for a 365-day lock) based on the lock duration that the user chose. The longer the lock, the longer the decay schedule, ranging from 1.16 to 60 days. The decay schedule for a users veXNF earning power will be determined by the protocol using the formula below:
| DS (Decay Schedule) |
The decay schedule for the veXNF earning power. |
| MD (Maximum Decay) |
The maximum decay schedule of 60 days. |
| LD (Lock Duration) |
The user’s chosen lock duration in days. |
| ML (Maximum Lock) |
The maximum lock duration of 365 days. |
The longer you lock your XNF, the greater your veXNF earning power. However, it's important to note this earning power decays over time, even if you opt for the maximum 1-year lock period. This decay mechanic incentivises users to lock for longer terms to maintain higher earning strength for longer. Your earning potential directly correlates to the amount of XNF you lock and your chosen lock duration. At the start of your lock period, your veXNF is minted with 100% earning power. Over time, as your lock continues, the strength of this earning power diminishes as illustrated in the custom formula below:
| CP (Current Power) |
The users' current veXNF earning power in percentage terms. |
| IP (Initial Power) |
An initial veXNF earning power of 100% is set by the protocol at the start of the Decay Schedule. |
| TE (Time Elapsed) |
The time that has elapsed since the Decay Schedule commenced (constrained to a maximum of 60 days). |
| DS (Decay Schedule) |
The Decay Schedule that was set based on the lock duration chosen by the user (days). |
Let's take a closer look at how the Earning Power Decay operates in different scenarios:
Let’s say you decide to lock your XNF for the minimum term of 1 week. After 1 day your Earning power would have decayed from 100% to 13.04%.
Let’s say you decide to lock your XNF for the maximum term of 1 year. After 1 day your Earning power would have decayed from 100% to 98.3%.
Comparing these scenarios highlights the benefits of locking for longer periods. After just 1 day of a 1-year lock, your earning power would barely decay by 1.7% to 98.3%. On the other hand, if you lock your XNF tokens for one week, your earning power decays much faster. After just one day, your earning power would drop by 86.96% to 13.04%. This demonstrates how locking for longer periods preserves your earning power for longer.
This model rewards long-term participants and aligns incentives toward supporting the protocol. To maintain or increase your earning power, you can always add more XNF tokens to your veXNF position or extend your lock duration as needed. Keep in mind, that the amount of rewards you receive at the end of each cycle depends on your share of the total earning power of all veXNF holders. The more XNF you have locked and the higher your earning power, the more rewards you earn.
At Xenify, we empower our users with flexibility when managing their veXNF position with the ability to extend, merge and even split positions. After completing your chosen lock period, you will have the option to unlock your XNF tokens. Importantly, unlocking is only possible after your lock period ends - your XNF remains locked for the duration you selected. Throughout your locking cycle, you accumulate native rewards based on the amount of XNF locked and your veXNF earning power. This earning power decays linearly over a decay schedule until it reaches zero at the end. At this point, you stop earning rewards on your locked position as your veXNF earning power is depleted.
You now have two options: Either extend your lock period (from 1 week up to 1 year) to reinstate your veXNF earning power and continue receiving rewards. Or, wait for your current lock to expire, then unlock to regain your XNF tokens. The decision depends on your circumstances and preferences. If you extend your lock, your veXNF is reactivated at 100% strength, starting a new decay schedule. This allows you to continue benefiting from rewards linked to your locked XNF. Alternatively, waiting for your lock expiry, enables you to unlock and/or sell your tokens. However, you will not be earning rewards in the interim.
At Xenify, you can conveniently withdraw your accumulated native rewards at any time. However, be aware that directly claiming rewards incurs a 25% claim fee. To avoid this fee, simply click "Recycle" instead of "Claim". Recycling leverages your accrued rewards to acquire XNF through the daily burn auction, while bypassing the mandatory burn fee.
When you opt to claim your rewards, the native tokens gathered from the claim fee are stored in a temporary pool. At the end of the cycle, these tokens are distributed exclusively to veXNF holders who recycled their rewards within the first hour of the cycle. This exclusive distribution will occur alongside the protocol's daily native rewards distribution at the end of each cycle, with eligible recyclers receiving a share based on their veXNF position. In short, recycling in hour 1 means you'll get a portion of that cycle's claim fee proceeds.
This recycling mechanic offers multiple benefits to both the ecosystem and recyclers. It allows users to participate in the daily burn auction without paying the mandatory burn token while promoting scarcity for the XNF token. A portion of all recycled rewards is used to generate protocol-owned liquidity through the buying and burning mechanics of XNF. This strategy enables users to maximise their earnings in a way that supports the protocol’s growth.
Discover the smart way to maximise your earning potential with Xenify's recycling feature. By recycling accrued native chain rewards, you bypass the 25% claim fee and strengthen your XNF position as your full balance enters the daily burn auction. What makes this process unique is the protocol's ability to deduct the burn fee directly from your recycled rewards. This enables token-free participation in the burn auction, unlike the normal burn process which requires either vXEN or YSL batches, as well as native tokens to cover the mandatory burn fee.
But wait, there's more! As a token of gratitude for their active participation in the protocol, veXNF holders who recycle rewards during the first hour of the cycle also become eligible for an exclusive distribution of native tokens from the 25% claim fee charged on direct claims. At the end of each cycle, accumulated claim fee proceeds will be distributed to eligible recyclers proportional to their XNF holdings and its associated veXNF power.
To leverage this recycling feature, ensure that you have a sufficient balance of native chain rewards to acquire at least one batch for the burn process. If your reward balance falls short of the required amount of native chain tokens, the recycle option will not be accessible to you. By recycling your native chain rewards, you'll not only strengthen your XNF position but also enjoy a streamlined process that eliminates the usual burn fees associated with the burn function. Most importantly, as a dedicated recycler, you will qualify for an exclusive distribution of native tokens generated from the 25% claim fee by recycling within the first hour. It's a win-win situation that rewards your active participation and commitment to the growth of Xenify.
Let's walk through an example to illustrate how the recycling feature works. Imagine you are a veXNF holder on Arbitrum, and you decide to recycle your native chain reward balance of 1.0 ETH during the first hour of the cycle. First, the protocol calculates your burn contribution. Since the batch value is 0.01 ETH on Arbitrum, your 1.0 ETH rewards equate to 100 batches. Next, your burn fee is deducted from the rewards based on the fee formula. Recycling in hour 1 means your burn fee is 0.4975 ETH.
Once the burn fee is taken, 70% is used to create protocol-owned liquidity through the buying and burning mechanics of XNF. Additionally, 25% of this fee is set aside for distribution to veXNF holders at the cycle's end, while the team receives the remaining 5%. From your rewards, the discounted amount of 0.5025 ETH is allocated, with 90% (0.45225 ETH) contributing to XNF's protocol-owned liquidity via the same burn mechanics, and 10% (0.05025 ETH) going to the Xenify team. By contributing to the 100-batch burn, you receive XNF at the cycle's conclusion. Moreover, by recycling rewards in the cycle's first hour, you gain a portion of the ETH accrued from the 25% claim fee.
During each cycle, the protocol's reward pool gradually accumulates native tokens generated from burn fees, swap fees and native fees. This pool grows with every transaction, whether it's a swap or a burn. The total sum of the reward pool is then distributed among veXNF holders based on their XNF holdings and its associated earning power. If there are no veXNF holders at the end of the cycle, the native rewards generated from the swap fees, burn fees, and native fees will be used to create protocol-owned liquidity through the buying and burning mechanics of XNF. This function will be triggered whenever a user participates in a cycle when there are no veXNF holders, and all locks have expired.
On top of rewards generated from burn fees, swap fees and native fees, the protocol will also perform an exclusive distribution of native tokens derived from the 25% claim fee that’s taken when veXNF holders claim their native rewards. This exclusive distribution will be reserved for veXNF holders who recycle their rewards in the first hour of a cycle. By aligning incentives and putting unused rewards to work, Xenify creates a thriving, sustainable ecosystem that encourages engagement and cultivates a growing user base, helping to fortify the protocol's long-term growth.
Introducing Xenify's exclusive XNF airdrop events, an initiative aimed at driving user engagement on the platform across multiple EVM chains. To build anticipation for an upcoming launch of XNF on a new chain, an airdrop event will precede its deployment. Participants will be rewarded with a generous allocation of 1,500,000 XNF tokens during each event, providing a fantastic opportunity to benefit from Xenify's growth.
These 1,500,000 XNF tokens will be initially distributed as locked tokens on the launch day, gradually unlocking over a period of 730 days. For instance, if you receive 7300 locked XNF tokens from the airdrop, you can expect approximately 10 XNF tokens to be unlocked in your wallet each day. Since these tokens will be divided among participants based on their daily contributions leading up to the launch, the more you participate during the event, the greater your share of the XNF Airdrop will be! Now, we understand your eagerness to earn from those XNF tokens and witness your portfolio flourish. However, there's a small catch – Airdropped XNF tokens cannot be staked until they unlock in your wallet. So, if you're aiming to earn a share of the protocol's native rewards, we highly recommend also taking part in the initial burn auction. It's your ticket to earning a portion of the native rewards from the initial distribution!
To ensure fairness and discourage last-minute sniping, a consistent daily allocation of the airdrop will be implemented throughout the event. This guarantees that participants receive a share of the airdrop that reflects their level of engagement. For example, during the 60-day Genesis Airdrop on the BNB Chain, 25,000 XNF tokens will be allocated each day. Your share from the Genesis airdrop will be based on your daily contributions through the swap fee. Imagine being the sole user who swaps on a particular day during the 60-day event – you'll claim an impressive 25,000 XNF from the airdrop! Furthermore, to maintain engagement, contributions made during an event will not carry over to subsequent airdrops. This policy ensures that users who contribute only once are not consistently included in future airdrops, promoting active participation.
Xenify places utmost importance on providing an exceptional user experience, with a primary focus on creating a platform that is both intuitive and user-friendly. The onboarding process is designed to be seamless, offering clear instructions and guidance that empower users to effortlessly navigate the platform.
Setting itself apart from traditional decentralised exchanges, Xenify eliminates the need for users to provide liquidity. Instead, it operates as a cross-chain aggregator, leveraging APIs to obtain the most favourable exchange rates and minimal fees from multiple decentralised exchanges. This approach simplifies the user experience and facilitates seamless single-click transactions across different blockchain networks. Users can actively engage with Xenify through a range of functions, including token swaps, burning vXEN or YSL, locking or unlocking XNF, and recycling or claiming rewards. The platform not only delivers a smooth experience for users but also actively rewards them for using the protocol through the daily reward cycle distribution.
This incentive model ensures that Xenify users are consistently recognised for their participation and encourages continued usage of the platform. Additionally, users can conveniently monitor their XNF position and accrued rewards, allowing them to easily claim or unlock their XNF tokens with just a few clicks. By adopting this user-centric approach, Xenify remains accessible to both novice and experienced users alike.
At Xenify, security is paramount to ensuring the utmost safety and reliability of our protocol. To fortify our protocol's security, we have conducted an audit of the contracts by PeckShield and Solidproof—highly-regarded security firms in the industry. Our protocol is thoughtfully designed with decentralization and autonomy as guiding principles. Xenify's smart contracts are free of admin keys, meaning they cannot be upgraded or governed by a centralised authority. To reinforce our protocol's truly decentralized and autonomous nature.
As Xenify evolves, we aim to prioritise our users' interests, fostering transparency and trust within the protocol. Xenify's mission is to create a transparent, equitable, and user-centric DeFi protocol by upholding the First Principles of Crypto in all our endeavors. By adhering to these foundational values, we strive to build a protocol that epitomises trust, fairness, and community-driven development in the DeFi space.
- Xenify's launch is designed to be impartial, with no pre-mining or pre-allocation of XNF tokens. This guarantees an even playing field for all participants, cultivating an environment of fairness and equal opportunity.
- Xenify's smart contracts and platform architecture will be meticulously developed without concealed functionalities or back doors, ensuring the utmost security and trustworthiness of our protocol.
- Founders and team members will not receive any token allocation, underscoring the project's dedication to a community-driven approach and eliminating potential conflicts of interest. Instead, Xenify's team will participate alongside the community, fostering a fair and level playing field for all involved.
- XNF will begin with a zero token supply, with tokens minted exclusively through user participation in the ecosystem. This approach guarantees that there is no possibility for a stealth launch, which often favours a select few. Instead, all participants will have equal opportunities to engage with and benefit from the protocol.
- Users will earn rewards proportional to their active engagement and contributions within the ecosystem, fostering a merit-based reward system that promotes fairness and inclusivity for all participants.
- There will be no token allocation for privileged investors or venture capitalists, ensuring a genuinely equitable distribution of tokens among users actively engaged in the ecosystem. This strategy eliminates preferential treatment and fosters a more inclusive and fair environment for everyone involved.
- Xenify will forego an Initial Coin Offering (ICO), reinforcing our unwavering commitment to a fair and transparent launch that ensures equal opportunities for all participants.
- XNF tokens will not be pre-mined or allocated to investors or team members. Instead, users can acquire XNF tokens by actively engaging with the protocol, whether by burning vXEN or YSL tokens, participating in the native auction, or swapping tokens from a supported chain. This approach rewards users for their contributions and guarantees a fair distribution of XNF within the ecosystem.
- Xenify's smart contracts will be carefully crafted without admin keys or centralised control, safeguarding the protocol's immutability and preserving its decentralised nature. What does this mean? Once our tokenomics and protocol architecture are deployed, they're set in stone – no upgrades or alterations can be made. This commitment to immutability delivers a stable, transparent, and secure environment for our community, ensuring that no single entity can make arbitrary decisions to manipulate the protocol.
Xenify, a cross-chain aggregator of aggregators, has been meticulously built from the ground up to transform the way users engage in token swaps. Its primary focus is to deliver a seamless user experience, reward active community members, and establish a fair and sustainable token distribution model. By harnessing innovative tokenomics, Xenify aspires to establish a decentralised, community-driven platform that values and encourages users' active participation within the ecosystem.
What sets Xenify apart is its seamless connection to 60 different aggregators, enabling effortless single-click swaps at unbeatable rates across 54 leading chains. However, its value extends beyond mere convenience. Distinguishing itself from other exchanges, Xenify facilitates user adoption by ensuring every action taken on the platform contributes to a reciprocal environment where benefits accrue based on contributions and involvement.
With Xenify, users are granted an exclusive opportunity to earn XNF tokens on every swap, complemented by an innovative locking model that enables users to earn native chain tokens such as ETH, BNB, and MATIC on a daily basis. This unique incentive model undeniably positions Xenify as the top choice for those seeking to simplify the cross-chain swapping process while maximising their earning potential.
Security and a commitment to fair token distribution are at the core of Xenify's principles. The protocol has been carefully designed to safeguard the interests of users, as it implements an equitable minting process and an incentive structure that encourages users to actively participate in the ecosystem's growth. This unique approach cultivates a mutually beneficial relationship among all participants, contributing to the platform's long-term growth and sustainability. By promoting this vibrant, community-driven environment and upholding commitments to security, transparency, and fairness, Xenify is poised to emerge as a leader in the decentralised exchange arena.
In summary, Xenify represents a paradigm shift in the world of cross-chain token swapping. With its seamless efficiency, rewarding tokenomics, and unwavering commitment to security and fairness, Xenify offers users an unparalleled opportunity to engage in a truly decentralised ecosystem that values participation and fosters mutual growth. By choosing Xenify, individuals can experience the best of both worlds: effortless token swapping and the ability to maximise their earning potential.
We understand that you may have questions about Xenify, its features, and its potential. To help you navigate our platform, we've compiled a list of frequently asked questions that provide clarity and insights into Xenify and its ecosystem.
- Our contracts are openly accessible for viewing but are not licensed. Redistribution, modification, or repurposing of our contracts, in whole or in part, is strictly prohibited without explicit written consent from all co-founders. Requests for approval must be sent to the official email addresses of the co-founders and receive direct responses from these addresses. These restrictions are in place to protect the interests of our holders.
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No, Xenify does not have an initial supply, and there is no pre-mine of XNF tokens. Instead, the protocol rewards users on a daily basis for their active participation in the ecosystem. This is achieved through various contributions, such as burn fee contributions made by directly burning vXEN or YSL tokens, native token contributions, as well as swap fees generated through the Xenify aggregator. Notably, 25% of the burn fees, swap fees and native fees are collected on supported EVM chains are directed towards veXNF holders on a daily basis, providing significant long-term earning potential.
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By implementing this equitable distribution system, Xenify aims to create a level playing field for all users, preventing any concentration of tokens in the hands of a few early adopters. Instead, the protocol emphasises the importance of ongoing user involvement and contributions, as they directly translate into tangible rewards. This innovative approach distinguishes Xenify as a platform that values its community and actively encourages their participation in shaping the ecosystem.
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The value of XNF holds the potential to appreciate significantly due to Xenify’s innovative tokenomics, thriving ecosystem, and the increasing demand for native rewards. With Xenify's cutting-edge cross-chain aggregator, users can enjoy seamless token swapping and engage in various rewarding activities, which drives protocol adoption and ultimately the value of XNF.
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Additionally, the scarcity of XNF tokens, brought about by halving events, is likely to boost the token's value as more users choose Xenify as their preferred platform for swapping tokens. This will lead to more native rewards for veXNF holders, resulting in a growing demand for XNF tokens. Consequently, the token value is poised to rise due to demand, cementing Xenify's position as a promising project within the XEN ecosystem.
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The recycle button is a user-friendly feature that prioritises the needs of veXNF holders. By simply clicking this button, users can conveniently convert their accumulated native chain rewards into XNF through the daily burn auction. This feature brings several advantages. Firstly, it allows you to participate in the burn cycle without incurring the mandatory burn fee associated with the default burn process. This means you can enjoy the benefits of acquiring XNF through the burn cycle while saving on additional fees.
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Moreover, by choosing to recycle your rewards, you actively contribute to the growth and sustainability of the Xenify ecosystem. After deducting a Burn Fee from the recycled rewards, the protocol allocates 90% of the remaining rewards to create protocol-owned liquidity through the XNF buying and burning mechanics, fostering scarcity and a more efficient market for the token. The remaining 10% is disbursed to the team, supporting ongoing operational expenses, such as platform development, marketing campaigns, and community engagement activities.
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By recycling your rewards, you not only enhance your own benefits but also play a vital role in the continued success of the Xenify platform. As a result, recyclers will qualify for an additional exclusive distribution of native tokens generated from the platform's claim fees when they opt to recycle during the first hour of a cycle. This means that by actively participating in the recycling process, you have the opportunity to secure additional rewards, while boosting your overall XNF holdings.
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In conclusion, the recycle button feature not only offers convenience but also presents numerous advantages for veXNF holders. By saving on fees, contributing to ecosystem growth, and accessing exclusive rewards, recyclers can maximise their benefits while supporting the ongoing success of the Xenify platform.
- Xenify offers users the opportunity to earn rewards like ETH, BNB, and MATIC on a daily basis by locking XNF tokens. These rewards are distributed among veXNF holders based on their veXNF balance and the power associated with their veXNF. This incentive model not only encourages active participation but also plays a vital role in fostering the long-term growth and sustainability of the protocol.
- When you choose to lock your XNF, you'll have the opportunity to select a locking cycle that suits your preferences, ranging from a minimum of 1 week to a maximum of 1 year. It's important to note that once you begin the locking cycle, your XNF tokens will be locked, and you won't be able to unlock them until the cycle is completed. Once your chosen locking cycle comes to an end, you'll have the freedom to unlock your XNF tokens, reclaiming full ownership and control over them. By participating in locking, you contribute to the overall health of our ecosystem, and in return, you have the opportunity to earn native rewards on a daily basis!
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When you lock your XNF, you receive a unique ERC-721 non-fungible token (NFT) called veXNF in exchange. This veXNF token represents your locked XNF in the protocol and, more importantly, indicates your earning power - influencing your share of native rewards. The longer you lock your XNF, the greater your veXNF earning power. However, it's important to note this earning power decays over time, even if you opt for the maximum 1-year lock period.
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This decay mechanic incentivises users to lock for longer terms to maintain higher earning strength for longer. Throughout each cycle, rewards generated from the burn fees, swap fees and native fees accumulate in a reward pool, and the protocol distributes the entire reward pool of native chain tokens among veXNF holders at the end of the cycle based on their locked XNF tokens and it’s associated earning power, ensuring a fair and transparent distribution.
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Yes, there are several ways to participate with Xenify, including:
- Utilise the Xenify aggregator to perform seamless single-click swaps and earn XNF in the process.
- Engage in direct burns of vXEN or YSL to acquire XNF.
- Lock XNF tokens to earn native chain tokens such as ETH, BNB, and MATIC.
- Contribute to the protocol's growth through community initiatives.
- If there are no veXNF holders at a cycle's end due to all locks expiring, the protocol's design redirects the 25% of native rewards, initially meant for veXNF holders, to augment protocol-owned liquidity. Consequently, the entire allocation contributes to the protocol's liquidity by employing the buying and burning mechanisms of XNF for that cycle.
- In the unlikely event that a cycle passes without any swaps on Xenify and no users participating in the burn auction or native auction, the daily XNF cycle distribution will not occur. The XNF tokens that were due to be distributed during this cycle won't be minted. Consequently, the overall supply of XNF will be reduced by the number intended for distribution in that cycle. For instance, if the daily allocation for a cycle was set at 20,000 XNF, and there were no swaps performed during that cycle or any tokens contributed to the burn and native auctions, then these 20,000 XNF will neither be minted nor distributed. Instead, the total supply of XNF will be reduced by 20,000 XNF at the end of the cycle.
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XNF Distribution occurs through three daily auctions. Each day, 50% of the XNF tokens are allocated to burn auction participants. Additionally, 50% of the daily XNF supply is reserved for veXNF rewards, with these rewards being locked for one year before distribution to participants in the Native Auction (45%) and the Swap Auction (5%). In the event that one or two of the daily auctions lack participants, the protocol adapts the daily XNF distribution to ensure fairness.
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The protocol is designed to dynamically redistribute rewards across different scenarios: without burn auction participants, 90% of daily XNF goes to native auction participants as veXNF rewards, and remaining 10% to swap auction participants as veXNF rewards; in the absence of swap auction participants, 50% is distributed as usual to burn auction participants and native auction participants receive the remaining 50% as veXNF rewards. If there are no native auction participants, 50% is distributed as usual to burn auction participants, and the remaining 50% to swap auction participants as veXNF rewards. In the absence of both native and burn auction participants, 100% goes to swap auction participants as veXNF; no native and swap auction participants mean 100% for burn auction participants, and no swap and burn auction participants allocate 100% to native auction participants as veXNF rewards.
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So in short - whichever auction has participants gets rewards. This adaptive approach ensures that activity is consistently rewarded, even in scenarios of low participation across auctions, promoting a balanced and efficient distribution.
◽️ If I opt to lock my XNF, how does frequently extending a 7-day minimum lock compare to a continuous 1-year lock?
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Opting to lock your XNF for the minimum 7 days, then repeatedly extending it daily, results in lower earning power for your veXNF compared to locking continuously for 1 year. For example, if you and another user lock the same XNF amount, but you use 7-day minimum extensions and they do a 1-year lock, your veXNF would have significantly less earning power over the year - approximately 52 times less.
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This is because the initial power of your veXNF depends on the lock duration. Locking 1000 XNF for 1 year yields 1000 veXNF with a decay schedule of 60 days. A 6-month lock yields 500 veXNF. More time locked continuously equals more initial veXNF power. Keep in mind, veXNF power decays over time, especially with minimum 7-day locks that have a rapid decay schedule of 1.15 days versus 60 days for a 1-year lock. In summary, frequently extending short 7-day minimum locks provides substantially less earning power than longer continuous 1-year locks for the same XNF amount due to the difference in initial veXNF power and decay rates.
Welcome to the Xenify Glossary, your go-to resource for understanding key terms and concepts essential to the Xenify ecosystem and the broader world of decentralised finance (DeFi). Our glossary aims to bridge the gap between complex crypto jargon and everyday language. Using everyday language and straightforward explanations, our glossary will enable you to deepen your knowledge of Xenify, DeFi, and the innovative technologies that bring our protocol to life with clarity and simplicity.
- XEN is the inspirational foundation for Xenify, incorporating its innovative Proof of Participation concept and First Principles methodology to build a groundbreaking decentralised protocol.
- YSL has been engineered to be a hyper-deflationary token, blending quantifiable scarcity and utility through Xenify’s daily burn auctions. With a fixed total supply and built-in burn mechanism, YSL has the potential to appreciate in value over time as the circulating supply decreases. YSL achieves this through its integration with Xenify’s daily burn auction, which allocates newly minted XNF to users who opt to burn their YSL tokens. This consistent daily source of demand for burning YSL tokens generates perpetual deflationary pressure, unlike other deflationary tokens reliant solely on trading activity. In short, YSL’s deflationary tokenomics provides an intriguing opportunity - with codified scarcity, utility, and predictable drivers of value growth.
- XNF is the native equity token of Xenify, a state-of-the-art cross-chain aggregator protocol in the decentralised finance (DeFi) space. Users can earn XNF tokens by actively participating in the platform's activities, such as burning vXEN or YSL tokens and swapping tokens on supported chains.
- vXEN is the virtual counterpart of the XEN token, designed to streamline the token-burning process and facilitate cross-chain interactions within the Xenify ecosystem. It empowers holders to participate in Xenify's burn auctions across various chains and ensures seamless migration of tokens, reinforcing Xenify's commitment to interoperability and cross-chain functionality.
- veXNF is a vested token, embodied as a non-fungible token (NFT) under the ERC-721 standard, representing a user's locked position in XNF. A user's share of the native rewards isn't solely dictated by the quantity of veXNF they possess. It's also influenced by their 'power' or standing within the protocol. This standing is determined by a combination of their veXNF holdings and the length of their lock-in period.
- Xenify is a decentralised finance (DeFi) protocol designed to revolutionise the token swap experience. It offers a state-of-the-art cross-chain aggregator, making it easy to swap tokens across 54 different chains. With access to the best routes and lowest fees from 60 aggregators, Xenify empowers users to seamlessly swap tokens between supported chains. It emphasises fairness, simplicity, transparency, user empowerment, and interoperability, aiming to create a more connected and user-friendly DeFi ecosystem.
- Staking involves locking up tokens in a wallet or platform to support network operations, like validating transactions or securing the network. In return, participants receive rewards.
- Cross-chain refers to the ability to interact with and transfer assets between different blockchain networks. It promotes interoperability and a more connected ecosystem.
- Tokenomics is the study of the economic aspects of a cryptocurrency or token, such as supply, distribution, and incentives.
- When a token is burned it's usually sent to an inactive address and removed from circulation, effectively reducing the total supply by the amount burned. On Xenify, Direct Burns happen when users purposefully burn tokens (vXEN or YSL) to promote the growth of the protocol. As a reward for their commitment to the protocol, users receive XNF tokens in exchange for their burned vXEN or YSL tokens.
- Proof of Burn is a commitment mechanism where users burn tokens to show their support for the protocol. In exchange, they receive equity.
- Swap volume refers to the total value of token swaps executed on the Xenify platform. It serves as the basis for distributing XNF tokens to users during the daily reward cycle.
- First principles in crypto are the fundamental concepts that underpin decentralised digital currencies. They focus on permissionless access, transparency, trustlessness, decentralisation, and immutability. These principles guide the growth and innovation of cryptocurrencies, enabling informed decision-making and shaping the future of decentralised finance.
- Interoperability is the ability of different systems, networks, or platforms to seamlessly work together. It allows for the exchange of data, assets, and information without barriers.
- Smart Contracts are digital agreements that automatically execute when specific conditions are met, allowing two or more parties to exchange things like money, property, or shares in a transparent and hassle-free way, without needing a middleman. These contracts are like mini-programs stored on a blockchain, and they run as soon as the agreed-upon terms are fulfilled. By automating the process, everyone involved can be confident in the outcome without delays or interference from intermediaries.
- DeFi, short for Decentralised Finance, is a financial system that cuts out the middlemen by using blockchain technology. It blends traditional banking with blockchain, replacing some parts of the usual financial system with smart contracts on a blockchain. DeFi delivers financial services on a blockchain, offering a more open, transparent, and user-friendly alternative to traditional financial services.
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