This proposal is expected to appear on Snapshot for voting on May 10th 2021 at 12:00 pm UTC.
TL;DR
- Proposal to whitelist XTK (xToken).
- Proposed co-investment is 250K BNT.
- There are no apparent security concerns that would prohibit whitelist status.
- xToken is an established DeFi platform for simple, efficient staking, and liquidity strategies.
Token Address: 0x7f3edcdd180dbe4819bd98fee8929b5cedb3adeb
Project Website: xtoken.market
Token Security
XTK does not have an elastic supply or rebase mechanism. The token contract appears to implement the standard OpenZeppelin libraries.
XTK has a 1,000,000,000 fixed supply of which 33,471,922 are circulating. The contracts and addresses with the highest concentration of XTK tokens are the proxy contract (rank 1), rewards escrow proxy (rank 2), retroactive claims contract (rank 3), uniswap pool (rank 4), staking rewards contract (rank 5, rank 6, rank 7, rank 9, and rank 10), and xToken deployer contract (rank 8).
Project
The xToken platform offers a wide range of xAssets including: xKNC, xSNX, xAAVE, xINCH, and xBNT. xAssets (a.k.a. xTokens) are ERC20 wrapper tokens for staking, governance, and liquidity strategies. xToken offers simple set-and-forget tokens that provide simplified exposure to the returns from participating in staking protocols.
In the near future, the xToken platform will let you use xAssets as collateral on the xToken Lending platform. Additionally, you can also be a liquidity provider on exchanges with your xAssets, allowing you to simultaneously earn LP fees and compounding staking rewards.
A full list of benefits for xTokens (a.k.a xAssets) are listed below:
- participate fully in staking returns
- set-and-forget investments
- compounding returns
- delegated, opinionated options for governance
- tax benefits
- liquid collateral representations of your staking positions
Tokenomics
XTK is xToken’s native token that will be used to govern the xToken project. Their token is distributed in the following proportions:
-
Community Vesting — 50% : liquidity incentive and engagement programs, paid out over 2 – 4 years. This includes our initial liquidity incentives launching today, as well as future liquidity and community engagement programs to be announced soon.
-
Early Investors and Advisors — 12.9% : all investor and advisor allocations vest on a 2 year linear schedule with a 1 year cliff, initiated no earlier than September 10, 2020. This means that zero investor/advisor tokens unlock before September 10, 2021 and some investor/advisor allocations don’t begin unlocking until several months later.
-
Current and Future Team — 20% : all current and future team member allocations vest on a 4 year linear schedule with a 1 year cliff, initiated no earlier than September 10, 2020. This means that zero team member tokens unlock before September 10, 2021 and some team allocations don’t begin unlocking until several months later.
-
Growth and Ecosystem Fund — 17.1% : this is xToken’s long term treasury reserve. Any future investor allocation and all growth, development and ecosystem initiatives will be funded from this pool.
The xToken platform is heavily incentivizing users to contribute to select liquidity pools composed of their xTokens (A.K.A. xAssets). The program is incentivizing the adoption of xTokens (A.K.A. xAssets) by rewarding xAssets holders that provide liquidity to xAssets pools. Liquidity providers can stake their LP tokens to receive XTK rewards. There doesn’t appear to be a native way to stake XTK tokens in the xTokens platform but they are currently incentivizing LP providers of the XTK-ETH pool on Uniswap.
xToken closed a seed round in September 2020. Their investors include:
- Joe Buttram - RedRock Capital
- Nathan Doctor - Infinite Capital
- Imran Khan and Qiao Wang - Volt Capital/DeFi Alliance
- Loi Luu and Ming Ng - Kyber Network
- Kain Warwick and Jordan Momtazi - Synthetix
- Tom France - Cygni Capital
- George Li - WeTrust
- Benedict Chan - Chainlink
- Daryl Lau - CoinGecko/Mechanism
- Julien Bouteloup - Stake Capital
Community and Communication
The xToken team operates an official Twitter and Medium account. The repositories for their code is hosted on GitHub. There is a Discord channel and Governance forum that’s available to their community. The official documentation is hosted on GitBook.
The xToken team is non anonymous and they have public profiles:
Developers:
Michael J. Cohen (Twitter)
Rory Christian Murray (Twitter)
Eswara Sai (GitHub)
Available Audits
All current xTokens (a.k.a xAssets) have been audited.
xSNXa and Quantstamp security review, here .
xKNCa/b
xAAVEa/b
xINCHa/b
xBNTa
Market and Trading Data
- XTK price at the time of writing is $0.72
- All-time high: $1.39 (Apr 02, 2021)
- All-time low: $0.14 (Feb 28, 2021)
- Price 90 days ago: $0.75
- 33,471,922 tokens in circulation
- 1,000,000,000 maximum supply.
- The current market capitalization is $24,245,801
- Token Fully Diluted market Capitalization is around $724,362,368
- The XTK token is available on Uniswap.
- The highest 24-hour volume on Uniswap is around $2.44M.