It has been a long number of weeks of development but we have finally launched the Gambit protocol on 28 April 2021.

Since Gambit’s mainnet launch, the protocol has handled 61,448,803 USD of trading volume and collected 79,826.79 USD in fees.

More details on the fee distribution: https://gambitprotocol.medium.com/gambits-first-fee-distribution-824d0f6d460d

Of the 79,826.79 USD, 7982.679 USD will be distributed as ETH rewards to all XVIX stakers in the following proportions:

  • XVIX/ETH LP: 50% of fees
  • XLGE: 30% of fees
  • Burn Reduction Vault: 10% of fees
  • Timelock Value: 5% of fees

These additional fees have multiplied the ETH reward APRs by 2.78x for all stakers.

We greatly appreciate the support from the XVIX community as we continue working to increase the adoption of Gambit and the fees generated!

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The XVIX-GMT Swap will end on 4 March 2021 at 7 AM (GMT+0), if you would like to swap XVIX for GMT, please complete the swap before this time: https://xvix.finance/gambit

X2 rewards will continue for this week with another 6000 USD in ETH being distributed:

  • 3000 USD will be distributed to all 3X ETH/USD BULL and BEAR token holders
  • 3000 USD will be distributed to all 3X BTC/USD BULL and BEAR tokens holders

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The XVIX-Gambit Swap is now live!

XVIX holders will be the first to be able to purchase GMT tokens.

The tokens can be purchased with XVIX, XVIX/ETH UNI or XLGE tokens.

The purchase price is set at 4.50 USD per GMT token, the same as the presale price.

The listing price of GMT will be 5 USD per token.

Note that the purchased GMT tokens are non-transferrable IOU tokens, the actual tokens will be distributed to your address on Binance Smart Chain when the presale ends.

The presale could end as early as 4 Mar 2021, so the swap from XVIX tokens to GMT could be closed by then as well. We will give a notice of 24 hours before the swap ends.

Purchase GMT: http://xvix.finance/gambit

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This is a long update, but we feel that all the information here is important so we’ve put it all in one place.

We’ve spent a lot of time thinking about the future of XVIX, looking into solutions for high gas fees and researching projects in the DeFi space to see how we can continue building and innovating. After numerous discussions, we’d like to propose our plan for XVIX’s next product.

Gambit — Soft-pegged, Interest-generating Stablecoin

Current stablecoin solutions typically require backing by a centralised fiat reserve or over-collaterization. With Gambit, we present a design for a partially-backed stablecoin that automatically generates interest.

Here is…


ETH rewards for X2 are back!

  1. From 8 Feb 2021, 12pm (GMT+0) to 14 Feb 2021, 12pm (GMT+0), ETH rewards will be distributed to all 3X ETH/USD BULL and BEAR token holders
  2. No staking step is required, you only need to buy and hold either 3X ETH/USD BULL or 3X ETH/USD BEAR tokens or both, and you will receive ETH rewards proportional to your holdings every hour
  3. A total of 5000 USD worth of ETH will be distributed

X2FS Staking

The staking UI for X2FS has been completed, you can now stake your X2FS tokens on the Stake page.

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Since beginning work on XVIX two months ago, we’ve spent ~14.23 ETH on deploying contracts and sending transactions. We’ve also gotten feedback about how the high costs of Ethereum transactions have affected usage of the X2 leverage platform.

In search of a solution, we looked into multiple Layer 2 solutions and Ethereum alternatives, some things we took note of:

  • The state of decentralization
  • The user experience
  • Ecosystem projects and their adoption

Avalanche

Consensus

  • Avalanche
  • 807 Validators
  • Total staked: ~259 million AVAX, ~4.1 billion USD
  • Block time: < 5 Seconds (Contract Chain)
  • Transaction fee: 0.05648366 AVAX, ~0.91 USD

Note: New blocks on the…


To thank all users of the X2 protocol, we have airdropped X2 FeeSplit tokens for the 3X ETH/USD market to anyone who did a trade on X2 between 13 Dec 2020 and 27 Jan 2021, 4pm (GMT+0).

A total of 5000 tokens were sent. The amount of tokens per user was determined based on the total volume of trades for the user.

The data used to calculate the amounts can be found here: https://docs.google.com/spreadsheets/d/1s2Fzz418R1EtTe_BKhKphcidiVSMJbZh_dFkpYjjloI/edit?usp=sharing

The transactions sending out the tokens:

https://etherscan.io/tx/0x6bc56b129b39ea0c9621845a5b15a19dfe71ea35655fdd1fe82f434a9365e8c5

https://etherscan.io/tx/0x3e74eff90bf46ab6cc78a1457d0d3af05f8739bd86f3a6843793d345f833b2a7

As the ETH gas fees are high currently, we will be waiting a while before deploying the staking contract which will distribute 5% of X2 fees on the 3X ETH/USD market to all the staked 3X ETH/USD X2FS tokens.

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The X2 Trading Competition is Live Now!

The competition will last 3 weeks starting from 2 Feb 2021,12pm (GMT+0) and ending on 23 Feb 2021, 12pm (GMT+0).

Only trades on the 3X ETH/USD market will be considered for this competition.

NOTE: Due to concerns from the community and the competition participants, the competition has been modified and has now been split into two parts.

Competition Part I

The first part of the competition is a volume based competition and has concluded, the following participants have been sent prizes according to their volume and fees spent:

  1. 0x6d3cD864271864f2F32a9A58631F22b384bf9A17: 1 ETH
  2. 0x30043aAbBCeBbD887437Ec4F0Cfe6d4c0eB5CC64: 0.7 ETH
  3. 0x9E60aC8A2D7E0339101b8a16335480322bdEE781: 0.5…


NOTICE: This is the original article written on 1 Feb 2021. The updated competition rules can be found here.

We will host a trading competition on two X2 markets that will last 3 weeks, starting on 2 Feb 2021,12pm (GMT+0) and ending on 23 Feb 2021, 12pm (GMT+0).

The prizes are as follows:

  1. The top 10 traders by volume in each market will win from a pool of 10K USD worth of ETH
  2. If you are in the top 10, your winnings would be (your volume traded) / (total volume of top 10 traders) * 10,000 USD
  3. The top 3…


We’ve had a few requests for new X2 markets, so we’ve decided to open up market creation to everyone.

Anyone can launch a market using the X2 Launcher now.

Steps to launch a market:

  1. Select the Price Feed
  2. Select the Leverage
  3. Fill in your Telegram Handle so we can match the market creation to you

We will include a sponsorship message on the market’s page, this can be customized by the market creator.

Note that creating a market can be expensive, so please check the Ethereum fee in Metamask when confirming the market creation.

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XVIX

XVIX is a token that absorbs value from volatility. https://xvix.finance/

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