Merry Christmas 🎄

Before the holidays start, we want to give a brief overview of the progress on X2 so far and the plan for the coming week.

X2 contract improvements have been going smoothly with multiple optimisations resulting in much higher contract efficiency. With the improved contracts, traders will save 50% on Ethereum network fees on X2 as compared to trading on Uniswap or SynLev.

We have also improved the front-running protection so that balances change more frequently with price changes, and added features to record the ROI on any BULL or BEAR token purchase. Auto-staking has also been added into the BULL and BEAR tokens, which will allow them to automatically receive ETH rewards. The updated contracts can be found at https://github.com/xvi10/x2-contracts.

The full X2 system is planned to be launched on 29 Dec 2020, together with UI improvements.

This will be followed shortly by the Burn Reduction Vault, to be launched on 30 Dec 2020.

The Burn Reduction vault will have a burn rate of 0.01% per hour, no lockup period and will be used to incentivise usage of the X2 system. This vault redirects the burnt XVIX to the Floor Price Fund in return for ETH, this ETH is then distributed to anyone who holds a BULL or BEAR token.

Here are the estimated rewards based on the percentage of XVIX tokens in the Burn Reduction Vault:

  • 10% of XVIX Supply: 1.13 ETH, 700 USD, rewards per week

All tokens inside the Burn Reduction Vault will go a long way to incentivising X2 usage, so if you have locked your tokens in the Timelock Vault, it is worth considering initiating a withdrawal today so that you can move your tokens to the Burn Reduction Vault next week. Withdrawals can be initiated by clicking on the “Withdraw” button on the XVIX Dashboard.

Apart from zero lockups, Burn Reduction Vault tokens will also receive 3x the X2 fees compared to the Timelock Vault.

Thank you for all the support so far, an early Merry Christmas and Happy Holidays to you!

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