X2 New Markets and Rewards

In partnership with UniDex, 5 new markets have been launched on the X2 protocol, there are now a total of 6 markets available for trading:

  1. 3X ETH/USD
  2. 3X BTC/USD
  3. 3X DOT/USD
  4. 3X LINK/USD
  5. 3X SNX/USD
  6. 3X YFI/USD

We’ve added new features to the contracts so users of the current ETH/USD market should close their existing positions and migrate if desired. There is no rush to migrate as closing of positions and claiming of rewards will remain active for the market. This manual migration is necessary because the contracts are not upgradeable, we are sorry for the inconvenience caused.

To thank everyone who has been using the X2 protocol, we will be giving out rewards retroactively, read on for more information.

X2 USP

A summary of the unique selling points of X2:

  1. Tokens can be bought and sold with zero slippage and zero spread
  2. The system is fully decentralised and open-sourced
  3. Contracts are optimised so that Ethereum network fees are 50% less compared to a trade on Uniswap

X2 New Features

  1. Enhanced front-running protection: profits on a position can only be realised 10 minutes after the position is opened, this means that even if a front-running bot knows a coming price update they will additionally need to know the price movements for the next 10 minutes in order to guarantee a profit. This should not be possible in practice.
  2. Baked-in funding rates: The new funding rates have been turned on and use a simple formula to even out the positions over time. The formula used is (max(total BULLs, total BEARs) — min(total BULLs, total BEARs)) / fundingDivisor, with the default fundingDivisor being 5000. This funding is applied per hour and will gradually adjust BULL and BEAR positions till they are equal.
  3. Flipping: A community requested feature, traders will now be able to flip from BULL to BEAR and vice versa in a single transaction.

X2 Rewards

We would like to thank all users of the X2 protocol by retroactively distributing 5000 X2 FeeSplit tokens to all users based on their volume traded. This will apply to all X2 trades between 13 Dec 2020 and 27 Jan 2021, 4pm (GMT+0). These tokens can be staked to receive 5% of X2 fees for the 3X ETH/USD market.

Distribution via an airdrop is planned for 2 Feb 2021.

We will also be replacing the current ETH rewards with X2 FeeSplit tokens, this will be trialed on the 3X ETH/USD market. Here is the plan:

2 Feb 2021– 8 Feb 2021: 5000 X2 FeeSplit tokens to be distributed to BULL and BEAR holders every hour

9 Feb 2021–15 Feb 2021: 5000 X2 FeeSplit tokens to be distributed to BULL and BEAR holders every hour

Additionally, we will have a prize of 5000 X2 FeeSplit tokens given out to the 3X ETH/USD trader with the highest volume every 3 months until Feb 2022.

This adds up to a total of 35,000 X2 FeeSplit tokens for 35% of the fees on the 3X ETH/USD market after 1 year.

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