One week ago today, we decided to change up our game plan from launching a closed beta to opening our platform beta to all XIOTRI asset holders — allowing all of our current asset holders to put Liquidity Pool (LP) tokens into our system and immediately begin earning our new token RI.
LP tokens are created when you add liquidity into a decentralised exchange thereby creating liquidity pairs between two assets.
Launching the liquidity mine has incentivised the community to provide liquidity for the ecosystem, allowing a more robust and secure operation to proceed. The RI liquidity mine effectively makes it impossible for a single player to manipulate the market in such a way that all liquidity could be drained from any single XIOTRI asset, thereby increasing the security of the ecosystem which is the most vital aspect of our project.
In the first week of our platform being in beta we found that 98% of all XIOTRI assets were converted into LP tokens and put into the liquidity mine on our site.
A lot of people have questions about RI — and are wondering what we are going to do with this new token that they are helping to build an ecosystem around.
RI is designed to be rewarded extremely slowly, yet fairly as the liquidity mine grows. The team at XIOTRI has spent a significant amount of time refining the emission schedule for RI to ensure that it is fairly distributed over a long enough time period where no single miner is able to manipulate the market from the rewards system.
The utility of RI goes far beyond the limits of the XIOTRI ecosystem. Although we will be using XIOT, bXIOT, and RI inside our ecosystem — the tokenomics of RI make it perfect for use outside of our ecosystem. There’s plenty being mined per day for it to be used on any other yield mining platform available on market to date, as well as RI’s usefulness inside both the liquidity mine, and the staking platform.
For the first three days after the beta launch we heavily weighed XIOT + bXIOT to reward the users the most, rather than RI — which some users noticed. As noted by some users, we were the only ones to do this. We very consciously rewarded the users that did not buy RI on market to introduce into the system before enough was mined, because that is not our ethos. Although there will inevitably be ways for users to game the system, we believe in always trying to level the playing field — putting the needs of the many before the needs of the few.
RI token is designed to halve rewards once per year, and will distribute roughly the same number of tokens per day, regardless of how large the overall pool is, through our fair distribution algorithm.
Already, we have had another community based DeFI project spark interest in RI and build on top of the community, and the ecosystem we have established at XIOTRI — the DARK project (https://darkswap.netlify.app/). Using interchangeable assets between the XIOTRI ecosystem, and the DARK projects ecosystem there is an ease to use between finding the best rewards available in either environment — broadening the use case for RI.
RI already provides the best returns within the liquidity mining operation, but will also be available to use in the staking platform — to be launched on 30/09/2020. XIOTRI is aiming to hit a two week release cycle for platform features, upgrades, and expansions — which we feel like is adequate to on board new users, as well as meet the needs of our existing user base.
We are always looking for ways to expand the RI use case, and are welcoming new partnership proposals. We will be setting up a sponsorship and rewards program for those interested in using RI inside their own ecosystems, and we are always continuing to build on the XIOTRI ecosystem. Please email: email@example.com for more information, or to submit a proposal.
We, at XIOTRI, would like to thank everyone that has participated in the open beta so far and we look forward to expanding aggressively in the coming weeks.