Tech giants back industry-first event set to raise the bar for DeFi oracles
Grand Cayman, Cayman Islands , April 15, 2021 (GLOBE NEWSWIRE) — Decentralized oracle service provider XFai has launched its Liquidity Generation Event today, the first ever in the DeFi sector of the blockchain and cryptocurrency industry.
The new funding model is a progression from the outdated Token Generation Event and will allow participants to add the service’s native $XFIT token to a liquidity pool automatically. This saves participants 75% on gas fees and avoids common issues in the space such as slippage, failed transactions, and impermanent loss.
XFai has already caught the attention of prominent investors such as AU21 Capital, LD Capital, and blockchain pioneer Roger Ver. Its private sale raised over $3.8 million in under 12 hours, an uncommon feat for an up-and-coming DeFi initiative.
The project’s value proposition is based on game-changing technology. XFai counts on a smart contract infrastructure known as a DEX Liquidity Oracle, or DLO that matches the liquidity in decentralized exchanges with the liquidity found in centralized exchanges. This levels the playing field for a fairer and more efficient ecosystem, loosening the grip centralized exchanges continue to hold over the industry.
Co-founder Geoffrey Khan has shared the XFai team’s outlook ahead of the event. “We’re incredibly excited to launch a tool that we believe will open liquidity opportunities for so many promising projects in the DeFi space while also addressing essential gas fee issues. We’re even more excited to be doing this as a Liquidity Generation Event.”
XFai’s DLO is set to unlock over $250 billion in potential value from small to mid cap tokens in the DeFi space who are hindered by the current infrastructure problems that it solves. These are promising and technically feasible projects that will now be able to provide protected APY to their token holders. Likewise, the $XFIT token will allow its holders to participate in the aggregate value created by these projects.
XFai is a decentralized oracle service provider that seeks to balance the playing field between centralized and decentralized exchanges. It is built as a DEX Liquidity Oracle, or DLO, which consists of a set of autonomous liquidity management smart contracts for tokens with low trade volumes and market caps. The platform relies on its native $XFIT token and allows holders of small and mid cap tokens to earn returns on their funds when providing liquidity.
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