XSPO (Xfinite Stake Pool Offering) : The origin of progressive decentralisation at Xfinite

XSPO (Xfinite Stake Pool Offering) : The origin of progressive decentralisation at Xfinite

“I will dump my tokens first and leave no liquidity to others”

“A race of who can dump tokens first”

These are some of the most frequently seen comments in crypto community chats before a token unlock event. Token unlocks are interesting events in the economic journey of crypto networks. They define who is going to be an ambassador of growth and who is going to be a tourist in a network’s journey. Amidst this noise of pump, dump, token price and market cap, we often tend to miss out on certain fundamentals about the growth of any decentralised network.

1. Does the network have a product that people want to use?
2. What is the network roadmap to progressive decentralisation?
3. How will the utility of a token improve over time?

I would like to do a quick review of our journey at Xfinite by addressing the first two questions in this post and I believe the answer to the third question deserves a dedicated deep dive on XET token in a subsequent post. Unlike the majority of crypto networks which start with a token, raise capital, list the token and build products to acquire users we have taken a different path at Xfinite.

We at Xfinite, started our journey in 2018 by building a product — Mzaalo , a play-to-earn streaming platform because we believe that the user’s time spent in consuming content deserves to be incentivised. Video-on-demand (VOD) platforms on Web2 don’t work this way and we wanted to inherently change it. By embarking on this journey of change, we are proud to say that we have acquired over 6 million registered users (through iOS, Android, Web and Partner integrations), 25+ content partners, 600+ loyalty and reward partners and democratised access to over 6,000 movies + live tv and 15,000 music tracks.

After building an ecosystem that democratizes access to premium content, we felt the next step in our journey is to enable community ownership of the value we have and will be creating. The first step to do that was to launch the Xfinite network with XET — the atomic unit of ownership of the network. The private sale of the token received support from some of the top participants of the blockchain, crypto and digital assets ecosystem.

We are backed by some of the largest institutions in the digital assets ecosystem including Algorand Inc, Borderless capital, Ceras ventures, FBG capital, Black mamba, DEXtools, Shima capital, Blockfree Fund, BlackDragon and some fantastic individuals who believed in the vision of a decentralised entertainment ecosystem. Majority of private sale participants have an unlock schedule which starts from TGE as 3 months — 25%, 6 months-25% and 12 months -50%, while some of the strategic investors have 100% unlock at 12 months.

The first unlocking event is today Dec 16th. At such a pivotal moment of our token journey we are launching a bold initiative for the community to earn a skin in the game of the network.

Brace yourself for XSPO — our first initiative to allow long term believers of Xfinite to earn a stake in the network

The mission of XSPO is to bring all staking initiatives, mechanisms and experiments in the life cycle of Xfinite network under one umbrella. Our token economics have a dedicated 11.25% of the entire supply dedicated to staking initiatives for the next few years of the network growth.

XSPO as a means to bootstrap liquidity into XET token:

Decentralised exchanges are the backbone of community participation in bootstrapping liquidity into the token economy. Through XSPO we will incentivize community members who participate in liquidity pools across major decentralised exchanges such as Uniswap, Sushiswap, Tinyman to name a few. Stay tuned for announcement of pools and APYs’ for LP farming participation.

XSPO so far:

At Xfinite we believe in the future of the Algorand ecosystem. We built the XET token as an ASA (Algorand Standard Asset) and we are grateful to various projects in the ecosystem who are supporting us to make early strides under our XSPO initiative.

1. Xfinite partners with Yieldly:

We would like to thank the Yieldly team for helping us launch the first initiative on Nov 17th, 2021 — “Yieldly-XET pool is live” This pool has given Yieldly community members an opportunity to stake yieldly tokens and earn XET. We are glad to welcome all the participants of this pool to the Xfinite community. At the time of writing this post, The pool has a TVL of $743,877 with an estimated APY of 64.9%.

The wait for the second pool is over. i.e XET-XET will be live on Dec 18th, 2021 for all XET token holders to participate and earn XET tokens with an Estimated APY of upto 87.15%.

2 XET is on Tinyman:

Tinyman is the first decentralised exchange to access XET and participate in various liquidity pools such as XET-ALGO, XET-YLDY etc. Testing on Tinyman allows individuals to understand XET’s economic behaviour on a decentralised exchange. We are planning to run an initiative to incentivise LP farming on Tinyman and this stake reward mechanism will go live in January, 2022.

We encourage our community members to participate in Tinyman to swap XET with different tokens on the DEX and encourage token holders to add liquidity by pooling XET — a token pair such as XET-ALGO, XET-USDC and other ASA projects and grow the ecosystem alongside us. The sprint on Tinyman will pave the way for LP farming incentives’ across various decentralised exchanges within and outside of Algorand ecosystem.

Future of XSPO:

The future of XSPO is in designing various staking mechanisms and incentive experiments with community involvement and participation in decision making. This is one of the earliest initiatives in the network to make decisions by involving active community members. Please join this discord channel to participate in XSPO discussions. This experiment can pave the way for a potential decentralised autonomous organisation/s in the Xfinite ecosystem.

“Join XSPO: It’s a race to stake and earn skin in the game” “Let’s build Xfinite network together”

Santosh Yellajosula, Chief Ecosystem Officer (CECO) , Xfinite

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