Binance Smart Chain (BSC)-based Decentralized Finance platform, X-pool has announced the deployment of its Testnet. The deployment of the Testnet features is to aid in ensuring that the Mainnet is launched without any hitch. The launch date for its Mainnet will now be May 8, 2021.
Introducing the Testnet
The deployment of the X-pool Testnet comes deployed with full staking, farming (staking LP), flash loans, and a Safety Module and Governance. Ahead of its Mainnet launch, X-pool aims to garner community involvement by organising a Bug Bounty. Bounties are famous in the cryptoverse for allowing projects to test run their features and services, finding faults where there is potential danger and fixing it up beforehand. The Bug Bounty will aid X-pool in finding issues from the system and fixing them before the main launch. All participants in the Bug Bounty will be rewarded for their contributions. There is no stated reward as of writing, however, the rule of participation and reward mechanism will be announced soon.
What to Expect From the Mainnet Launch
The Mainnet launch will see X-pool introduce some upgrades. Users will be able to access Borrow Mining, a new method to get $XPO, X-pool’s native token. The more users borrow on X-pool, the more they mine $XPO. Liquidity Markets will be made available and users can liquidate a part of a loan to receive a 5–15% bonus. X-pool will also get an Incentive Module for users to mine $XPO and get reduced fees. The last feature on X-pool is the Auto Farm Optimizer which enables liquidity providers to get more profit with ease and safety.
Ahead of its Mainnet launch, X-pool aims to set the pace ahead by organizing a Bug Bounty. Bounties are famous in the cryptoverse for allowing projects to test run their features and services, finding faults where there is a potential danger and fixing it up beforehand. The Bug Bounty will aid X-pool in finding issues from the system and fixing it. All participants in the Bug Bounty will be rewarded for their contributions. There is no stated reward yet, however, the rule of participation and reward mechanism will be announced soon.
Why the Need for a Testnet Period
X-pool had several reasons for moving its Mainnet launch to May 8th and launching a Testnet. Recently X-pool announced its partnership with Verichain Lab, which delayed the process.
According to X-pool:
“The source code of Mainnet needs to be verified by Verichains one more time, which we can guarantee the safety of protocol before deploying Mainnet.”
The partnership with Verichains will strengthen the security, architectural design, custom solutions, Advanced Penetration Testing, Smart Contract Audits and DevSecOps and Automation among other things.
In addition, the Mainnet launch date change is motivated by the fact that the scheduled IDO on LaunchZone PadX has been put on hold. LaunchZone SwapX is currently in its migration process and X-pool is waiting for the migration of LaunchZone to Pancake Swap V2. Completion of the migration indicates that the liquidity pool has been transferred completely and the new smart contract and farming pool functions properly. According to its roadmap, $XPO will be used as collateral after the Mainnet launch. It is therefore important that the $XPO price system on AMM is made stable before the Mainnet launch. Ahead of its Mainnet launch, X-pool will detail both system metrics and how their token-burning process will function.
More Upgrades from X-Pool
With its Mainnet launch coming up, X-pool has IDO 1 and IDO schedule with an estimated 4,200,000 $XPO projected for IDO1 and 2,100,000 $XPO for IDO 2. The aim is to spend a total of 1,575,000 $XPO to add liquidity. X-pool has updated its Pitchdesk V1.1 to V1.2. The launch of V1.2 means that X-pool is now introduced as a DAB (Decentralized Anonymous Bank). X-pool takes security seriously as the platform partners with Verichains, a security consultant partner. Its protocol has been audited by Certik, Certora, Mixbytes, PeckShield, SigmaPrime and stake audited by Consensys Diligence, Certik. Its Smart Contract has been declared safe with its governance audited by PeckShield and its token by Certik and Certora
About X-pool
0X-pool is a decentralized protocol built on the Binance Smart Chain that enables its users to borrow assets from the platform, deploy their assets and earn with ease. They are currently working hard to fully prepare for the release of their Mainnet.
Source : bsc.news
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