Posted 5 months ago | by @devadmin
Following the launch of the Watermelon (Xigua) DeFi project on 27 October 2020, IOST is conducting the 6th NFT Giveaway Event in the long-term NFT series, happening from now to 6th November 2020.
Only 1000 Watermelon Xigua badges are available for 1000 IOST global fans. Grab your free NFT badge now before they run out!
In addition, by collecting 9 NFT tokens in 9 NFT events, you are eligible for a mystery box which includes but not limited to IOST tokens, merchandising, physical prizes, staking votes, offline event tickets & more!
About Watermelon DeFi (Xigua)
The mission of Watermelon (Xigua) is to be the Uniswap + MakerDAO of the IOST blockchain and provide decentralized trading and stable coin lending services. Xigua adopts a dual token system in which:
- XG is the platform token with a total supply of 4,000,000 tokens, from which 90% will be available for farming (mining)
- XUSD is a stable coin, which is generated through the collateralization of IOST on a 2.5 IOST : 1 XUSD ratio.
Watermelon officially went live yesterday October 27th, 2020 at 8 PM (UTC+8), with an airdrop of 400,000 IOST to celebrate its launch.
More details can be found at https://medium.com/iost/watermelon-xigua-iosts-uniswap-marketdao-is-here-400-000-iost-airdrop-await-52e2492d6c14
*Disclaimer: All IOST DApps are developed by third-party developers. The information provided here does not constitute any investment advice, all content provided here is intended for educational only. IOST bears no responsibility or liability for any loss which players may experience. Please contact the DApp team directly for any questions.
How to Participate
Event Period: 28 October 2020 to 6 November 2020
- Follow IOST Twitter and Watermelon Twitter
- Like and Retweet IOST’s Pin Post
- Comment/ Post a congratulation message to the launch of Watermelon with hashtags #IOST #DeFi #DeFionIOST
- Fill in the form: http://bit.ly/IOST6thNFT
- Only IOST mainnet accounts are eligible for participation. Exchange wallets are not eligible. One wallet address can only participate once in this event.
- IOST holds the right to select/ disqualify participants based on the content quality of their posts.
- Each token has its own unique serial number.
- The rewards will be issued within 7 working days after the event ends.
METX is distributed every day to our voters proportional to your vote, METX is the very first token officially launched on the IOST Blockchain. We have also recently released METX on the IoTeX Blockchain, two of the most performant and technologically advanced Blockchains in the world today.
Xigua Finance combines a multitude of DeFi functionality into a single platform
- Swap tokens with AMM technology
- Liquidity Pools with 0.3% fees to liquidity providers
- XUSD Stablecoin generated by over collateralised staking of IOST
- Vaults to yield farm XG (XG is the governance token of Xigua)
How to get started Using Xigua
According to the Medium blog, you will need some IOST and a mainnet account, you can either use Iwallet , Tokenpocket or Jetstream to interact with the IOST Blockchain. Once you have some IOST you can get started by navigating to https://app.xigua.ist , if you are using Tokenpocket you can use the Discover tab entering the URL manually. Please ensure you have enough iGAS and iRAM before proceeding.
Xigua has a fully functional Uniswap style implementation built on IOST, if you wish to participate in yield farming you will need XUSD. You can also Stake IOST to mint XUSD (see below XUSD Stablecoin section). In the example below we are simply going to swap IOST to XUSD.
Liquidity pools are a requirement if you wish to yield farm a given token pair, you can yield farm XUSD alone but others you must first add liquidity. All yield farming requires XUSD.
Proceed to the Pool tab and press add liquidity. We are assuming you vote for Metanyx already and have METX available in your wallet, if not vote for Metanyx or swap some IOST for METX, you can also pickup METX on https://otbtrade.com and https://iostdex.io.
Now that you have added liquidity you can proceed to Yield farming by going to the Vault tab, if you wish to only act as a liquidity provider no more action is required.
You can also generate XUSD by staking your IOST, the IOST is over collateralised to generate XUSD and is voted to the Liebi pool to generate dividends, for more information about the internal workings please read the Xigua whitepaper. Navigate to the XUSD tab and add some IOST to stake.
Once you have successfully Staked your IOST you will be able to borrow XUSD, click on the Borrow tab as below, click the Max to borrow as much as you can or set the amount you wish to borrow, click Borrow XUSD to execute the transaction.
You are now ready to proceed to Vaults if you wish to yield farm the XG token. You can do this either with XUSD alone or with a supported pair. Make sure you have add liquidity if you wish to use a pair.
Vaults allow you to generate XG, there is a standalone XUSD pair as well as a variety of other support pairs, for our example we are going to use METX. Proceed to the Vaults tab and navigate to the “metx-xusd x 1″ pair, click manage.
Next you will see the following screen, if available is empty you have not added liquidity, go back to Pools and add the necessary liquidity, in this case it would be for XUSD/METX. Click MAX or set the amount you want to allocate to the vault, proceed by clicking Stake. Once you stake your liquidity pool will no longer be active as it is now farming unless you less some unallocated.
You are now yield farming and should soon see XG being generated, you can click claim at anytime to retrieve your XG from the contract or unstake.
If you wish to support Metanyx you can also vote your XG/XUSD to ensure we maintain 10% of the vote and stay as an active pool. To do this you will need to add XG/XUSD as liquidity , stake your amount in the “xg-xusd × 0 [vote]” pair and vote for us by clicking the Vote button.