Crypto Notebook

x2y2 Tokenomics OP

🤔What is x2y2?

To build a truly decentralized NFT market and give it back to the community. It's a mission, a journey, and our promise.

X2Y2 shares a vision: to build a truly decentralized NFT market and give it back to the community. Three key features it markets on:

No private token sale - The liquidity bootstrapping comes directly from a public Initial Liquidity Offering.

ETH obtained from the sale will be put into Uniswap to provide initial liquidity. All LP tokens received by adding the liquidity will be burned to lock the liquidity permanently (detail see below).

Share the market fees - 100% of market fees collected are rewarded to X2Y2 stakers.

No trading rewards will be provided, only staking rewards.

X2Y2 stakers will receive the daily X2Y2 reward and all the previous day's handling fees (fee rate is at 2%).

Inclusive airdrop (🦇vampire attack) - An airdrop that covers all OpenSea users that had traded before, and never expires.

All 861,417 users who have traded on OpenSea's smart contract from day 1 to Ethereum Block

#13916166⁠

(first block of 2022) will be eligible for the airdrop

Since top 1% whales contributed 44.96% of trade on opensea, the airdrop detail goes the following. Essentially, people will collectively receiver more x2y2 token but individually less than whales

⁠

Users must list all NFTs currently listing on OpenSea on X2Y2 at the same price to claim airdrop token. There is also a pre-requisite to claiming the token, which is enclosed below:

Pre-requite to claim airdrop

Pre-requite to claim airdrop

Airdrop Amount

Collections to List

NFTs to List

>= 1,000

>= 800

>= 600

>= 400

>= 200

>= 100

>= 50

< 50

There are no rows in this table

⁠

One can choose to either listing any amount from a required number of collections, or listing a required amount of NFTs regardless of the listed collections count. Higher claimable X2Y2 amount requires more NFTs or collections have to be listed.

💸Tokenomics

Allocation

The total supply of 1,000,000,000 X2Y2 tokens will be allocated as the following.

⁠

Emission

X2Y2 tokens are released according to the following schedule.

⁠

Core: There will be daily linear unlocking for Pre-sale (coming from ILO), stage-based unlocking for Dev&Team and Treasury. Detailed numbers see bib link on tokenomics

TLDR for the everything below:

x2y2 initiates liquidity bootstrap with Initial Liquidity Offering at 1.5% total x2y2 supply and price is 1 x2y2=0.0001 ETH. tokens acquired in ILO will be locked initially but unlock linearly per block over 360 days

x2y2 sold via ILO will be proportionally rewarded with market fee whether unlocked or not. Unlocked x2y2 token can be staked or traded. unlocked x2y2 tokens will NOT be automatically staked. people participated in ILO will get free NFTs redeemable for discord roles

Staking x2y2 token will get market fee reward and x2y2 staking reward. Listing NFTs on x2y2 will also be rewarded but that is calculated based on the extent of contribution the listing does to the platform

Initial Liquidity Offering (ILO)

To bootstrap X2Y2 token liquidity, an Initial Liquidity Offering (ILO) was held in Feb 14 2022 for whitelist and Feb 15 2022 for public before the official liquidity deployment on Uniswap.

X2Y2 price at ILO would be: 1 X2Y2 = 0.0001 ETH

15,000,000 X2Y2 tokens (1.5% of total supply) , divided into 1,000 shares (15,000 X2Y2 per share), each to be sold for 1.5 ETH. A total of 1,500 ETH is expected to be raised.

Whitelisted wallet addresses could participate the ILO prior than others.

X2Y2 tokens sold at ILO are unlocked linearly per block in 360 days.

Proceeding after ILO

After the ILO sale, 10,000,000 (1%) x2y2 tokens + 1,500 ETH will be put into Uniswap to bootstrap the initial liquidity.

If 1,000 shares are not sold out during the ILO, the remained shares will be burned and X2Y2 tokens to bootstrap the initial liquidity will also be reduced proportionally.

Obviously there is 0.5% of x2y2 tokens left after the bootstrap. Doc says it will use it for LP reward but no more detail trackable

All LP tokens generated by bootstrapping liquidity will be burned to lock the liquidity permanently.

X2Y2 tokens sold via ILO are rewarded with a proportion of the market fee in WETH, no matter they are locked or unlocked.

These ILO tokens won't receive the X2Y2 staking rewards automatically. You need to withdraw and deposit it into the staking contract manually.

Unlocked X2Y2 from ILO will be both tradable and stakable.

Wallet addresses that joined the ILO are eligible to claim free founding edition NFTs, Ajin Youth Rebels.

OG roles in X2Y2 Discord could claim at most two NFTs in total.

Other whitelist roles in X2Y2 Discord could claim only one NFT.

Reward System on X2Y2

1.Market Fee reward

All ETH Fees collected from trades on X2Y2 market are distributed to eligible X2Y2 stakers every 24 hours.

The release is done in a linear format over another 24 hours.

Rewards are in WETH.

Fee rewards do not expire so you could claim at any time you want.

Details for fee distribution calculation is not disclosed, but it is certain that total staked x2y2 token and total locked x2y2 tokens will be taken into account.

2.NFT Listing reward

Listing valuable NFTs on x2y2 will be eligible for rewards.

TLDR: this system is designed to provide higher incentive for people/project to use x2y2

Among the 65% of X2Y2 (650,000,000) tokens dedicated for staking rewards, a 45% of total (449,930,000) X2Y2 tokens are distributed to users who have valid NFT listings.

Rewards are in x2y2 token.

Only rewards of last 3 days are available for claim.

listing reward has a 720 days emission, meaning 624,902.80 x2y2 per day, or 96.1389 x2y2 per block time, will be emitted.

LIsting reward is calculated based on the extent of contribution the listing does to x2y2 platform. In detail, it is calculated based on the formula below

⁠

where,

⁠

is Staking Reward Per Block for NFT Listing

⁠

is the probability that an NFT gets sold, calculated by factors like:

The recent trading frequency within the collection.

The difference between an NFT's listed price and its previous price, and the collection's floor price.

Is X2Y2 marketplace approval revoked? (P will be 0 if revoked)

Is the NFT part of a blue-chip collection?

Has the NFT been listed for a long time but still unsold?

⁠

is 1 in for most verified collections. Time-limited boosts will be added to projects that help and advocate the platform.

3.Staking Reward

TLDR: the earlier you stake with x2y2, the more x2y2 per block reward you get

By staking X2Y2, you earn market fee reward as well as X2Y2 token reward. Among the 65% of X2Y2 (650,000,000) tokens dedicated for staking rewards, a 20% of total (200,070,000) X2Y2 tokens are distributed to users who staked their X2Y2 tokens. A few details about reward processing:

Deposit fee & withdraw fee: 0%

Auto-compounded: Yes

Rewards:

Market fee rewards in WETH;

X2Y2 staking rewards.

Staking rewards do not expire so you could claim at any time you want.

Staking Reward Emission

Staking Reward Emission

Stage

Duration

X2Y2 Per Block

X2Y2 Per Day

Day 1 ~ 30

190

1235000

Day 31 ~ 120

598000

Day 121 ~ 360

260000

Day 361 ~ 720

130000

Total

200070000

There are no rows in this table

⁠

Bib

⁠

https://docs.x2y2.io/tokens/tokenomics⁠

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https://mirror.xyz/x2y2.eth/HyyViU7Ir7fW5cch0DozBD8_Qkak5FiLEi0bmx1cmgA⁠

⁠

https://www.chaincatcher.com/article/2070228⁠

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https://twitter.com/0xQuit/status/1493756240756764672⁠

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https://www.footprint.network/guest/dashboard/x-2-y-2-dashboard-fp-737eb856-6aa1-4f47-b427-b99288085ff1⁠

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