xToken is a DeFi protocol that wraps complicated staking and liquidity strategies into convenient and composable set-and-forget ERC20 tokens. xTokens are free-floating ERC20s that can be sent from wallet to wallet, added to liquidity pools and pledged as collateral for loans. They save users time and money, and they distill intricate token mechanics into simple buy-and-hold strategies while providing an opinionated governance option for users.
Proposal Summary, Motivation and Key Details
xToken is proposing a joint liquidity mining program with Kyber to help improve liquidity for XTK while driving volume and xToken users to the KyberDMM exchange.
During the program, liquidity providers who deposit XTK and ETH into the eligible pool will receive LP tokens that can be staked on the Yield page for additional XTK and KNC rewards. As part of the program, xToken will work jointly with Kyber to market the pools to their respective communities, and new members. On top of the KNC liquidity incentives, Kyber will help with PR and marketing activities for this joint mining campaign - offering additional KNC rewards.
As a longstanding partner with Kyber, xToken makes a strong candidate for the Rainmaker Liquidity Mining program. As Kyber staking ramps back up with the new and improved KNC token model, xKNC will once again be an active contributor to KyberDAO.
Although the incentivized pool will be an XTK-ETH pool, we believe that a rewards program would serve to strengthen the relationship between our communities while increasing participation in Kyber staking via greater visibility for xKNC’s set-and-forget model. This will ultimately drive more KNC to be staked and participating in KyberDAO.
The core xToken team is a reputable, non-anonymous group of engineers and analysts who have shown resilience building over multiple DeFi cycles. xToken has an ambitious roadmap and has been on a torrid development schedule, with TVL increasing significantly in the past month alone.
KNC amount requested
$100k in KNC incentives
xToken commits to incentivizing the pool with $200k worth of XTK for 8 weeks. The performance of this first campaign can be used as a reference for future campaigns together.
Token Pair Option
14 days vesting
Campaign start date and duration
September 1st - October 27th (8 weeks)
xKNCa address: 0x0bfEc35a1A3550Deed3F6fC76Dde7FC412729a91
XTK address: 0x7f3edcdd180dbe4819bd98fee8929b5cedb3adeb