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Home All Events - Ape O'Clock SpaceShipX Finance Protocol Launch

Date

Oct 08 2022
Expired!

TimePacific Time

8:00 am

Your Time

  • Timezone: America/New_York
  • Date: Oct 08 2022
  • Time: 11:00 am

Status

Active

SpaceShipX Finance Protocol Launch

Fractional algorithmic synthetic stablecoin farming platform on Polygon.

DETAILS
  • Mechanics
    • Fractional collateralization mechanism is used to mint and redeem (burn) synthetic tokens – a tokenized derivative that mirrors the value of the underlying asset
    • xSHARE is the native, non-stable utility token, used as collateral asset for minting/redeeming synthetics tokens
    • Initial synthetic token (“synths”) will be;
    • Price stability is maintained through the minting and redeeming mechanics;
      • when over-collatarized (e.g. 1 aMPL = 1.05 MPL), mint the synth at a 1:1 ratio and then sell on the open market
      • when under-collatarized (e.g. 1 aMPL = 0.95 MPL), buy synth from the open market and redeem at a 1:1 ratio
    • Minting and redeeming synths on the platform incurs a 0.3% and 0.4% fee respectively
    • Synths can be used to participate in liquidity mining to farm xSHARE rewards, and to earn a share of protocol fees; e.g. stake aMLP/USDC in LP farms and earn xSHARE
    • xSHARE can also be staked to earn protocol fees or locked up (veSHARE model) to earn higher yields
  • Tokenomics
    • Token symbol: xSHARE
    • Total supply: 100,000,000
      • 70% — Liquidity mining (linear vesting over 1 year)
      • 5% — xSHARE staking (linear vesting over 1 year)
      • 13% — Development fund (linear vesting over 1 year)
      • 10% — Treasury for peg protection, re-collateralizing (linear vesting over 1 year)
      • 2% — Strategic Advisors/Partners (linear vesting over 1 year)

Blockchain

Polygon

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