I must to admit that i never hear of DexToken before the Publish0x contest. But once i searched about it, i found that there are a lot of people praising their project team work. For what i know the next-generation protocol links the mother company Flowchain Foundations’ Internet of Things to the future of DeFi, providing opportunities for everyone in the crypto-world. DEXToken protocol is a result of 2 years of research backed by Flowchain Foundation Limited, which is also developin the Flowchain token (FLC) at the moment. Flowchain Foundation Limited has ties with AI Mining Inc (Taipei localized company) and with Wù liàn qū kuài liàn (物链区块链) localized in Shenzhen, China. The Ceo of the company is present on Twitter (https://twitter.com/jollen) and few other media platform. He had experience in on embedded software, being software architect and fullstack developer for over ten years. The rest of the team is also young, but well prepared.
Instead of trying in Initial Coin Offering, they used another surprising option, as the team behind the project didn’t even host a pre-sale. Instead, they conducted a launch, with minimal advertising on the popular DEX Uniswap. They did this by listing 20,000 DEXG to the Uniswap Balancer shared pool. The value of early tokens were listed at a value of 0.5 USDT. The first round of liquidity staking was named IGNITION: Locked Staking and ended in 21st of September 2020. The second round of liquidity staking, known as “LUNA” officially begins on October 21, 2020 and anyone who wants to participate can do so simply by adding DEXG to the Balancer shared pool. You receive an equivalent value in BPT LP tokens sent to your wallet instantly, which you again can use to participate in the Luna DEXG staking round. Every mining interval will pay the miners during Luna round with 5250 DEXG. The rewards are received in the same day. This is one plus in my books. And more rounds will come, with more tokens to be released.
The platform is easy to use and quite intuitive, so, once you added the tokens in the Balancer fund, you just press the 'Join LUNA' button and add the BPT LP tokens that you received from Uniswap. Now you are probably confused, so what is this DEXG? Let me explain. The Dextoken Governance token is the main governance token for the network, so large DEXG token holders gain more voting rights within the network. Voting rights allow users to decide on major upgrades and changes in a democratic way, similar with any other governance token, inspired most probably by the Compound governance model. Not only for governance, you can also use their tokens to receive your rewards and pay your fees, aswell as to provide liquidity on Uniswap, under the form of a Balancer pool.
So, how deep we will go into the rabbit hole? We have a new thing, DEXG Balancer Shared Pool, trying to solve the liquidity issue, and to prevent customers losing value, an event that i am quite familiar after my Ampleforth experience. They will do that using what they call a customized asset weight protocol. Apparently there is more, with a DEXToken Swap Exchange to be launched in November. On their exchange, they plan to do something that nobody did until now, they want to completely remove the oracles from the DEX. Oracles are off-chain sensors exchanging data between the inside and the outside world,with the little inconvenient truth that all the oracles used at the moment in the decentralized exchanges are heavily centralized and they will use an AMM instead. As opposed of oracles, who are reviewing the blockchain to determine the value of tokens, the AMM utilizes a volatility calculation to come up with this number. This move has some advantages, as it can reduce the volatility effect plagueing the other decentralized exchanges using oracles.
With all these being said, i find this project promising a lot, but we still need to be vigilent and wait, observing how the future rounds of liquidity staking will behave. Also, i do not know if it is audited, as i could not find any information about it (maybe it is, but the information may be well hidded, so i did not see it).
So far, the project looks promising, and, as i am not a big oracle fan, i will keep an eye on it.
Your truly
G.
Sources:
3. https://flowchain.co/team.html
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