STXDX (Stacks-DEX) is the first order book DEX built on Bitcoin. STXDX is a trading engine that enables fast transaction confirmation without losing the security of trade settlement on Bitcoin via Stacks.
Users will have full ownership and control of their assets on STXDX, without any counterparty risk.
STXDX will be incentivized/governed by new XDX tokens. All ALEX & atALEX holders will receive XDX tokens through an initial airdrop. In addition, ALEX Bitcoin DeFi holders will receive 30% of STXDX revenue subject to governance.
Why XDX token?
STXDX‘s functions are independent from the ALEX AMM DEX and other existing features such as IDO Launchpad. Therefore an independent governance is necessary.
XDX token is able to bootstrap initial liquidity from all platform participants such as market makers and price takers.
XDX can achieve better fair market valuation to reflect future trading volume and user engagement.
In the current bear market, the launch of XDX can engage and energize our community.
Features of XDX
There are three types of XDX tokens that each serve a unique purpose:
1. nXDX: Native XDX order book token that holders can trade, or stake to receive platform revenue (subject to governance) as well as emission rewards.
2. sXDX: Escrowed token that users earn from platform activity, such as providing liquidity, trading and staking nXDX. sXDX stakers share the same revenue and emission rewards as nXDX stakers. sXDX can be converted linearly to nXDX by staking 1x the amount of nXDX for a period of time.
3. veXDX: Governance token. veXDX will be used to propose and vote for governance proposals, including sXDX reward distribution, fee schedule, platform revenue sharing distribution, as well as Price Taker/Market Maker emission ratio, etc. Users can accumulate veXDX by staking nXDX and sXDX.
Characteristics of XDX Tokenomics: Fair Launch, Revenue Share and Dynamic Emission
Initial token distribution will be through a Fair Launch: it means everyone participates equally. There is no early access, pre-mining, or token pre-allocation (in other words, no seed round or private sale).
Revenue share: subject to governance, fee revenue in the form of xUSD or xBTC will be distributed among nXDX and sXDX holders, ALEX and atALEX holders. A lesser percentage of fees will be used to support the insurance fund of the platform.
Dynamic Emission: Emission will be adjusted weekly, based on trading volume.
Part of the revenue from initial token sale will be automatically added to AMM pool to support liquidity. The remaining revenue will be allocated to a Floor Price Fund to support nXDX floor price. LP rebates from the AMM Pool will also be added to the Floor Price Fund for buy-back and burn.
To show appreciation for the loyalty of our community, ALEX/atALEX holders and Orderbook/Bridge Testnet participants will be eligible for airdrops.
Staked nXDX can be unstaked and withdrawn at any time. However, unstaking will forfeit accrued benefits and reset sXDX vesting
Snapshots of wallet addresses containing nXDX and ALEX/atALEX will be taken at undisclosed intervals and communicated only after being taken.
How does ALEX protocol (and ALEX holders) benefit from XDX token?
ALEX/atALEX token holders will receive XDX tokens through an initial airdrop.
Subject to governance, ALEX holders will share the revenue generated by ALEX protocol (Launchpad, AMM DEX, Borrow/Lend…..), as well as 30% of total revenue from STXDX.
How does XDX token circulate in the ecosystem?
STXDX Revenue Distribution (subject to governance)
60% nXDX/sXDX holders
30% ALEX/atALEX holders
10% Insurance Fund
XDX Token Summary
Stake nXDX for fee revenue distribution (subject to governance)
Stake nXDX for emission rewards
Stake nXDX to accumulate veXDX
Can be staked for a period of time in order to convert sXDX into nXDX; if unstaked early, vesting resets
Unstaked nXDX is not eligible for rewards
Earned via activity, such as providing liquidity, trading and holding nXDX
Stake sXDX for fee revenue distribution (subject to governance)
Stake sXDX for emission rewards
Stake sXDX to accumulate veXDX
sXDX can be converted linearly to nXDX by staking 1x the amount of nXDX for a period of time
Once vested, sXDX is not eligible for rewards
Stake nXDX to accumulate veXDX [1x]
Stake sXDX to accumulate veXDX [1x]
Once unstaked nXDX or sXDX, veXDX accumulation pauses
VeXDX holders participate in the governance of: - Floor Price Fund usage - Token supply adjustment - Transaction fee schedule - sXDX rewards emission schedule - Fee revenue share distribution - Price Taker / Market Maker emission ratio - Token Burn
As we prepare the Tokenomics of STXDX, which will include relevant details, we will be actively collecting community feedback to be taken into consideration.
Please make your questions and concerns heard on our Discord, as the tokenomics is presently fluid and subject to change.