DXY: Could this be a hidden gem waiting to go parabolic?
The Journey so Far…
It has been work and more work for the team at DXY Finance as we put in more effort in ensuring we take DXY Finance way above the moon, to ensure that it becomes a reality we have had to put a lot in place to make sure we reach out to more crypto enthusiast who will believe would be fascinated by what we are building at the DXY Finance, this was achieved by hosting AMA sessions with MoonShot Hunters and Infinity Gainz, two of which are a large and active group of crypto enthusiast on Telegram.
DXY finance in the last couple of days have ensured that in keeping the community informed and up-to-date communication has been made very important, we have ensured our Twitter page is always actively putting out updates on happenings within the DXY Finance community, we have also ensured that questions, queries, and issues presented on our telegram community are swiftly attended to by members of the moderation team, we have and will always believe that effective communication is the key to this project progression.
The developer team at DXY Finance has not been left out of this party too, there has been enormous effort put in by these lads in ensuring that the DXY Finance farming protocols are up and working for community members to participate fully, from ensuring that all pools within the DXY Finance are functional to making minor adjustments to errors encountered due to glitches through to combating effectively a DDoS attack that brought down the DXY finance website for more than 24 hours, our developers have been strong and competent in all of these.
More on Development
On the 16th of October 2020, most of our community members went into a state of panic when we minted 15,000 DXY tokens via this transaction, most thought that the team had a hidden mint function within the DXY Finance contract that allows the team to mint excessive DXY tokens at will but this was not the case at all.
DXY Finance contract code does not include any hidden mint function that allows the team to mint more DXY tokens, the transaction made on that day was the deployment of the remaining 15,000 DXY tokens meant for farming rewards in the various DXY Finance pools, before that time all farming rewards to participants in the DXY Finance pool had been done manually from the team DXY tokens holdings, these tokens were added daily and therefore when they had been fully claimed other participants who tried to claim their stake rewards at this time get a failed transaction.
So in a bid to allow the system to run automatically as well as positive feedback from our developer team on the stability of our system, we decided to mint the remaining 15,000 DXY tokens and allocated them to the different farming pools available in the DXY Finance as rewards in these pools.
Based on the above explanation the maximum supply(30,000 DXY tokens) of DXY tokens has been reached and there will be no more DXY tokens minted again, this can be confirmed by checking the pools contract on Etherscan, furthermore to ensure that DXY Finance farming pools are more profitable to participants the DXY Finance algorithm for reward calculation on all poles have been adjusted to match the current price of the DXY token, therefore, some changes have been made to some of the APY offerings of some pools.
Adjusted APY Offering of DXY Finance Pools
DXY Staking pool: This pool holds 40% of the DXY token set aside as rewards, participants in this pool will continue to earn DXY token rewards at an APY offering of 1,500% for staking their DXY tokens.
DXY/ETH Liquidity Pool: The DXY/ETH liquidity pool is created to help participants earn DXY tokens when they provide liquidity to DXY Finance projects, this pool holds 15% of the DXY tokens for rewards and previously offered and APY value of 1500%, currently this pool APY offer is adjusted to a value of 3000%. This is done to encourage more people to provide liquidity. Liquidity providers will surely smile at this new development.
FIRE Staking Pool: The FIRE Staking pool allows holders of the Fireball token to earn DXY tokens when they stake in this pool, this pool holds 15% of the DXY tokens set aside for rewards The new APY of this pool is 100%.
CORN Staking Pool: This pool holds 15% of the DXY tokens set aside as rewards, it previously offered at an APY of 1200% but will currently offer participants 50% APY value for staking popcorn token within this pool.
UNI Pool: The top DeFi pool is where holders of UNI (Uniswap token) can stake their holdings and earn DXY tokens as a reward for doing so, the UNI pool holds 15% of the DXY tokens set aside for farming rewards and offers previously a 1500% APY. The new APY for this pool is 1200%
Steps to Start Farming on DXY Finance Pools
1. Visit the DXY staking dashboard via the link with your Web3 enabled browser: https://dxy.finance/dashboard
2. Click on the pool you wish to participate in, there are currently five available pools to choose from.
3. Click “Approve” to synchronize your wallet with the DXY finance farming contract.
4. After transaction confirmation from step 3 above, input the number of tokens you wish to stake and click on the “stake” button
5. Unstaking can be done by inputting the amount of token you wish to unstake and click on the “Unstake” button
6. To claim rewards, click on the “Claim” button.
Important things to take note of while farming within DXY finance pools
1. Gas fee is required to undergo any transaction within DXY Finance farming pool.
2. You will need a Web3 enabled browser, we recommended Metamask, Trust Wallet, Imtoken and Coinbase
3. Each pool has a timeframe for unstaking:
· DXY/ETH (Liquidity) Pool is 24 hours
· All other pools is 48 hours
So what next?
In coming week we shall be publishing dxy codes on github, hold more AMA session, audit codes, host a competition and marketing.
Where to buy DXY Token?
Find DXY Finance Online