For the past year plus, decentralised finance has seen huge boost with new and creative ways to provide financial instruments in crypto space. Particularly lending/borrowing protocols, such as Aave, Compound, Anchor or Tranquil on Harmony have seen big raise and those have become a staple of DeFi in recent months. Among those, one of the particular innovations in this niche has been introduction of liquidity lending. It has been spearheaded by Tarot Finance on Fantom blockchain reaching well over 100M in TVL.
I am glad to announce, that such innovations are being brought to Harmony with introduction of Xenon Finance, which will be first to offer decentralised lending for liquidity providers on Harmony. Xenon will start with launch of their native token on ArtemisPad 8th of April. More on that further down below as first let us introduce what Xenon is about.
Introduction to Xenon Finance
- dApp: https://app.xenon.finance/
- Docs: https://docs.xenon.finance/
- Twitter: https://twitter.com/XenonFinance/
- Discord: https://dsc.gg/xenonfinance
Xenon is a fork of Tarot, designed to maximize the potential of yield farming within the Harmony ecosystem. Liquidity providers can borrow using their Automated Market Maker (AMM) Liquidity Provider (LP) tokens as collateral. Lenders can deposit their individual tokens into the Xenon Finance lending pools to supply loans.
This facilitates several novel use-cases:
- Borrowing tokens for leveraged yield farming, where the loan is added to a liquidity pool for additional LP tokens.
- Using borrowed tokens to implement an impermanent loss hedging strategy.
- Lending individual tokens to earn yield, while indirectly providing liquidity to AMMs without risk of impermanent loss.
- Achieve the same leverage as alternative DeFi lending protocols with less risk exposure.
More details about Xenon available here.
Tokenomics
Xenon will use XEN as governance token of the protocol.
- 100M max supply
- 10M pre-minted for sale on Artemis and initial LP
- 53M allocated for farm rewards
- 20M for treasury
- 13M allocated for team
- 4M allocated for airdrop, marketing, misc.
Claimed XEN tokens from farming rewards will be immediately unlocked in the full amount. Airdropped tokens will have the full balance immediately unlocked. Team tokens will have 3% unlocked initially and the rest of 10% will be vested over 12 months. The 20 million XEN will be linearly vested for 2 years starting from the creation of the DAO.
Token launch on ArtemisPad
- Only 2 tiers: burn tier and free tier with 35% and 65% allocations respecively – in burn tier users will deposit MIS (that won’t be returned as it’ll be sent to dead address) in order to get access; for free tier, no collateral is necessary
- MIS needed: 400 (only for burn tier)
- Amount of tokens for sale: 2.1M (burn tier) + 3.9M (free tier)
- Price per tier: 0.06$/0.07$; price at launch: 0.08$
- Initial marketcap: 800,000$
- Token price will be tied to wONE, investors will need wONE to deposit
- If oversubsribed, each investor will receive XEN tokens according to subscription % and the remainder of unsused funds will be returned upon claiming XEN tokens
- Total raise: 400,000$ in wONE, ~80% or ~320,000$ of raised amount will be used for liquidity
- The token sale will take place on 8th of April and last 24 hours
Artemis links:
