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Home Cryptocurrency News

xSigma and Chainlink VRF Plan to Randomize Pool Fees Doling

Fred Fulton by Fred Fulton
July 9, 2021
in Cryptocurrency News
0
xSigma and Chainlink VRF Plan to Randomize Pool Fees Doling

Since xSigma stablecoin has launched, it has attracted about $400 million. However, this is not all, and the coin has also recorded a total deposit of $600 million. Accumulatively, the total volume is evaluated at $1 billion. Reportedly, all the pool funds have been collected as fees. While writing the article, the total swap fees were around 211k USDC, 264k USDT, and 138k DAI.

The mechanism of growth works when the deployment of new pools occurs when swap fees are spent for SIG burns to reduce the native protocol token’s total supply of the native protocol token. This is only possible when there is sufficient liquidity in the current pools. Further, the latest accumulated fees are distributed as existing LPs, and as a result, almost 6% extra stablecoin is earned.

The Timing of Fee Drop 

The foremost solution is to announce the time and date before and then reduce the remuneration to LPs. This might go wrong as the fees are calculated on the previous LPs and not the latest. Secondly, the traders will gain incentives to join before the date and sell after the drop. All this will not bring any value to xSigma DEX.

In order to improve the flaw, the start date of distribution should be announced before rolling the dice and keeping it going for a month. However, when the dice shows seven, the xSigma free drop will take place. That day, in particular, will bring a return on capital of around 6%.

The system sounds reasonable, but the community is doubtful about the tampering of dice results for personal benefits. Therefore, there is a dire need for random dice that cannot be tampered with and verified by all participants for high integrity.

The Solution: Chainlink VRF

xSigma is using Chainlink VRF to create a process that is random and is not controlled by anyone. A random dice will be thrown in 24 hours period by anyone. This dice will have 42 faces, and when number 7 will strike, the end will end. Further, the fees will be distributed immediately. The distribution will take place manually, but the process of accessing the exact day will remain untampered and free.

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Fred Fulton

Fred Fulton

Fred Fulton holds 10+ years of experience in news writing, and he recently joined BitcoinNewsUpdates as a news editor. His writing and analytical skills are very sharp, and he always tries to cover all the necessary information in the articles, which helps the reader a lot.

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