Decentralized finance came to the rescue for many investors in many different forms. This borderless and permissionless solution has removed intermediaries from banking services and helped people in countries with underdeveloped and tightly controlled banking systems. With just a smartphone and an Internet connection, DeFi is accessible worldwide and is a finance platform based on the motto “by the people, for the people.” DeFi consists of blockchain-powered applications that create peer-to-peer alternatives for a traditional banking system and provide full control over funds without a central bank’s involvement. The investment and finance market has been abuzz with the glorious tales of DeFi in the last year, and it has attracted a lot of capital.
Ethereum and its Success
Decentralized applications, commonly referred to as dApps, are created and run on top of blockchain technology. Users can make agreements and conduct direct transactions like buying, selling, or trading directly without involving any third party. Users of such applications can bypass banks when they need to transfer money, skip the notary for storing agreements, or raise capital by crowdfunding.
The sweeping scope, size, and success of Ethereum and smart contracts have given rise to technical issues like transaction speed and costs. There have been excessive token sales that saturated the Ethereum blockchain with failed and hanging transactions, not to mention a bottleneck with a blockchain that only processes a few transactions every few seconds. For this reason, the DeFi ecosystem needs to have an alternative blockchain to create a robust monetary ecosystem.
Introducing EthereumX
EthereumX is a technical solution that will provide DeFi solutions by reducing (gas) fees and enabling instant transactions for payments. By introducing staking and yielding, EthereumX is geared toward delivering scalability like never before that helps users leverage the benefits of DeFi, which we combine by deploying this on multiple chains like Ethereum 2.0, Matic, Tomochain, and Polkadot’s Moonbeam.
The Price Protection Token
As ETHX is the underlying token that fuels Ethereum X’s ecosystem, we created a unique way to protect the price. First, the total supply will never go above 250,000 ETHX in the market. A small (taxation) fee is taken with every transfer, and these tokens will be collected in the vault and burned, reducing the total supply bit by bit. The presale of EthereumX will start on Feb 3rd, 2021 and end on Feb 28th, 2021, or when the hard cap is reached. We expect massive interest since Ethereum X combines the best technologies from Uniswap, Sushiswap, and Poolz, which we deploy on multiple blockchains.
Staking and Liquidity Farming
EtherumX has staking and yield farming capabilities from the start. By staking or providing liquidity, we are creating a strong ecosystem where holders get rewarded by the token. Also, we offer Ethereum 2.0 validator staking. Rather than mining, stakes are minting new blocks and receive tokens as a reward. This pool will be provided by Ethereum X, where users can band together and become validators. Another great feature we offer is PoolX, combining the best DeFi assets in a pool that only our holders (with a minimum of 32 ETHX) can access.
Conclusion
Sidechains and L2 technologies are the future to scale up slow blockchains. EthereumX’s vision is to research and develop a complete ecosystem based on the latest and best technologies to allow trading with high performance and zero costs. Token holders who support ETHX will be rewarded by staking, yielding, and transaction fees.