Important Announcement: XIL Blockchain Migration
As you all know we are strategically partnering with Polygon, and building the vast majority of our products on the Polygon chain, such as our L2E DAO, Hedge DAO, and our real estate platform All Set that just signed a deal with multi-billion dollar real estate developer Niecon. As a logical and necessary step in this cooperation, XIL token will need to migrate from Binance Smart Chain to Polygon chain during the next few months.
As part of the migration process we will need to change a DEX from Pancake Swap to Quick Swap (Polygon-based DEX). Pancake Swap trading will be stopped immediately, and after the full migration is completed our DEX trading will be resumed on QuickSwap. In the meantime, Gate.io trading will be going as usual, and considering that currently 98% of our trading volume is on Gate.io, this step won’t have any impact on the trading or price.
That’s good news strategically, because by making this decision, we solve several tasks:
- Concentrate all the volume at one platform from top-5 exchanges in the world - Gate.io, rather than spread it around. For projects with small trading volumes like ours it’s the only one correct way to manage liquidity and do market making.
- We are partnering with Gate.io as you know, and they usually support most of our new projects in the Xillion incubator and other activities. Currently, we are talking to them about getting some support from their newly created $100 MM liquidity fund. So to increase the chances we need to concentrate the liquidity on Gate as well.
- We can focus our marketing efforts and market making activities at one place and amplify the results.
And, as numbers show our users don’t even use PCS actively, for the last few months we barely have several trades per day, during this week it’s even 1-2-3 trades per day for around $100-$300 a day. So it doesn’t make any sense to keep trading here and create an opportunity for arbitrage bots to affect the price anyway.
Also, as you understand since we are migrating to Polygon, we can’t be on PCS anymore anyway. So, that’s an inevitable thing, but we try to get the most benefits out of it by getting partnerships and support from those two large market players Polygon and Gate.io and take this step because of that.
And last but not least, there wouldn’t be any negative impact at all, because:
- As of now, 98% of our trading volume is on Gate.io. Pancake Swap has 1-2% which is around $100-250 in daily volume which is very low. At the same time Gate provides us with around $10,000+ / day. All the increases in price usually happen on Gate because most of the volume is there, as well as 98% of the traders. But all the unexpected drops are usually happening on PCS and made by arbitrage bots mostly.
- Arbitrage bots on Pancake Swap frequently drop the token price (due to an insignificant volume on PCS. That’s a significant inconvenience for the projects with not large enough trading volume). That drops the price back and stops other traders from trading it.
- Some of our community members told us that they wanna buy more XIL but on PCS when they spend even $500 it makes the price double, and when they buy it, somebody (often arbitrage bots) immediately sells another $500 bucks right after that, obviously, that drops the price back. That stops some of the potential investors from buying more and traders from using Pancake at all. And that’s what we want to solve. Because our goal is to bring more investors and XIL buyers as well as professional traders.
How to trade XIL in the meantime?
For those who want to buy XIL, but for some reason don’t want to use Gate.io, we will offer an instant purchase option from the Xillion website with the guaranteed price. That will be super simple, you connect a wallet and buy any amount of tokens at a fixed good price.
Every month starting from the end of January, we will be offering different pools of $XIL tokens at a certain price, so if you want to make an investment you could do that with a small premium to the market price. Which makes everyone benefited.
As well as buying, you will be able to place sell orders with a premium, so those who want to buy would be able to buy from you with a premium to the secondary market price as well. And we will take out some sales pressure from the market this way, so when anybody sells secondary market prices won’t drop.
When we fully complete the integration and migration to Polygon that would open a lot of opportunities for us, even more than we get now, to partner with Polygon’s ecosystem. And that will benefit all the token holders and the ecosystem itself. Of course, after the migration process, we will open trading on Quick Swap DEX as well, so those users who like DEXes will be able to trade $XIL on DEX.
Stay tuned for more information regarding our Ecosystem! Thanks for the constant support Xillionaires!
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