XDFi Protocol
@XDFiProtocol
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Purchase Futures Contracts on the Flare Network. 100% Non-Custodial, 100% Compliant
New Jersey, USA
Joined February 2024
You asked for a big announcement, so here it is. The XDFI Beta will go live on the 25th June 2024. 👏🏼 It’s nearly time to bring futures trading to @FlareNetworks $FLR. ☀️ For more information on our Beta & how to access it, be sure to join our Discord ➡️
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Boom.
Our roadmap is mind-boggling. 1. Cross-chain order books for matching & settlement 2. zk-proof enable privacy domains 3. Multi-party compute for custodial interfaces 4. Multi-currency optionality for buying contracts (crypto & stables) 5. Automated taxes & P&L statements 6. AI agents for navigating the site & eventually recommendation engines for technical, fundamental, and sentiment analysis trading 7. Asset classes like commodities 8. Unique indexes (futures contracts on equity and crypto related indexes, both current and constructed) 9. Decentralized lending enabled leverage 10. Trade follows & leaderboards 11. DeDiv (decentralized dividends from the protocol) Nothing will touch this.
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@EgissonW We're working on that. This was a soft launch to make sure we got good feedback. Thank you!
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Let's simulate an example to illustrate what contracts mean and how you can use them based on the price of some underlying asset: Assumptions Current price of Bitcoin: $102,000. Time of contract purchase: 2:00 pm EST Contract price: 10,000 FLR Someone places a contract limit order to go Long on the future price of BTC at a value of $102,500 and that order enters the order book. It waits in the order book until someone takes the opposite short side of that position at the same price of BTC $102,500 (market orders work to match within 1% of the current price of BTC, that will be addressed in a separate example). The Long limit order is then matched with someone that purchased a Short contract at that same $102,500 BTC price (they are essentially saying that at contract settlement time when the FTSO is called the price of Bitcoin will be less than $102,500). The Long and Short each purchased one contract for a purchase price of 10,000 FLR per contract for a total of 20,000 FLR. That total 20K gets deposited into a deposit contract where it will sit in cryptographic escrow until contract expiry. Pretend the price of BTC moves throughout the day between the contract purchase time of 2 pm EST and 11 pm EST, first down to $101,500, then back up to $102,300, then down again to $100,000, and then finally shoots back up to $102,700 at the end of the day. All contracts settle at 11:00 pm EST and what happens to the price in between the contract purchase time and the settlement time is completely irrelevant. You can't get liquidated on XDFi! There are no margin calls because you didn't borrow money or use leverage. Now it's time for settlement. You purchased a Long position for $102,500 and at 11:00 pm that contract settled with a price of $102,700 (which is $200 higher than your long position). That means you win versus your matched short. You win by a delta of $200 in Bitcoin price above your contract purchase price. The smart contract uses the BTC tick ratio to determine how much the Long and Short positions will receive. The current tick ratio is that for every $100 change in Bitcoin price against your contract you stand to gain/lose 100 FLR. Because the Long was $200 higher in the BTC price at settlement time compared to the contract price the settlement will occur as follows: 10,200 FLR to the Long position 9,800 FLR to the Short position - 0.5% protocol fee from all parties After settlement you can withdraw your FLR from the deposit contract to your wallet. Profit. $$$.
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RT @SceptreLS: The Flare Factor goes live in 2 hours! We'll be joined by @Santiag78758327 who will tell us all about @XDFiProtocol, the Fut…
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RT @goFYEO: 🫡FYEO completes @FlareNetworks Data Availability Layer Audit. The Data Availability service is a Django application for handlin…
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RT @CryptoInno_Pod: What's up everyone! I was delighted to host the first ever episode of The Flare Factor by @SceptreLS with special guest…
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🎉 Congratulations to the winners of Contest 3! Your trading skills have set you apart in our final beta competition. 🚀 Thank you to all the participants who made this contest a thrilling ride. 🌟 Stay tuned for more updates and future opportunities coming! 👀
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RT @FlareNetworks: With the $FLR emission plan nearing, keep an eye on these projects mentioned by @HugoPhilion in his @Cointelegraph inter…
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🌟 Contest 3 is on fire with trades pouring in! This is your final chance to win weekly prizes in our beta competition. The battle for the $FLR prize has never been more intense! 🚀 🔹 Leaderboard spots are up for grabs—every trade can shift the rankings! 🔹 Don’t miss out on your last opportunity to claim victory and win $FLR. 📈 Join the action and secure your prize now:
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🔥Contest 3 is heating up! The leaderboard is packed tight at the top, and the race for the $FLR prize is on! 🏆 Why join our beta? ✅ Experience cutting-edge trading features first. ✅ Compete for valuable $FLR prizes. ✅ Influence the platform's development with your feedback. Don’t miss out on the action—trade your way to the top now!
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🎉 Congratulations to the winners of Contest 2! Your exceptional trading skills have truly sparkled on our beta platform. 🚀 A huge thank you to everyone who participated and contributed to the contest's success. 🔥 Contest 3 is now live! Make a minimum of 10 trades to qualify. Join now: Keep trading, keep winning! 📈
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🚀 Why trade on our beta platform? ✅ Test new features first 💰 Earn $FLR rewards with our weekly leaderboard 📈 Gain trading experience 🔒 Help us refine the platform for a smoother mainnet launch Join the beta and start trading today: 🌟
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