1inch partners with xBTC
This blog post is NOT A FINANCIAL ADVICE!
As 1inch continues to constantly work on offering our users diverse options for trading and revenue, we are excited to announce a partnership with xBTC, Social Capital’s first token.
As part of the partnership, xBTC (https://xbtc.fi) will have an exclusive IMO (Initial Mooniswap Offering).
This partnership is going to be mutually beneficial, exposing xBTC to a wider audience, while also enabling 1inch users to benefit from xBTC trade volumes.
“IMOs on 1inch are more attractive for token issuers than other platforms because we provide protection from so-called front running,” says Sergej Kunz, co-founder of 1inch Network. “In turn, 1inch liquidity providers will benefit from the xBTC IMO as there will be substantial trade volumes at the initial stage and they’ll be able to collect significant interest.”
“This is really a first-of-its-kind partnership in decentralized exchanges, and the full scope of it is just beginning to be released,” adds Mark Sgambelluri, Social Capital CEO. “I think our launch will be a roadmap for many future projects to follow.”
xBTC is a rebasing token that tracks Bitcoin market cap dominance (BMCD) as its target price. Through using BMCD to modify the supply of xBTC, a brand new asset is created: a synthetic dominance hedge and, by extension, a synthetic index fund. xBTC will trend towards more positive rebases as Bitcoin dominance falls and every single altcoin grows in dominance.
Mooniswap is 1inch’s next generation AMM (automated market maker) where LP (liquidity provider) earnings are dramatically increased by slowing down price changes to prevent arbitrage traders from earning up to 100% of the swap slippages. Virtual balances achieve this slowdown.
Social Capital was founded by enthusiasts keen on building the next generation of finance with their community. The team Social Capital aims to spread its products to as many people as possible while improving their experiences and outcomes.