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xSigma is a decentralized exchange for stablecoin swaps backed by a NASDAQ-listed corporation. In the first month since it was launched the DEX reached an impressive $112 million in total trading volume. xSigma developments continue with a Gas Cashback, a new roadmap, a staking pool being launched and a platform picked for Layer-2 implementation.
Backed by ZK International Group, a NASDAQ-listed and China-based corporation, xSigma launched its stablecoin DEX on February 24, 2021. The exchange has an incredible kickoff that day and the entire ecosystem around it set new record highs for the DeFi sector in its first month of operation. These include a total trading volume of $112 million and a daily exchange volume that reached $15 million.
The first month also saw the number of SIG token holders, the platform’s native utility token, climb over 2,600. In total for the first month of operations, SIG trading volume has surpassed $50 million on Uniswap and 1.8 million SIG tokens have been awarded to liquidity providers. xSigma’s native token has also been exposed to many more people, getting added to price aggregators CMC and CoinGecko, portfolio trackers Zapper, Blockfolio, and Zerionand as well as integrated into 1inch.exchange.
The strong team of technology veterans at xSigma didn’t rest on its laurels following the successful launch of the DEX and continued to develop new ways to benefit the community. Pool 3 was launched, enabling SIG staking. It was also revealed that a platform was picked for L2 implementation – zkSync – Ethereum’s first zero-knowledge rollup developed by Matter Labs.
Paying back xSigma users for enduring the high costs of using the Ethereum network these days, a Gas Cashback program was introduced. The generous initiative is open to holders of at least 30 SIG who conduct transactions of more than $1,000. Up to 80% of the cost of the transaction will be subsidized by xSigma and repaid directly to eligible users in ethers.
During the first month after the launch xSigma also released its Roadmap. The plan includes various proposals to keep expanding the ecosystem such as a range of promotions to raise the profile of xSigma and onboard new users and liquidty providers, and partner with other prominent DeFi players. The team also pledged to burn the extra unminted tokens from the Rewards fund and to burn the same amounts proportionally from the Dev Fund and Growth Fund. Additionally, an off-chain DAO will be established where SIG holders will be able to vote proportionally to their stake, but without the need to pay gas fees.
All these steps show how the team is committed to rewarding the community and transform xSigma into a best-in-class AMM for the DeFi generation.
