Even as the broader markets trade sideways, a decentralised finance (DeFi) crypto asset that emerged on the Binance Smart Chain (BSC) is skyrocketing.
Xido Finance (XIDO) is an automated market maker (AMM) with a 100,000,000 XIDO token restricted supply that offers liquidity providers yield-farming incentives.
According to the AMM project,
“XIDO Finance is a decentralised AMM with yield farming incentives, no mints, and a one-of-a-kind token distribution model.”
Without ever minting a new token, XIDO Finance is driven by the XIDO token, which provides a governance layer and fuels the self-sustaining pools and farms.”
The initiative launched in the third quarter of 2020, with the XIDO token releasing in June of last year and reaching a high of $481 before rapidly reversing.
The purpose of Xido Finance is to “push the establishment of a completely transparent, community-owned, and open-source oracle platform,” according to the company.
The Xido native token is now accessible on the PancakeSwap (CAKE) exchange in the Binance Coin (BNB) trading pair, according to a tweet from the company.
— xido.finance (@XidoFinance) February 27, 2022
Xido Finance had been trading flat for months before beginning to rise in stages on March 3rd.
In just 48 hours, the altcoin’s value has nearly quadrupled, rising from $5.57 to over $15.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.