After several years of anticipation and teamwork, the world’s first decentralized cross-chain perpetual contract exchange, YFX.com has finally announced that it is set to launch its token.
According to a recent Press Release, YFX has unveiled plans to launch the token within the early days of May.
$YFX set for May 6th – 9th
The company had scheduled the Initial Dex Offering, Liquidity Bootstrapping Pool and the DEX to happen consecutively within the period of May 6th to May 9th, 2021.
The Initial Dex Offering (IDO) being scheduled to hold on the 6th and 7th of May will commence on a few platforms on Ethereum and Heco Chain.
Furthermore, the completion of the IDO will lead to the token being deployed on the Balancer’s Liquidity Bootstrapping Pool (LBP) on the second day of the launch.
This will allow all investors access to purchase YFX, after opening the LBP. The company urged all potential investors to familiarize themselves with the auction rules of LBP before getting involved, saying;
“LBP uses a variation of Dutch auction and reverse auction.
Please make sure you are familiar with the auction rule before participating.”
In a bid to further elaborate the LBP rules, the company explained that the YFX token will be set at a high price at the initial stage, but it will keep decreasing when there is little or no demand.
Meanwhile, to round up the whole process on May 9th, the YFX token will then proceed to launch DEX. This will enable investors access to trade freely moving forward. Thus, the YFX token will be fully supplied to the market.
YFX Now Allows Voting Rights For Users
Users of the YFX platform have previously been denied voting rights with their own tokens. This has triggered the company’s enthusiasm for launching its own token.
YFX said it had prepared for the token launch so that they can share in the success of other governance tokens like $UNI.
The company promised to disclose further updates as regarding the launch of the YFX token.