Grand Cayman, Cayman Islands, March 31, 2021 (GLOBE NEWSWIRE) -- Roger Ver has announced his backing of XFai, a decentralized oracle service provider. The announcement marks the blockchain pioneer and early adopter’s most significant investment in a DeFi project.
In the past year, the DeFi space has grown from around $600 million to over $40 billion in total locked value, according to aggregator DeFi Pulse. However, a considerable amount of these funds are not allocated properly due to inefficiencies in the space’s infrastructure. Most small to mid cap token projects are caught in a dilemma where their liquidity is too low to benefit from decentralized exchanges yet they are unable to grow due to hidden dynamics in the centralized exchanges that hold the liquidity they need.
Roger Ver’s support for XFai is based on the fact that its technology addresses these core issues. XFai has developed a DEX Liquidity Oracle (DLO) that takes data feeds a step further by managing liquidity between decentralized and centralized exchanges. This provides these projects with the liquidity they need and their holders with protected APY. The DLO is an infrastructure solution that can unlock over $250 billion in crypto and DeFi projects that are not reaching their full potential, taking into account their current cumulative market cap.
“XFai stood out to me due to the potential of their oracle to unlock incredible opportunities in the blockchain space. XFai enables actual decentralization by allowing small and mid cap tokens to finally have a seat at the table. I look forward to watching XFai become a game changer in the DeFi space by providing a solid foundation for future projects to build upon.” – Roger Ver.
Likewise, other XFai tools could save users up to $4 million in gas fees per month and prevent the impermanent loss issues that plague the space. An example of this will be seen in the project’s own upcoming Liquidity Generation Event (LGE). This innovative progression on the outdated Token Generation Event approach will allow participants to add their newly-purchased tokens to a liquidity pool automatically. A process that usually takes four transactions to complete will be reduced to one thanks to XFai’s technology. This represents up to 75% in savings on gas fees,avoids slippage and transaction failures that are common in these events. The $XFIT LGE is set to take place on April 8.
About XFai
XFai is a decentralized oracle service provider that seeks to balance the playing field between centralized and decentralized exchanges. It is built as a DEX Liquidity Oracle, or DLO, which consists of a set of autonomous liquidity management smart contracts for tokens with low trade volumes and market caps. The platform relies on its native $XFIT token and allows holders of small and mid cap tokens to earn returns on their funds when providing liquidity.
Media contact:
Robert Penington
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