IOST Launches Trading Competition for Listing of Watermelon DeFi Token (XG) on BigOne

BigOne, a three-year-old cryptocurrency exchange, and a custody platform will list Watermelon (XG) token, an update on Nov 24 shows. The protocol is an IOST-based DeFi platform that combines interesting aspects of leading Ethereum-based open finance projects. 

Traders Can Win Part of the 1 Million IOST Coins

To celebrate the XG listing, Xigua Finance, IOST, and BigOne is launching a trading competition. Traders can deposit XG and win part of the one million IOST coins. 

In the first event running from Nov 25 to Dec 2, verified depositors will share 200,000 IOST coins depending on their net deposit (deposit less withdrawal amounts). The maximum each account can receive is 10,000 IOST.

The second event will run concurrently but is specifically for traders who stand to receive a share of the 800,000 IOST coins. Depending on a trader’s volume, the winner stands to receive 100k IOST coins. 

The second and third positions will each receive 80k IOST coins while the forth to 10th slots will share 350k IOST coins pro-rated depending on their effective trading volumes. Other event participants will share 190k coins subject to their trading volumes.

Blending Uniswap and MakerDAO Features

Watermelon (Xigua) brings to IOST—an enterprise-grade high throughput blockchain platform, a protocol that blends positive features of MakerDAO—a dominant lending platform, and Uniswap—one of the world’s largest decentralized exchanges,–both of which are domiciled in Ethereum. 

Xigua Finance avails trading and stablecoin lending in IOST. 

By running on a scalable network with nearly negligible trading fees, users enjoy silky-smooth trading experiences. There are liquidity mining opportunities for farmers. From the four million tokens, 90 percent is set aside for yield farming. 

Meanwhile, the XUSD is collaterized with IOST and is a wealth management tool for savvy investors. Each XUSD is minted for free.

Launched in October, over 200 million IOST had been staked as of Nov 24.

The emphasis of the IOST Foundation in the second half of 2020 was on DeFi. Their goal was to create a vibrant, sustainable, and beneficial DeFi ecosystem. Xigua Finance, therefore, receives operational, recruitment, and technology support from the IOST Foundation. 

As BTCManager previously reported, IOST partnered with the Waves platform enabling the connection of Gravity helping in the promotion of cross-chain DeFi.

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