What is X2Y2? Learn about the NFT market that can replace LooksRare

• Problems that X2Y2 wants to solve
• X2Y2 Tokenomics
• Airdrop
• Provide initial liquidity
• Token Release
• Market X2Y2
• Roadmap
• Convert to DAO
• Ending

Problems that X2Y2 wants to solve

After the NFT hype reached new heights in 2021, OpenSea, one of the oldest NFT trading markets, monopolized over 90% of NFT trades. OpenSea has helped a lot in building this whole ecosystem around NFT but it has a lot of problems. Such as:

• System downtime is too much, affecting the entire industry.
• Centralized management model, arbitrarily retaining users' assets.
• “Shake hands” with investors in Silicon Valley and Wall Street to share the huge profits from the transaction fees contributed by the community.

At the end of 2021, we saw the challenges when OpenDAO and LooksRare came out. Among them, LooksRare is off to a perfect start in challenging OpenSea's monopoly with a new market. With commercial mining being developed by centralized exchanges like Fcoin in 2018, which attracted many OpenSea users, at least trying out a new NFT market.

However, ignoring LooksRare's in-market product insights, there are some serious problems that lie deep at its roots :

• Whale-focused but not user-focused: LooksRare selected 20% of OpenSea's nearly 900,000 trading users with more than 3 ETH trades as the target for its airdrop. But all NFT users are still less than 0.02% of the population.
• Lack of transparency: Before LooksRare was officially listed, 3.3% of LOOKS tokens were allocated to so-called strategic investors at a non-public price. Essentially, this is no different from the "night walk" deals that OpenSea has made with investors in Silicon Valley and Wall Street.
• Wash Trading: Because of wash trading, the average user's rewards are diluted by the large amount of manipulative trading . Also, by wash trading, a small number of whales with financial and technical advantages will receive most of the LOOKS rewards that are emitted every day. 

X2Y2 Tokenomics

X2Y2 aims to solve all three of LooksRare's problems above with tokenomics as follows:

• Inclusive Airdrop
  • X2Y2 Snapshot at Ethereum block #13916166. All OpenSea users who have traded before will also be counted. 
  • There is no expiration date for the airdrop.
• No Private Sale
  • There will be an Initial Liquidity Offering for X2Y2.
  • ETH obtained from the sale will be put into Uniswap to provide initial liquidity. All LP tokens received by adding liquidity will be burned to lock the liquidity forever.
  • No private sale ring
• No trading rewards, no wash trading
  • No trading rewards will be provided, only staking rewards.
  • X2Y2 Staking holders will receive daily X2Y2 reward and all previous day's processing fee (fee rate is 2%).
  • Compared to commercial mining, this mechanism will provide X2Y2 miners with longer and higher profits.

The total supply of 1,000,000,000 X2Y2 tokens will be distributed as follows:

• 65% X2Y2 tokens will be allocated as a reward for Staking (staking)
• 12% X2Y2 tokens allocated to Airdrop
• 10% X2Y2 tokens allocated to the team and platform development
• 10% X2Y2 tokens are allocated to the platform's ecosystem and reserves
• 1.5% X2Y2 tokens sold exclusively to investors
• 1.5% X2Y2 tokens are allocated for liquidity management on CEX, DEX exchanges

Airdrop

All 861,417 users who traded on OpenSea's smart contract from day 1 to Ethereum Block #13916166 (first block of 2022) will be eligible to participate in the airdrop. 

The two-tier allocation plan is as follows:

This allocation allows the average user to get a much higher rate.

Also, to ensure the airdrop reaches the real potential users of X2Y2, there is a prerequisite to the requirement: The user must list all the NFTs currently listed on OpenSea on X2Y2 for the same price. .

Provide initial liquidity

Unlike LooksRare, X2Y2 will not hold any private sale for strategic investors and will only conduct a public liquidity presale. The sale will be based on a whitelisting system , with the following rules:

• 15,000,000 (1.5%) X2Y2 tokens will be divided into 1,000 shares, each worth 1.5 ETH . A total of 1,500 ETH will be raised. (15,000 X2Y2 = 1.5ETH; 1 X2Y2 = 0.0001 ETH, equivalent to 0.25 USD)
• 1,000 addresses will be whitelisted between Discord community members and traded users during the beta. X2Y2 will publish the results on Discord.
• All whitelisted users can claim X2Y2 founder version NFT (check X2Y2 market section for NFT features). All unsold X2Y2 tokens will be burned directly after the sale.
• After the sale, 10,000,000 (1%) X2Y2 tokens = 1,500 ETH will be put into Uniswap to create initial liquidity.
• All LP tokens will be burned to address 0x…dead, thus locking up liquidity forever .
• 5,000,000 (0.5%) X2Y2 tokens will be used to provide LP Staking rewards. And with the above 1% constitutes a 1.5% liquidity management component of the token allocation.
• X2Y2 obtained by participating in the sale will be unlocked linearly within 360 days.

Token Release

• Litepaper on January 26, 2022
• X2Y2 official website and Discord community on January 28, 2022
• Market beta on February 4th to February 6th, 2022
• Provide initial liquidity X2Y2 on February 14, 2022
• Add LP and burn all LP tokens on February 15, 2022
• Airdrop, token unlock schedule starts on February 15, 2022
• Online Market, Start Staking X2Y2 on February 15, 2022
• First market fee distribution on February 16, 2022

Market X2Y2

X2Y2 r1 will be a fully featured NFT marketplace at launch. Smart contracts, front-end and back-end of the marketplace are all developed 100% independently.

In addition to the most basic functions such as listing and trading, there are also the following features:

• “Instant push” notifications – Instant push for buy and sell transactions
• Built-in rarity analysis and rating
• Bulk sending & listing
• Bid on a collection or trait

In the next iteration, X2Y2 will offer the following enhanced features as a priority to users holding X2Y2 Founder Edition NFTs:

• Buy directly for multiple items from the listing
• Push notifications for NFT listings with specific characteristics
• Some secret features

Market UI

Roadmap

Roadmap

The market is just the first step of X2Y2. In 2022, you can also predict the following features will appear:

• Availability messages filtered by trait
• Buy directly for multiple items from the listing
• Synthesize many floors
• NFT 3D/VR marketplace UI/UX on display, socialization and trading. (Demo will be out in February)

Convert to DAO

The final form that X2Y2 envisions for the project is the Decentralized Autonomous Organization (DAO) , where the members of the DAO decide the direction of the project. X2Y2 believes that what drives the progress of a DAO is not the token price but the consensus of the participants on the project vision. And X2Y2 will build that consensus.

Upon completion of the first phase of market building, X2Y2 will begin to explore and slowly transfer leadership and financial control from the team to the DAO .

Ending

Above TraderH4 shared the most basic information about X2Y2 as well as learned about the NFT market that can replace LooksRare. Hope today's article has helped you gain more knowledge that is really useful and interesting.

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