TGE Event Announcement (April/May 2024)
What is L1X TGE or Token Generation Event?
• L1X TGE is syncing the state of "Transferrable" L1X Coins across nodes to the final state.
• From TGE, transferability, tradeability and interaction with Smart Contracts are available for holders of L1X Coin.
• Once the vesting of your L1X coins begins, users will have access to these capabilities above.
What are my Vesting Options?
Opt-in to XPerks
XPerks opt-in is mandatory for Seed, Private, Term Sheet and Team allocations. All other holders can still opt-in to XPerks if they choose, or they can opt-out.
When you join the XPerks program, as you are aware there's a 3-month waiting period (also known as a "Cliff"). The cliff starts the month you opt-in through the XPerks program.
For example, if you opted into the XPerks program before or during April, you can expect daily distributions of vested and bonus L1X coins to start at the beginning of July.
For more information about XPerks tiers and vesting click the link below:
Please note: For those who have not completed the XPerks vesting process before the end of April, your 3-month cliff begins in the month you complete this process.
Opt-out of XPerks
Public Sale Contributors, Airdrop Winners, KOL Program Participants, and Eligible Competition Winners can opt-out of XPerks if they choose. For those L1X Coin holders who opt-out of XPerks daily vesting begins in April.
What is the Current Status of XPerks and Node NFT Participation?
To date, only 40.3% of L1X Coin holders have completed XPerks opt-in or opt-out. All ELN Node NFTs have been allocated with only a few FVN Node NFTs remaining.
• As of 1/4/24 6 PM AWST
• 40.3% of users have participated in XPerks and 59.7% of Users are yet to Data Sanitise and complete the XPerks participation (Opt-in or Opt-out).
Out of the current XPerks participants
• 68% participation in Platinum tier.
• 3.8% Opted-Out.
• Others are into Silver and Gold Vesting.
When does L1X Coin Vesting Start?
Data Sanitisation and XPerks Completion:
While some users have already finished data sanitization and XPerks, a large number of users haven't completed it yet. To give everyone a fair chance, we're allowing additional time so that a minimum of 70% of eligible users can complete XPerks participation before vesting commences.
Updates on XPerk participation and completion will be provided throughout April.
Liquidity Bootstrap Participants
Your L1X coin rewards and BPT tokens will vest daily for 120 days. These will be claimable from the same day as vesting commences. The 1% daily rewards rate will continue for these users until vesting begins.
What is the Current Status of Centralised Exchanges?
All documents and payment requirements have now been completed. Final Integration by MEXC and BitMart is in progress. The official Date of L1X Coins to be listed and traded on the two exchanges is to be announced. (Pending confirmation of integration from MEXC and BitMart).
To get set up and familiarise yourself with these 2 exchanges please click the links below:
• BitMart
• MEXC
What is the Current Status for Decentralised Exchanges?
L1X App Balancer Pools are being updated for Swaps and with more pools to be added. The exit pool functionality is also being updated where your BPT coins can be used to Exit the Pool or to Swap with other Tokens in the Pool. This will be introduced when Vesting commences.
Also, agreements are being finalised with 3rd Party DeX's to host L1X liquidity on their native chain allowing L1X coin trading and LP provision on that native chain.
L1DeX
L1Dex team have chosen to wait until the source code is open source before they commence building.
The source code is proprietary to the L1X Foundation and L1X Coin Holders. In the interest of all L1X Coin holders, the source code has been protected and cannot be given to any other developers apart from the L1X Core team until it is open-sourced.
Projects wishing to build on Layer One X do not require the full source code. Many of our existing projects are well underway and successfully building on the protocol.
• Timeline of Open Source: See the Protocol Roadmap.
Node Hosting and Staking Availability
80 FVN nodes will be available to host in April/May with an additional 80 FVN node hosting spots released each month.
Delegated staking on the node will begin with the commencement of Node Hosting.
Learn more about Node hosting - Node Hosting on L1X
Instructions will be provided on 12/4/24 after the AMA on Node Hosting. Register Here.
Listen to the Twitter Spaces: https://twitter.com/i/spaces/1LyGBnEvNoyGN?s=20
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