New Announcement: Pre-Staking Goal & Community Bonus
In this article, we’ll recap what Project TXA is building, what and why pre-staking, and lastly announce the new community goals.
Project TXA is building an open-source Decentralized Settlement Layer (DSL) that will allow marketplaces to decouple custody and settlement from a centralized order book while promoting community participation. For consumers and institutional entities alike, this means you keep custody of your funds, never having to deposit them into a centralized wallet. Having decentralizing settlement means paying fewer fees when trading and introduces cross-chain capabilities. The DSL is comprised of Settlement Data Providers (SDPs), who are community members that stake $TXA. SDPs validate trades and settlements on marketplaces running on top of TXA DSL, thus providing an avenue for the general community to play a vital role in the marketplaces they trade on and earn cryptocurrency for doing so.
Project TXA is partnering with Tacen Inc., a US-based company that is working on an hDEX (hybrid decentralized exchange) that will be built on top of and utilizing the DSL. All the while continuing to utilize a centralized order book that addresses all the current issues that today’s DEXs face, from slippage to low liquidity. Tacen expects an alpha release later this year, which users can sign up for access here: https://www.tacen.com/product/tacen-exchange or just participate in the pre-staking campaign. Individuals who pre-staked will be one of the first to be invited to participate in the public alpha release.
Thanks to individuals who pre-stake, we are able to bootstrap the settlement capacity for day 1 operation of the DSL for the upcoming hDEX alpha, Project TXA has introduced a Pre-Staking campaign. The first ten days of Project TXA’s staking period have been underway with more than 200,000 $TXA staked. The campaign will continue until June 16, 2022, which will mark the end of the project’s two-month staking period.
$TXA that is deposited into the airdrop contract (minimum 100 $TXA) will be locked for a year and will be able to claim $TXAD shortly after the staking period has closed. $TXAD serves as a governance token for TXA DAO, which will serve as the governing body for TXA’s Decentralized Settlement Layer (DSL). Further, pre-staked $TXA can be used to fulfill basic requirements toward becoming a Settlement Data Provider (SDP).
Please note that only $TXA that is currently unlocked and tradeable needs to be staked to receive $TXAD. If you have $TXA that is currently locked or has not yet vested, you will automatically be deemed eligible to receive $TXAD. Unlocked $TXA that is not staked will not receive any $TXAD. For more information about $TXAD calculations, please check our repository at https://docs.txa.app.
We are pleased to announce Project TXA has set forth a formal goal of locking 1 million $TXA in the staking contract by June 16th, 2022. To reach this goal and to boost settlement capacity for the DSL, we added a $TXAD bonus. The amount of the bonus will be unlocked as more $TXA is staked! The $TXAD bonus structure will be distributed as follows:
Each tier of staked $TXA unlocks higher rewards for the entire community of stakers. Achieving our highest goal of 1 million staked $TXA will guarantee a 40% increase to an individual’s original $TXAD total.
In the event that we go beyond our goal of 1 million $TXA staked, we’ve also created stretch goals. With limited edition merch at 1.5M staked, 2x $TXAD total at 1.75M staked, and 5x total $TXAD at 2M $TXA staked. We are eager to help our community maximize the rewards that they can receive and remain confident that our goal of having at least 1 million $TXA staked will be achieved!
As we continue our work in bringing TXA DSL to life, we are increasingly grateful for the immense support that we have received. The team is in awe that the ideal of democratizing exchange trade settlement continues to resonate with so many.
Onward and upward!
Join us on Discord: https://discord.gg/UTptWP5xg8