xSigma, a project which runs on being an exchange for stablecoin swapping and liquidity mining has successfully passed its first third-party based security audit and is all set to launch a new Ethereum-based Stablecoin DEX which is expected to go live on the 24th of February 2021.
The security audit was held by blockchain security specialist Hacken to ensure there were no critical security errors in the code of DEX. A second audit will also be held to gain additional satisfaction and trust of potential customers and users.
What Is xSigma?
It is a Stablecoin DEX powered by a governance token that provides its holders an option to determine how the protocol is to be managed and handled.
All token holders receive a part of all DEX fees and LP tokens bestowed gradually in a span of 2 years to achieve the alignment of incentives between the platform and its community. Due to its decentralized nature, the teams at xSigma cannot have access to funds and cannot intervene in operations.
Support And LP Rewards Of xSigma
xSigma is currently being backed by a well-known NASDAQ-listed company ZK International Group and many other high-profile backers such as NBA Superstar Dwight Howard who is reportedly participating in the launch of DEX as a liquidity provider (LP). This support and trust are present mainly due to xSigma being developed by highly experienced team of developers from xSigma Labs which also includes former Google Engineers giving any customer or user a sort of satisfaction to think that their investment is not in the wrong hands.
LPs are promised to earn double rewards on the first executions of stablecoin swaps with minimal errors. LPs have been provided with all sorts of instructions, guiding them about the responsibilities and importance of LPs in earning SIG tokens which are going to be the native token for xSigma to earn more rewards. The company will also be incentivizing a uniswap liquidity pool for ETH/SIG tokens in addition to LP rewards, providing value to Ethereum as well.
XSigma website also states that Gas for its transactions will be subsidized for the first quarter of operation, offering the absolute cheapest exchange rates possible on the market.