TLDR;
- Introducing EASY XBE 1.0 “One-click” liquidity provision for new users to earn rewards.
- XBE HIVE Details!
- XBE yield enhancement will amplify Convex (Curve) liquidity pools,
- Smart contracts to amplify CRV & CVX staking,
- Referral Rewards create new rewards for users (without own liquidity),
- FIAT ramps to bring new users into DeFi,
- EASY XBE 2.0 coming for HIVE soon after launch, and
- Protocol fees on all CRV, CVX, cvxCRV, and XBE rewards earned for XBE Stakers!
INTRODUCING EASY XBE 1.0
We are proud to announce Easy XBE 1.0 - the simplest way to participate as a liquidity provider in the XBE protocol! Easy XBE 1.0 is in final testing right now, and will be launching imminently!
This is the first release in our ongoing journey to make it easy for new users to get rewards in DeFi, by making it simple, and as cost effective as we reasonable can when it comes to gas on Ethereum!
Easy XBE is a range of router contracts that stake liquidity in the XBE protocol in “one click”.
Easy XBE 1.0 accepts ETH only deposits, which is used to purchase the proportional amount of XBE on the XBE/ETH pool, and then add the remaining ETH together with the XBE as liquidity to that pool. Once added, the LP tokens are staked in the XBE/ETH LP Staking contract on the XBE Protocol on behalf of the depositing wallet, and the user will be able to see their LP staking rewards accrue on the https://app.wewantblogsnow.xbe.finance page as if they had executed all those steps manually.
WHAT IS THE XBE HIVE?
XBE Hive's mission is to add value to DeFi users, in order to attract DeFi Liquidity – which in future will help us attract LPs to new pools in support of our coming xbFactories rollout. The Hive achieves this through 4 important services:
- Amplify major protocol pools with XBE rewards so users get better overall APY on their liquidity
- Provide the first of its kind referral rewards for DeFi users to earn even MORE rewards, even if they don't have liquidity themselves
- Connect regulatory compliant FIAT onramps via Card, and a free optional numbered EUR bank account in your name for Wire transfers, making it more accessible for a new audience to add liquidity to the protocol pools we support
- Simplify user on-boarding into pools and rewards with custom router contracts and the coming official Easy XBE 2.0 UI
The Hive's job is to integrate DeFi liquidity of every network the XB Protocol deploys on, so that when we deploy Phase 3 (xb Factories) on that protocol we already have user liquidity which can be incentivised to support our Phase 4 XIV pools.
GENERATING PROTOCOL REVENUES
What revenues does the HIVE and the respective supporting products generate for the XB protocol?
A protocol fee is charged on all FIAT on and offramp transactions which will be distributed as additional XBE staking rewards, ensuring that as new users enter the protocol from FIAT (or offramp back to FIAT from DeFi) the protocol benefits directly.
Furthermore, when new user uses the easy XBE router contracts it also generates additional protocol benefits - which we will unpack in more detail when they launch! ;-)
The majority of revenue however originates when a user stakes their pool LP tokens in the Hive, as the Hive takes those LP tokens and stakes it back in the parent protocol's staking contract - earning parent protocol rewards AND XBE rewards for the user.
When the users claims those rewards 79% are paid to the user, and the remaining 21% of rewards are allocated to the following three purposes:
- 1% gas fees,
- 10% referral rewards, and
- 10% protocol revenue.
Because the XBE rewards provide a greater return than the protocol fee, farmers get a better APY on their liquidity – and they also earn referral rewards from their down-line on top of that, which adds up quite quickly when you promote XBE to your network.
Also, their XBE rewards are automatically staked (and bonded) to earn single sided staking rewards just like the Phase 1 XBE/ETH LP rewards does currently, and they stand to benefit from locking up XBE to earn boost to increase those staking rewards.
While LP providers and referral reward earners receive their rewards in the form of the other protocol tokens plus the XBE token, the remainder of protocol revenue in the form of other protocol rewards are converted to XBE on the open market before being distributed to XBE single sided stakers.
Referral rewards are calculated based on a fixed three tier structure that distributes 10 of the 21% protocol fees as referral rewards across these 3 tiers every time a user claims.
- You earn 7% from the rewards of your immediate downline (those users you directly referred),
- You earn 2% of the rewards of your 2nd tier downline (those referred by the users you directly referred), and
- You earn 1% of the rewards of your 3rd tier downline (the users referred by the users referred by your direct referrals - what a tongue twister!).
This means that a user who came to the protocol directly will earn the same rewards as a user who was referred by someone else, so there is no incentive to bypass a referral - plus, because this is an on-chain referral engine, each user is able to see the users in their direct down-line (tier 1 only) making it useful for influencers to track uptake by their own network!
The Hive revenue model ensures that the protocol attracts liquidity and new users to itself, and help bring new users, features, and benefits to partner protocols that outweigh the fees charged - creating symbiotic relationships between protocols within a network.
WHICH PROTOCOLS WILL XBE SUPPORT IN PHASE 2?
It is no secret that we are fans of Curve, and several of their supplementary and partner protocols including Convex! To find a space for XBE in the ecosystem of liquidity farming protocols on Ethereum, we looked at where we could add the most value – so drawing on some of the great ideas pioneered in Curve, Convex, and some of the other leading protocols we position XBE as a means of further amplifying, simplifying, and adding new utility to the ecosystem.
XBE Phase 2 will therefore launch by amplifying selected Curve USD & EUR stablecoins as well as ETH pools through Convex, which will open up our referral rewards and new FIAT ramps to the entire Convex (and Curve) user base, and soon after also provide access through the Easy XBE 2.0 router contracts to make it even simpler and easier to enter this DeFi ecosystem through XBE!
This means that XBE Hive LPs will be rewarded with Curve, Convex, and XBE tokens - and referral rewards will be paid out in Curve, Convex and XBE tokens as well!
As a major extra, XBE Phase 2 will also launch with some contracts to amplify the staking rewards on cvxCRV and CVX with XBE - AND these rewards also accrue to protocol fees, which means that they also contribute to referral rewards!
And shortly after launch we intend to include support for locking CVX tokens as well!
WHAT IS NEXT?
Testing for the Hive starts next week, and if all goes well we will launch in around 2 weeks (as always dates are subject to change – we launch when we are ready).
Until then the Bee Keepers can keep making honey in the ETH pool, and stake that XBE! ;-)
