Happy Anniversary — Aug Update
v3 features and rollout plan, tokenomics update and more!
August 26th marks the 1 year anniversary of DxSale’s official launch. Through the ups and downs, we are very thankful to our community for supporting us as we aim to build the most advanced decentralized token management platform.
To celebrate the occasion, we have new features, marketing, LP balancing, partnership announcements and much much more throughout the lifecycle of V3. As many of you know, we aren’t a big bang delivery team, we build in iterations and V3 is no exception, v3 is a rollout release encompassing 5 deployments across the next couple of month.
V 3.0 Overview
This upgrade will see major updates to our DxLaunch and DxLock apps, along with roll out of our new DxFairLaunch and DxDrop apps. 3.0 will also focus on improving the proposed buy & burn and token management while also improving our DAO functionalities to reduce scams in a decentralized fashion. We believe v3.0 will be the final major upgrade to “the token journey” modal (DxMint, DxLaunch, DxLock). This will set our eyes to “the NFT Journey”, where we will be building out a separate application for a variety of NFT use cases.
DxLaunch 3.0 initial feature
- Emergency withdraw: This update will allow any user to withdraw their contributions up until the last 10 minutes of a DxLaunch Sale or prior to a sale being finalized. Withdrawing contributions early will cost the user a 20% fee which will be deposited to the buyback and burn contract. The purpose of the function should only be used in an extreme scenario and will relieve pressure on users flooding our social media chats to request cancellation. All users now have multiple opportunities to research and re-think their investment prior to the finalization. The responsibility will now be 100% on the user to make a well researched decision on their investment. The fee is necessary to prevent abuse of the feature.
- Whitelist view: Many developers requested this feature so that they can see the list of users they have already added to a whitelist and modify the list as needed.
- Whitelist cooldown: This feature adds a 10 minute cooldown timer when a SALE is switched from a private whitelist SALE to a public SALE. This allows everyone a fair opportunity (3 seconds blocktime in the case of BSC) to be able to enter the public portion of the SALE.
DxLock 3.0 initial feature
- Locker Search: The long awaited search feature will finally be enabled for our LP and Token Lockers locked by DxLock. I know many people yell and complain that search is a simple feature to implement. However, because our app doesn’t use a traditional Database it is that much more difficult to properly search various elements of the smart contracts. Until we develop a separate app in the future which properly indexes all data on DxSale, the search will be limited to a token address search.
- Locker Comprehensive View: The standard locker view will be updated to show additional locks of the same token or LP as well as provide some insights into a token in terms of data, users, holders and more. The goal is to give a user a more complete view of a token before they decide to purchase or interact with it.
- The fair launch space is an untapped market which essentially consists of developers directly launching their tokens on a DEX then promising liquidity locking after the event.
- What did DxLaunch solve? Before DxLaunch many sales consisted of private smart contracts shared over social media. Users had to blindly trust and send money to random smart contracts, not even being given a chance to review any tokenomics or the token contract. DxLaunch built a space where launches could be monitored, liquidity locking was guaranteed and the community could rally together to collectively vet launches.
- DxFairLaunch aims to bring the same atmosphere to Fair Launches. Users will be given the opportunity to review tokenomics. Every feature that is released for DxLaunch will also be ported to DxFairLaunch, giving users peace of mind with future features such as auditing, KYC and automatic token scanning by TokenSniffer.
- DxFairLaunch will require developers to simply enter a token address, enter the number of tokens being added to liquidity and then enter the amount of initial liquidity they will be providing. This will create a scheduled launch where the developer will have a fixed time to launch their contract, giving participating users peace of mind that a token will be guaranteed to launch at a fixed interval.
- Implemented as a widely requested feature from developers in the past few months.
- Allows any user to airdrop tokens or native currencies (such as BNB for BSC) automatically to a wide list of users.
- Aims to save developers time from manually sharing airdrops or tokens post launch.
DAO Improvements for v3.0
The Buyback and Burn Contract
- This is our first attempt to deliver a system which will give full control to SALE native holders. All apps running on the platform, DxMint, DxLaunch, DxDrop, DxLock and DxFairLaunch will have all fees routed to this contract including the development fund fees. The community will be responsible for buy and burn initiation.
- Every time a user holding a fixed value of SALE tokens calls the buyback and burn function this will initiate a buyback and burn in which SALE tokens will be purchased off the respective DEX and sent to the burn address. Along with this process the developer fee will be split and sent to the development fund. This ensures that us as developers will pay very close attention to the success and usability of this contract. We will monitor and tweak as needed to find the DAO balance for the contract.
- The amount of buyback will be limited to a 24 hour period in which any SALE holder holding a minimum amount of tokens can call the function. The contract will have a built in whitelist feature that won’t be enabled unless necessary. In this scenario the community will be allowed to bring forward representatives to delegate the buyback and burn functionality to.
The Token Fund Contract
- All tokens taken as a fee on the platform will be sent to this contract.
- SALE token holders with a minimum holding of SALE will be able to enter an address into the contract and sell 5% of any token in the contract per day. This limit is to ensure there is no mass sell off of tokens to prevent impact to projects launched using our services.
- Native currency (Ex. BNB) returned from selling the tokens will be automatically deposited to the buyback and burn contract.
SALE Tokenomics update
- The future development fund will be unlocked on Aug 26. At this point just under half of these tokens will be relocked for another year to be re-evaluated on that unlock date. The other half will be sent to the burn address as planned originally.
- Uniswap liquidity will unlock on Aug 26. Most of this liquidity will be relocked on Uniswap V2 using DxLock (Uniswap V3 migration will be held off as it will require changes to our current buyback and burn implementation). Some amount of this liquidity will be moved to pancakeswap as the majority of our users are on BSC. More liquidity on pancakeswap will ensure more stability in the growth of the token as buyback and burn will mainly push the liquidity of the BSC SALE token higher.
- Funds in the current buyback wallet will be moved mainly to the Ethereum buyback and burn contract over the period of a week or two to foster steady daily growth of SALE token on ETH. This is because the buyback and burn contract on BSC will natively grow stronger as the majority of our fees are earned on BSC. Tokens will be evaluated before moving as they will most likely incur tax fees when several transactions will be carried out in the process.
- SALE token liquidity held in PCS V1 will be forcibly removed by dumping the unlocked bridge tokens. New SALE tokens will be airdropped to all holders using the snapshot just before the liquidity withdrawal. Apart from liquidity and airdropping all BSC holders the remaining SALE tokens will be locked away awaiting the future bridge release. We will also not lock for an infinite years to safeguard ourselves from future pancakeswap releases.
- Private sale tokens once they unlock will be moved to a 5 year vesting lockup period with about 1 million tokens released per year vesting 10 times per year.
This release will focus on enabling presales to provide further value to their launches through KYC and Audit partners. A full app wide audit will be conducted by one of our Audit partners. Token sniffer scanning will be enabled for DxLaunch and DxFairLaunch to help investors make the right decision based on their risk tolerance.
The 3.2 release will focus on enhancements for DxLaunch and DxMint to provide more options to our users.
- AMMs that are interested in being included on our DxLaunch will need to fill out a form to begin discussion.
- New tokens such as the DevFee token and Earn token will be introduced. Further tokens planned will be announced in a future medium update. Multi AMM support will allow support for any AMM
This will be a cooldown release giving our developers some breathing room to fix identified issues and identify and improvements to be made to all the present V3 upgrades. If the time allows it we will look into focussing on UI updates and improvements for this release.
Once all the new features of V3 are running smoothly our focus will turn on releasing our SALE token bridge. This will also give us the opportunity to bring SALE to all the other chains that are natively supported within the DAPP. In response to bringing cross-chain SALE value, we are now reaching out to Hotbit to enable a deposit and withdrawal of SALE, allowing an opportunity to arbitrage or transfer cross chain.
This will be a chain focused release. Our priorities will lie in implementing Solana and/or Cardano.
- Will focus on fine tuning the DAO so all the features on v3 are at a stable and acceptable stage.
- Will mark the end of “The Token Journey” & the start of our “The NFT Journey”. The team members are passionate gamers and have unique ideas to take NFT value to the next frontier. Looking forward to bringing new use cases to a very diluted market.
The past year has been a roller coaster. From endless months of no community engagement and rejection from every influencer (except Wendy), we persevered and focused on our vision and kept BUIDLING. This is because at the end of the day, we won’t make anything we won’t use ourselves; at minimum, we will be users of our own products.
We are very thankful for the support and traction that we’ve received, it has given us a great deal of positivity, confidence and fire. This experience has been a unique addition to our lives that we cherish and don’t take for granted.
Lastly, a special shout out to our CMs who work hard to support everyone in the chat, raising issues so we can continue to build and focus on improving the platform. Shoutout to our passionate HODLERS, who spend extra time and effort answering questions when they don’t need to, providing us with analytics and everything else that you believe we need to succeed; you are our backbone and for that, you will be responsible for initiating buy & burns and token sellings from here on out. I hope that you view this responsibility through a macro lens to ensure the reputation of the brand is never tarnished.
Upwards and Onwards,