I am no longer working in the crypto industry. I now work in AI infrastructure.
I am looking for an unsecured loan of $40k USD to early excercise a significant early employee stock option grant.
The expected payback period is <= 5 years, the greater of $120k or 2% of any equity exit (probability weighted value = $180k, best case=$450k).
I will fund the remainder of the amount from personal investments, but there is urgency for me and the X7 money is literally sitting doing nothing. If the X7 treasury paid this out, I would return these funds to the X7 treasury on exit or liquidity event.
Trust no one.
Funds Receiver: 0xdaa9ea7ceba9ee28b6adf7767242448e2375205d
gm or gn,
Per the ETH transaction here (0xc58c57bbe83fe46c718f443e0907733ce9b7c5d448e3314d8dfb72978c86061c) , I acknowledge the new interim X7 DAO leadership multisig.
I will begin handover of the assets and control to these multisignature contracts:
ETH: 0x7dcb82DecBEb1f41BC9eb00a552B085ba356a256
Base: 0x7dcb82DecBEb1f41BC9eb00a552B085ba356a256
Trust no one. Trust code. Long Live DeFi.
GM or GN
As requested, the X7DAO submits a community multisig of 7 active signers for handover, with a 4/7 threshold. This multisig is live on Base chain and Ethereum.
https://app.safe.global/home?safe=eth:0x7dcb82DecBEb1f41BC9eb00a552B085ba356a256
https://app.safe.global/home?safe=base:0x7dcb82DecBEb1f41BC9eb00a552B085ba356a256
The 7 signers are as follows:
0x058C1617044Ad82334106Cc61eF1176EC1B72A7c
0x460189fB17C606B93ae632FaF32DC685eE08f413
0xd8F1C87E2Caf38113e0C9bE0Dd6fa09dB078C801
0x89eE55b32B0E463C27508669fcFCf43D18e9833E
0x56085ACe07D2C4Fc63Eca3bA3254aF93343b7BaF
0xeF0E350Ff458F94C31A1B55C65Ca5073464e15d6
0x70ff5b7803c8b086c33e37cdfc6d50bc927315da
Your involvement and support are crucial as we embark on this new phase. We eagerly anticipate your participation in shaping our collective future.
Trust No One, Trust Code.
- X7DAO
gm or gn.
The liquidity for all 7 tradable X7 Ecosystem tokens has been split.
The token portion has been transferred to the associated liquidity hub and will be made available programmatically by each liquidity hub per the liquidity ratio setting.
The ETH portion has been bridged to Base and placed in a multisig for an extra layer of security:
0xBb40E09DF781B6e33407eb4C361cB9Ac12F69615
Currently the only signer is 0x7000a09c425ABf5173FF458dF1370C25d1C58105.
These funds will be used as launch liquidity on Base and/or for any other launch related expenses as needed.
The X7D ecosystem tokens are unlocked, and a portion of the X7D will also be withdrawn and bridged to Base in the next few days to be used for expenses and initial ecosystem owned lending pool funds.
We also plan to make progress this week on the launch task list items outlined at https://www.x7finance.org/blog/public/posts/base-live-launch-list.
Long Live DeFi!
gm or gn,
In support of the Base launch, today we will withdraw 1/4 of the locked LP tokens for X7R, X7DAO, and the X7100 series tokens.
The WETH from the liquidity will be bridged to Base and used as initial liquidity for launching X7R, X7DAO, and the X7100 series tokens in the coming weeks.
The tokens from the liquidity will be transferred to the associated liquidity hubs.
The exact Base airdrop and launch details are still being worked out.
Additionally, ~50% of the X7D will be withdrawn which will give us the ability to use for development expenses and to fund the Base lending pool, post token launch go live.
Long Live DeFi!
The ecosystem thanks 0x142B04A5c9da4878b9924345bB7D940e5A152F0f for their X7R token donation.
Donation:
https://etherscan.io/tx/0x960f8221302bc95aaa3414d8a9d816b91772970cdfd87bc480ea25e7dc43eaba
Extraction:
https://etherscan.io/tx/0x14ef01b6f7b268d5d2d84df707bcb308c31eb5f2545d2f5e13ac870289d89649
Liquidation:
https://etherscan.io/tx/0x0b3df9678c2d39f51c98debe4d31a230aa5c68ee8b4ae17d553884253702209f
The ecosystem is working as intended.
gm or gn,
As you may recall, there is a bug in the lending pool that prevents funds from being returned back to the lending pool reserve. This would prevent an upgrade to the lending pool or usage of some of those funds for alternative lending pool implementations (such as to support Uniswap pairs).
We will be doing maintenance to extract the funds from the X7LendingPoolV1 and returning that ETH to the X7LendingPoolReserve.
This will be accomplished by:
1. Deactivating all lending terms contracts.
2. Setting the liquidation reward to 0.
3. Deploying a modified loan term contract that allows for the repayment amount to be set to 0 and a loan limit that includes the entire pool.
4. Deploying a token contract (which will only allow the deployer to transact so that no market activity can take place).
5. Originating a loan for the entirety of the lending pool.
6. Setting the repayment amount to 0.
7. "paying" the liability, effectively ending the loan.
8. Removing the liquidity from the pair (which is permitted because the lending pool has registered that the loan was repaid).
9. using returnETH on the LendingPoolReserve contract to return the ETH without minting any additional X7D.
After this is done we can deploy a fixed lending pool contract.
Hopefully this also highlights the sensitivity of some of the protocol functions that would allow an authorized address to call these functions.
This is appropriate for a nascent protocol for exactly the reasons which should be clear (being able to not have 63 ETH stuck forever on a V1 contract).
But calling of these kinds of functions must be guarded heavily, especially as TVL grows.
gm or gn.
Per the discussion that was had during and after the AMA, the focus is not on splitting LP but on finishing up the ownership contracts, making ETH from the lending pool available for development, and completing the buildout of the uniswap based lending implementation.
All uniswap V2 liqudiity token locks have been extended 4 weeks to give some additional time to finalize the plan for the liquidity.
The X7D lock has been extended 7 days. I would encourage some actionable requests for funds from the lending pool (X7D), and when the X7D unlocks in 7 days, a portion will be transferred to the community multisig for use and distribution for development costs.
Long live DeFi
Here is a story.
It is August, 2022.
Tsuka whales are running degen DeFi in the bear market and speculative capital is starting to bid in the degen crypto market again after a good half year dry spell.
Deployers are launching big money larp tokens and writing mediums and inviting "the community" to take charge of their ponzis after they have cleared large profits with nothing to show for it.
A dormant "big money" deployer address deploys x7m105 with a few thousand in initial liquidity, and a new flavor of the month mystery token is born. Millions in trading volume and 10s of thousands of dollars in token fees are pouring into fresh wallet addresses. "Community" telegram chats. Unverified tokens. Speculation over "the tech" behind it. Speculation about what X7 Protocol is.
To veteran DeFi degens it smells like a larp. And the end result is clear too - bag holders turned to dust.
But what if all of this capital investment and community enthusiasm could be turned towards a real revenue bearing product. Not just a copy pasted version of a token locker, a launchpad, etc., but a new, novel protocol?
A group of 6 DeFi enthusiasts, protocol designers, and devs began brainstorming late into the night. What kind of product could demand this level of enthusiasm and capital outlay? What kind of product could escape the speculative ponzi cycle? Leveraged trading? Yield farms? Anonymization tech? And then we landed on initial liquidity, and designed an ecosystem that could realistically support the capital flows and governance needed. Via protonmail email accounts, we invited the original X7m105 deployer along with our idea, but were met with requests to incorporate for tax and governance purposes. We declined and sourced a 7th dev to fill our roster and skillset needs. We encouraged the x7m105 deployer to contribute their funds to the community efforts or other decentralized parts of the protocol. We were met with excuses related to tax obligations and silence.
A decentralized autonomous organization is not a punchline to a bad joke. It is the embodiment of independent actors around the world, interacting across borders through protocols, for their own best interest.
X7DAO was born as a means towards this end of preventing the large capital outlay that we were observing on chain from turning to dust.
We worked tirelessly, pushing the bounds of human capability to execute on the technical pieces - shared liquidity pools, NFTs with actual utility, a trustless migration to stop the bleed into the x7m105 wallets, the protocol itself, and the UI to support it. We were not perfect - there have been bugs, the UI was not nearly as cleanly implemented as we hoped, and timelines have slipped.
The clock was ticking as the team (actually geographically distributed across the globe, and all engaged in "day jobs" as it were) felt there was a very limited time to execute.
Through attrition and waning funding some members of the original team moved on, but the majority have been active throughout. I am the original X7DAO dev and the remaining solidity dev on the team. My personal career, and my family triumphs and tribulations have taken much of the time I had been spending during the fall and winter of 2022.
This brings us to today - we have a protocol which in practice works, but with some rough edges and unfinished parts. We have a product offering which has the capital to back it in our lending pools but for which we saw challenges in adoption. And we have somewhat limited development resources to execute on the remaining parts.
The team perceives ecosystem funds (liquidity, X7D backing, and funds held in the multisignature wallets) as being fundamentally "owned" by protocol. This creates a challenge that the protocol must be able to properly custody and protect those funds in order to fully release governance.
The protocol design has remained almost unchanged from those early days, and it has always been our intention to complete implementation of those parts (the details of which are spread among various on chain roadmaps/milestones).
We are amenable to almost any way that the community wants to move forward, with the caveat that we have been and will be cautious about how the protocol funds are secured.
One or more devs from the X7DAO team will do a live AMA on https://t.me/x7m105portal at 2024-02-28 12:30 am UTC (in approximately 1 hour from the posting of this on chain message). @thufirhawatx is my verified telegram account.
We also invite the x7m105 deployer to verify a telegram account and join this AMA.
- X7 DAO Dev and Team
gm or gn.
The priority when discovering the bug was to ensure that all X7D minters would be able to withdraw their funds.
Here is an explanation of the intended interaction between the lending pool and the lending pool reserve, and what the bug is.
The expected interaction between the Lending Pool Reserve and the Lending Pool are the following.
Lending Pool Reserve Contract:
1. Various inflows to the lending ecosystem result in ETH being deposited on the lending pool reserve contract and X7D being minted. If the ecosystem is the origin of those funds (NFT mints, X7100 fee revenue, splitter allocation, etc.) then the X7D is minted and sent to the token locker. If a user is the origin of those funds, the X7D is minted and sent to the user.
2. The owner of the Lending Pool Reserve is permitted to set the Lending Pool address, and to call FundLendingPool. This does not result in any changes to X7D.
Lending Pool Contract:
1. The owner of the Lending Pool contract may set the Lending Pool Reserve address.
2. The owner of the Lending Pool contract may set any number of "Authorized Capital Managers".
3. Authorized Capital Managers may call returnETHToLendingPoolReserve to return any amount of ETH back to the lending pool.
A bug in returnETHToLendingPoolReserve caused that function to be uncallable (namely there is a check that the amount is "greater than" the contract balance - it should have been a "less than or equal to").
The "role" of an Authorized Capital Manager is to ensure that any X7D minters that want to redeem their X7D can do so at all times. In the ecosystem design this would include liquidation of ecosystem owned X7100 tokens, but at present the mechanism for achieving this goal is ensuring managing the flows between the lending pool reserve and lending pool accordingly.
We will utilize a workaround to extract the ETH from the lending pool and return it to the lending pool reserve, and then we can deploy a fixed lending pool contract that is absent the above mentioned bug.
gm or gn.
We overestimated how much was needed to backstop the X7D minters on other chains.
We have returned 5.5209402 ETH to the Ethereum lending pool reserve contract, and we have used 2.4790598 ETH to overcollateralize the lending pool reserve contracts on Polygon, Optimism, and Arbitrum.
Once we recover the ETH from the lending pool contracts, we will refund the remaining 2.4790598 ETH back to the Ethereum lending pool.
All X7D minter funds are safe and available for withdrawal.
gm or gn.
We just discovered a bug in the lending pool contract which prevents the intended functionality for returning ETH to the Lending Pool Reserve contract from working.
On ethereum this presents no immediate challenge for X7D minters as the ethereum lending pool reserve contract is maintaining an amount of ETH above the amount that has been minted.
On other chains, most funds have been moved from the lending pool reserve to the lending pool.
On Ethereum there is currently an excess of 9.47013258573579 ETH in the lending pool reserve contract.
Our immediate action will be to transfer approximately $23k (8 ETH) from the ethereum chain lending pool to the various other chain lending pool reserve contracts to ensure that any X7D minter may withdraw their X7D on that chain without issue.
We are confident that we can retrieve the ETH from the lending pool contracts, but it will require some workarounds and time.
This message is to alert you that you will see various functions called on the lending pool reserve and lending pool contracts. No ecosystem funds or user contributed funds will be lost or are at risk of loss.
Thank you for bearing with us.
gm or gn.
To ensure there is no ambiguity, confusion, or misunderstanding about the intentions for the liquidity and other ecosystem assets, I am going to extend the lock to around 30 days from now.
I fully expect to be able to begin delivering some of the roadmap features within that time frame.
Trust no one. Trust Code.
gm or gn.
Over the last couple of months I have been met with multiple family tragedies. This has taken my full attention, and for that I apoligize to you all for keeping you in limbo.
I expect for this to mostly subside in the next few days or short weeks.
Hold your family close anons.
- t.h.
gm or gn.
The global LP locks have been extended to this coming weekend when there should be a window of opportunity for releasing the LP migration contract and completing the migration.
I apologize for these delays. Contract ownership and control is something that was never deferred to anyone on the team for security reasons. I have a number of unfortunate personal matters I have been dealing with and it is very challenging to delegate these tasks to anyone else.
The last thing I ever wanted was to be the single-point-of-failure blocking the success of the project and I assure you I am doing everything I can to get us past this point.
Thank you, again, for bearing with us through this trying stage.
gm or gn,
The globalUnlockTimestamp on the X7 Token Time Lock has been set to 1705824000 (Sun Jan 21 2024 08:00:00 GMT+0000). The effect of this is that all tokens locked by the contract will continue to be locked at least until that time.
We expect to be able to deploy and configure the liquidity splitting contracts prior to that unlock time. We will explain the functioning when we deploy the contract, in advance of the unlock. Our goal will be a 100% trustless liquidity migration, similar in nature to the token migration contract we developed.
Thank you for bearing with us.
Trust no one. Trust code. Long live DeFi.
gm or gn.
We have observed the recent snapshot.org proposal to migrate 50% of the liquidity from the uniswap v2 pool to an xchange v2 pool.
Pursuant to the passage of this proposal by a plurality of X7DAO holders, we will begin to work on a trustless liquidity migration contract.
In migrating liquidity, we will need to be careful to prevent any bot extraction during the process. This is relevant because any party can currently add liquidity to the Xchange pairs, and furthermore, adversarial liquidity providers could intentionally modify the liquidity ratios (prices).
However, the contract that will implement this liquidity migration will:
1. Withdraw 50% of the liquidity from the uniswap pool (giving it WETH and X7R or X7DAO tokens)
2. Ensure an exact price match without excess loss, by funding the Xchange pairs and calling sync
3. Add liquidity
4. Validate that the pools are correctly priced (or fail)
5. Lock the new Xchange LP tokens (and relock the uniswap LP tokens)
This will happen in a manner that is semi-permissioned to prevent price manipulation, and an MEV blocking RPC will be used to further reduce any risk of liquidity loss.
Additionally we will go with an incremental lock approach post liquidity migration, first locking for 15-30 days, then increasing to 90 days, and then to 180 or 365 days, as desired. This will allow us to evaluate the market and ensure that it is operating in a desirable manner.
We expect to be able to finish this migration contract in advance of the existing liquidity lock expiration. However, if that timing slips, we will extend to the lock in small increments until ready.
Happy Holidays!
gm or gn.
We apolgize for the rather low level of communication and participation we have shown over the last few months. There have been some unfortunate personal circumstances which have taken most of our attention directly away from the project.
Our short term plan, executed with as much haste as possible is the following:
1. Deploy an "Ecosystem Owner" contract which will own the ecosystem contracts and permit the team to delegate control to community representatives. There are certain contracts and calls which could be used to extract ecosystem funds (such as liquidity and X7D locks and some of the lending pool contract functions). We will NOT be delegating control of those components to community representatives. However, we will continue to extend the locks out (likely 6 months before the end of the year) unless there are proposals for trustlessly using those funds in a different manner. Our goal with these locks has always been to set them far enough into the future to give confidence that those funds will be there, and close enough in the future so that if the ecosystem needs to be changed in a significant way we don't have to wait too long (or go through the rather painful process of token-turn-in style LP migration). This contract has already been completed but needs testing and documentation to ensure it does not expose control of the critical parts of the ecosystem and is usable by whomever is delegated control.
2. Deploy a locked token/locked LP style lending pool contract to broaden the total addressable market for liquidity loans and take advantage of the lending pool we currently have. This is fully designed and partially implemented.
3. Deploy a contract driven mechanism for LP token liquidation. The current multisig process for doing this is not only not scalable but also requires enough transactions to eat in to the profitability, especially in a high gas price environment. This is designed, but not yet implemented.
We believe if we deliver on these above, community members and investors will be able to move the project forward.
I speak for all members of the X7 Dev team when I say that we are committed to seeing the success of this project and will absolutely contribute to its success in terms of development, financially, and philosophically as much as we are able.
Trust no one. Trust code. Long live DeFi!
gm or gn.
The onchain dao design has three parts:
1. An ecosystem owner that owns various ecosystem contracts and allows specific contracts to call specific functions. This progressive DAO design means that we can allow for certain delegated parties, either individual addresses, multisignature wallets, or DAO contracts to call certain ecoystem functions without giving them total control.
2. A DAO proposal and voting contract. This contract will be granted control by the ecoystem and additionally will be able to delegate control as needed
3. An X7DAO staking mechanism for voting, delegated voting, and reward/compensation for stakers and voters.
(1) is nearly complete and would allow some amount of community handoff while we finish various other parts of the on chain smart contract system.
gm or gn.
We recognize the community's appetite for progress and acceleration.
We will review the community discussion and see what is workable.
We want to find a path forward that works for investors and contributors alike.
And we continue to take our duty for safety and custody of project funds seriously and no matter what the best path forward is, we will prioritize ensuring the safety of the locks and smart contracts that safeguard the ecosystem funds and liquidity.
Thank you all for your community participation.
Long Live DeFi.
GM or GN
Over the past several weeks we have voted on the following proposals (stated below) and would like them to be brought to your attention as we are unable to execute these changes without your input . These are changes we have voted in a DAO manner that we see fit to help the ecosystem as we waiting for full release.
We are told to act in a manner of a DAO and embody that in which we are however, if the proposal that we vote on cannot be executed without your input it does add some levels of frustration as those changes cannot be executed to benefit the ecosystem.
We would like to note communication NEEDS improvement and would like you to deliver on your promise of better communications especially in times as such , not only for this simple fact of keeping investors updated and informed but also to make the best decisions for the ecosystem going forward. Without proper communication and updates on current state of development our proposed changes may or may not be beneficial to the ecosystem as we do stand in the dark on some components and current state of the ecosystem.
At the point at which we stand, all those still involved with this ecosystem are worthy of better communication not just for our sanity or comfort but to make the best decision going forward for the benefit of this ecosystem. We are understanding of delays and issues that occur but more detailed and consistent communication on current state and reasons for delay is required at this point. I think you would find being completely transparent with developments on your end either positive or negative would be met with a positive attitude on the community end, as we believe in X7 and want to help and grow and complete this chapter. The members you see before you today believe wholeheartedly in this project and the vision being put into play.
There is no doubt that issues have risen but transparency on these issues would be extremely beneficial for everyone to be on the same page.
One last note despite what is mentioned above we want all of the devs to know also how grateful we are for this ecosystem being created and us being here today because of what all of you have taken the time to brainstorm, construct, build and put into the world of DeFi. The reason we are sending you this OC is not just to state our needs as DAO members but also to show we are with you and believe in this and will do what we need to help bring this ecosystem into the DeFi “behemoth” we all know it will be with just some more communication/current state needed🧡
https://snapshot.org/#/x7community.eth/proposal/0x8282ea7ed0cecc81d7b505710691231b378cb7c98c294df1eb7cd8ac0bca853b
https://snapshot.org/#/x7community.eth/proposal/0xa2848bc8eb3eb2fa366e900d24a352dbb118e2cc172cb8e65140d3ae6fb4ff92
(https://snapshot.org/#/x7community.eth/proposal/0xa2848bc8eb3eb2fa366e900d24a352dbb118e2cc172cb8e65140d3ae6fb4ff92)
https://snapshot.org/#/x7community.eth/proposal/0x7b88ab7f3a20106a74af8fe2595c7565dbb3dbd98d0e1d8b4136c71dd7caad82
Thank you,
X7 DAO
As Always,
Trust No One. Trust Code. Long Live DeFi.
gm or gn,
Thank you for taking the time to read our on-chain messages and for your commitment and passion for what X7 finance can become.
I realize that our progress has been frustrating and we understand that. Where people's investments are involved this frustration may not just be about the capabilities that are missing or a commitment that has been made, but also too the opportunity cost of your money. This weighs more heavily on us than you know and it is not due to carelessness, ignorance, or malice that we have not yet delivered.
As an anonymous group of DeFi developers we could walk away and let the chart bleed like so often happens. We could also larp some bs about the market conditions, or building community resilience, or any number of other excuses that anonymous and even non-anonymous DeFi "devs" give. I won't do that to you.
The truth is that we had a limited window of focused capacity towards the beginning of this project. We were able to deliver 100s of smart contract deployments, and 100s of specific configurations, NFTs, splitters, tokens, liquidity management, token lockers and burners, a novel on chain loan system with the flexibility for more loan term arrangements, a lending pool, wrapped deposit tokens exactly because we have the experience and exposure to blockchain tech and legacy software that we do. However, this other work sometimes takes priority over the work that needs to be done to deliver on X7.
There have been weeks developing for X7 where I literally have slept 2-4 hours a night for days on end.
I am not telling this for sympathy, or as an excuse. But please believe me when I say that I would have wanted to deliver in days and weeks not months.
That brings us to where we are today, a sense of failure pervades. But I want to assure you, with everything we've done, we will deliver.
X7 is an experiment in building a true DeFi behemoth. An "ecosystem" that is actually that, and not a token ponzi that claims to be an ecosystem without being anything but a swappable token. X7 is literally an ecosystem - it has mechanisms for configuring fund flows, it has its own token locker to trustlessly manage ecosystem owned liquidity and funds. It has multiple layers of splitters designed to let us configure the optimal flow of resources within our ecosystem.
And X7 has its first landmark product, a novel initial liquidity loan system.
There are more things to build to fill out the picture that we initially laid out. But beyond that, X7 finance is designed to be a DAO that can configure not only the product offerings but the fund allocations. There is a future where Xchange and initial liquidity loans are just one small part of the product offerings. We imagine a world in which external developers can develop products and grant control of those products to the DAO in one form or another. If you are a developer in the community or you have an idea, what is stopping you from building that project and engaging it into the ecosystem?
As a software developer that truly is "in it for the tech" I won't ask you to "shill the token more", or "buy the dip". But as the current Benevolent Dictator For Life for X7 Finance I will ask you to try to imagine what you can contribute to this endeavor - not to induce people to buy the token - but to induce people to involve themselves in the ecosystem. What is stopping you from adding more lines and circles on the ecosystem graph? What is stopping you from initiating more snapshot votes to figure out where this DAO is and where it wants to go?
You may ask "wen" will we deliver as promised. I can't tell you it will be tomorrow or on some next Tuesday, but it will be done as soon as we are able. I wouldn't ask you to trust me, but I will continue to provide the safety afforded by locks and smart contracts so you don't have to. But if we were to deliver on the core inaugural product and DAO and then "fade back in" to the crowd as we have suggested we will, how will the DAO operate? What kinds of decisions would you hope to make? What kind of contributions to this endeavor would you be willing to make, and what kind of incentives would you need to do so?
We can all hope to become wildly financially enriched from an investment in an early stage DeFi project. A real DAO is different. A decentralized autonomous organization must not just be a DAO in name only. It must act like one; its decentralized autonomous constituents must act like one. A DAO "in name only" offers neither the safety and resiliance nor guard from state actors that a DAO in reality can offer. So we invite you to really think of yourself as an actual owner of this ecosystem. What would you do?
Long Live DeFi!
gm or gn,
Thank you for taking the time to read our on-chain messages and for your commitment and passion for what X7 finance can become.
I realize that our progress has been frustrating and we understand that. Where people's investments are involved this frustration may not just be about the capabilities that are missing or a commitment that has been made, but also too the opportunity cost of your money. This weighs more heavily on us than you know and it is not due to carelessness, ignorance, or malice that we have not yet delivered.
As an anonymous group of DeFi developers we could walk away and let the chart bleed like so often happens. We could also larp some bs about the market conditions, or building community resilience, or any number of other excuses that anonymous and even non-anonymous DeFi "devs" give. I won't do that to you.
The truth is that we had a limited window of focused capacity towards the beginning of this project. We were able to deliver 100s of smart contract deployments, and 100s of specific configurations, NFTs, splitters, tokens, liquidity management, token lockers and burners, a novel on chain loan system with the The truth is that we had a limited window of focused capacity towards the beginning of this project. We were able to deliver 100s of smart contract deployments, and 100s of specific configurations, NFTs, splitters, tokens, liquidity management, token lockers and burners, a novel on chain loan system with the The truth is that we had a limited window of focused capacity night for days on end.
I am not telling this for sympathy, or as an excuse. But please believe me when I say that I would have wanted to deliver in days and weeks not months.
That brings us to where we are today, a sense of failure pervades. But I want to assure you, with everything we've done, we will deliver.
X7 is an experiment in building a true DeFi behemoth. An "ecosystem" that is actually that, and not a token ponzi that claims to be an ecosystem without being anything but a swappable token. X7 is literally an ecosystem - it has mechanisms for configuring fund flows, it has its own token locker to trustlessly manage ecosystem owned liquidity and funds. It has multiple layers of splitters designed to let us configure the optimal flow of resources within our ecosystem.
And X7 has its first landmark product, a novel initial liquidity loan system.
There are more things to build to fill out the picture that we initially laid out. But beyond that, X7 finance is designed to be a DAO that can configure not only the product offerings but the fund allocations. There is a future where Xchange and initial liquidity loans are just one small part of the product offerings. We imagine a world in which external developers can develop products and grant control of those products to the DAO in one form or another. If you are a developer in the community or you have an idea, what is stopping you from building that project and engaging it into the ecosystem?
As a software developer that truly is "in it for the tech" I won't ask you to "shill the token more", or "buy the dip". But as the current Benevolent Dictator For Life for X7 Finance I will ask you to try to imagine what you can contribute to this endeavor - not to induce people to buy the token - but to induce people to involve themselves in the ecosystem. What is stopping you from adding more lines and circles on the ecosystem graph? What is stopping you from initiating more snapshot votes to figure out where this DAO is and where it wants to go?
You may ask "wen" will we deliver as promised. I can't tell you it will be tomorrow or on some next Tuesday, but it will be done as soon as we are able. I wouldn't ask you to trust me, but I will continue to provide the safety afforded by locks and smart contracts so you don't have to. But if we were to deliver on the core inaugural product and DAO and then "fade back in" to the crowd as we have suggested we will, how will the DAO operate? What kinds of decisions would you hope to make? What kind of contributions to this endeavor would you be willing to make, and what kind of incentives would you need to do so?
We can all hope to become wildly financially enriched from an investment in an early stage DeFi project. A real DAO is different. A decentralized autonomous organization must not just be a DAO in name only. It must act like one; its decentralized autonomous constituents must act like one. A DAO "in name only" offers neither the safety and resiliance nor guard from state actors that a DAO in reality can offer. So we invite you to really think of yourself as an actual owner of this ecosystem. What would you do?
Long Live DeFi!
Do you need any help to finish up? I’m sure if you reach out and ask the community we may be able to help. There’s lots of smart cookies in the TG. Trust no one trust code long live defi.
As days turned to weeks and months turned into a year the true mission of DeFi has never been more clear. X7 is needed in this marketplace. The ideas that were brought to life are just the start.
Once xchange is fully operational and the masses have started adopting using it that’s when the real fun begins. The whispers of a canine on base travel through the space. Will you be here to take the ride or will you miss out?
gm or gn,
What does X7 mean to me?
To me, X7 isn't just another community; it's a tight-knit family, a gathering of like-minded souls who've forged unbreakable bonds through shared passion and unwavering dedication. The loyalty and diehard spirit that courses through the veins of this remarkable group are nothing short of awe-inspiring.
But what truly sets X7 apart, what makes it exceptional, is its unparalleled technology. It's like a glimpse into the future, where innovation knows no bounds. The technology here doesn't just set the bar; it redefines it, inspiring us to reach greater heights.
And let's not forget the unsung heroes – the mods. Their tireless efforts, their commitment to keeping this community thriving and harmonious, often go unnoticed. They've given their time, their passion, and their expertise for over a year, all for the love of X7. Their selflessness is the backbone of this remarkable community.
But beyond the code and the pixels, it's the connections we've built here that truly make X7 special. These are not just online friendships; they're lifetime bonds. We've laughed together, celebrated victories, and supported each other through the toughest of times. It's a testament to the power of human connection, even in the age of screens and wires.
So, when I think of X7, I see a community that embodies loyalty, thrives on unmatched technology, and is nurtured by the selfless dedication of its mods. But most importantly, I see a place where people come together and form connections that transcend screens and wires. It's more than a community; it's a home, a place where dreams take flight. The next chapter is almost ready.
"Amidst the wonders of tech, a secret whispers near,
Xchange emerges, its power unclear.
With an air of mystery, it takes flight,
Unveiling a world where shadows ignite.
Codes entwined, in a dance so grand,
As Xchange prepares for its command.
Crack the puzzle, unravel the clue,
And behold the marvel that's coming into view.
What is this mysterious force, can you say?
Hold tight, for Xchange is on its way."
"In the depths of the digital realm,
X7 emerges, where shadows overwhelm.
With code enshrouded in secrecy and might,
Their creations lurk, hidden from sight.
From the abyss of software, a dark delight,
X7's work beckons, in the depths of the night.
Unearth their secrets, venture into the unknown,
And witness the enigma that's yet to be shown.
What is this cryptic world, can you say?
Embark on the journey with X7, and let darkness guide your way."
gm or gn,
One core tenet of X7 Finance is that the ecosystem owned assets should be considered "owned" by the DAO. As such, fundamental changes to these assets (such as liquidity removal, X7D redemption and withdrawal, or any other usage of these assets) must be ratified by the DAO holders. The X7 Token TimeLock is designed to support such a use case where the DAO would set a "tokenOwner" well in advance of the asset unlock time to ensure it is a trusted, tested, desirable use for the asset. Ideally the period between ownership assignment and unlock would also be sufficiently long enough to allow X7 token investors to assess their investment and plan accordingly.
The locks that were extended today will allow more time to actually present options and decide on a plan for these assets - well in advance of the unlock time.
An unlock date of January 15th was chosen as sufficiently far enough in the future that there should be no "unlock" risk in the minds of investors while being sufficiently close that we can have reasonable flexibility if we choose to take an action such as migrating liquidity to Xchange or apportioning the ecosystem X7D in some different manner.
For anyone wondering if these locks would be allowed to expire, we hope that your mind has been put at ease.
Trust no one. Trust Code.
gm or gn.
We apologize for the launch delay. We are using new deployment tooling for Base to ensure we can rollout rapidly on any new EVM compatible chain. However we ended up needing to go through a more rigourous quality control process to ensure the contracts deployd are compiled and configured correctly. This is taking longer than anticipated, but will ensure a correct launch on Base as well as future EVM chains.
Thank you for your understanding as the rollout happens.
gm or gn.
We are still working on rolling out the final product changes (and deployments on base).
We want to confirm that the following are the two router contracts that should be used for all integrations (and soon to be updated to be used by Xchange itself):
RouterV2:
0x7DE80da14460A72855d597a4bCa2C10925373000
RouterWithDiscountsV2:
0x7dE8DD6146AA8B4a2ED8343AA83bc8874Fb17000
We will also be deploying this fixed router across the other 5 chains.
Gm or Gn,
Thank you to the X7 devs for building a permissionless lending and borrowing protocol that shares our ideals as project founders.
We've watched X7 from afar and we believe it is the perfect home for MILK Protocol.
Over the next 2 weeks we will be rolling out a multi-pronged product suite.
We welcome all pioneers to our community.
We will be watching the rollout today - and plan to deploy on the ETH chain as soon as the X7 Devs give the all clear
~The MILK Devs~
gm or gn.
Throughout today you will see various configurations and reconfigurations, a few contract deployments, as well as new code pushed to public community organization repositories.
The beta period helped to find a number of critical bugs and issues, understand the market dynamic of loans and secondary amm liquidity pairs, and overall gauge the value proposition of our product offering in the market.
As a software project existing in the real world we will continue to evolve and improve our core product experiences. However, moving from a beta to general availability will also mark a shift in focus to other areas of the project such as the DAO and X7D yields.
X7 as a protocol and as a DAO funded open source decentralized exchange has a future measured in years and decades not weeks and months.
Many projects talk of the "strength of their community" while at the same time being negative sum ponzi games, which will eventually go to zero when the music stops.
The X7 protocol, with multiple sources of revenue for holders, from DAO staking to X7D staking, to buy backs, burns, and liquidity additions bought and paid for by actual revenue and not just ponzinomics, is an experiment in building a decentralized financial product along with a decentralized group of stakeholders, large and small, that can become a decentralized group owning governance.
The community that has built alongside the ecosystem is next to none for one important reason. The counterparties to your left and right are not necessarily your adversaries. The goal of X7 from a financial perspective is to suck up as much revenue from the DeFi landscape and funnel that capital into the hands of stakeholders. If the only way you earn a return on your X7 holdings is by someone else losing value on their X7 holdings, the project will have been a failure. This community can come together not just in hope of hoisting the project on to the next fools, but by searching for more users, more projects to launch, more markets to bring our mercenary capital to, more features to attract users, and more revenue sources to keep the coffers fat and ready.
DeFi is inherently a PvP landscape and the goal of an ecosystem design is to align incentives to get people to cooperate long enough so the whole can be greater than the sum of the parts. We think we are more than on track to building a product and community that can meet that challenge.
Enjoy the day and many more to come.
And thank you for being on this journey with us!
Long live DeFi!
gm or gn.
A new management address has been created to do LP fee liquidations. This is so that those transactions will not create too much "noise" for wallet watchers watching this address for operations and messages.
The new address is:
0x7000E84aF80f817010cF1A9C0d5f8Df2A5DA60DD
This wallet will send the proceeds of LP fees (less gas expenses) to the ecosystem splitter.
As always we encourage community audits from time to time to validate this, as this is a trustfull operation.
Trust no one. Long Live DeFi.
gm or gn.
We have deployed a new Treasury Splitter contract (https://etherscan.io/address/0x7000706e2727686edf46ca0e42690f87b9de1999). This is fundamentally the same as the previous one, but abstracts the "DEVX" outlets into a single PROFITSHARE outlet. The allocations have remained the same as on the V2 Treasury Splitter.
All liquidity hubs and the Ecosystem Splitter have been updated to direct treasury funds to this new contract.
We have also deployed a new profit sharing splitter (https://etherscan.io/address/0x700008707507005e5673b644ecb2387673941000).
When this project began, there were seven developers architecting and building this ecosystem. The original treasury splitter reflects this original profit sharing agreement, with fixed percentages going to each of the seven developers. We now believe that it is appropriate to recognize the important work of three additional contributors.
We stand by the original notion that just under half of the "profit" (that is, funds that have not already been allocated to liquidity and the lending pool) should continue to be paid out to significant contributors to the project. This new profit sharing contract will be flexible enough to allow for new additions and modifications to these allocations. At present this is a trustful activity undertaken by the contract owner (this address). In the future it may have some input from the DAO and likely some internal governance controlling the addition of new shares and recipients.
From the beginning, we have stated that X7 is, in part, an experiment in setting up a truly decentralized autonomous organization. This profit sharing contract is one more tool we have added to the long list of tools to incentivize individual actors to selfishly collaborate as long as it is in their best interest.
Long Live DeFi!
gm or gn.
X7 finance currently has four sources of revenue:
1. Token trading fees (on X7R, X7DAO, X7100 series tokens)
2. NFT Mint fees
3. Initial Liquidity Loan origination fees and premiums
4. Xchange pair LP fees (0.1%)
Sources 1-3 are handled trustlessly by smart contracts.
Xchange LP fees, however, require some judgment as to when to remove the LP and on which xchange to liquidate the received tokens.
For example, we removed the accrued LP fee tokens for the WETH/Spurdo pair in this transaction (https://etherscan.io/tx/0xd1221c93940facde573126aed0afa9b8fb621af381b156102b853a47f8f5362a). We then would have a choice of either swapping Spurdo tokens on the Xchange pair, on the UniswapV2 pair, or holding those tokens indefinitely based on possible market moves. The incentives that X7 has to maximize profit on these transactions will not always be aligned among all DeFi actors, so this is currently both trustful and permissioned.
In the future we may find ways to abstract these decisions in a way that can at the very least make them trustless and possibly make them permissionless.
But for now, this is a managed activity.
The 0.305538965712536 ETH transfer into the Ecosystem Splitter (https://etherscan.io/tx/0x967cfc598cab83d72375a6fa338a3809a4634a850d34a5a62d8aaf6b921c6dac) represents a managed delivery of LP fees from the ecosystem less the fees needed to run the transactions.
The more volume done on Xchange pairs and the deeper the liquidity (and hence trading capacity), the higher value these fees will be. These above transactions are meant as more of a proof of concept to demonstrate the earnings potential of this fourth source of income.
gm or gn pioneers, decentralization enthusiasts, DeFi enjoyoors.
A product launch involves many facets. Contracts and configuration. Frontend feature development. Testing. As an exchange, our product is a two sided market that needs both token launch users and swap users. This means that the marketing efforts are paramount and more important than just attracting an ever growing set of swap users.
At this time we believe we have everything that is needed to schedule a product launch.
Xchange will go live for a general audience on September 7th, 2023.
We will continue our work on the technical side until that date, as well as continue to detail some of the integration work that has been going on in the background. We also hope that you enjoyed (or at least were entertained) by the message from 0x56d13422Dbf491dD928541D54Aba001c1Eb68aE1. Each member of the team will be sending out their own message between now and launch date.
Finally we have released an updated router for Xchange on Ethereum and will be deploying a standard UniswapV2 router as well. Once we complete live testing on those contracts we will deploy them across the other four chains. We will send an on chain message once this is complete so future analytics and integrations can be done with these contracts.
The events surrounding the Base launch were interesting to watch, to say the least. More than anything they reflected the adage we in X7 know well - Trust no one. Trust code. Be it devs and their ability to pull liquidity or decentralized exchanges and their ability to halt trading - these may be what the code allows, and you should be aware of it and take heed.
Seeing these kinds of events strengthens our resolve in becoming the world's most decentralized exchange and DAO and increases our enthusiasm to build and expand the product across more chains and to cover more DeFi use cases.
Long Live DeFi!
gm or gn.
We hope this message finds you well. We are nearing a pivotal next chapter in the history of X7. It has been nearly a year and we want to take a moment to reflect on where we started, what we have accomplished, and furthermore, where we are going. It is easy to miss the forest for the trees in task status updates, and product minutia (as important as those things are).
Chapter one was the mysterious launch of the tokens x7m105, x7 protocol, x7dao, and the first iteration of the x7000 tokens and a prototype liquidity balancing liquidity hub.
Chapter two was the creation of our NFT ecosystem and the trustless and permissionless migration to upgraded contracts, upgraded liquidity hubs, and splitters, burners and locks.
Chapter three was all about you, the pioneers, and making good on our plan to support the community of early adopters and believers in ways rarely seen in DeFi.
Chapter four was product build out - the core product being assembled in realtime in front of your eyes on chain.
Chapter five has been refinement of the front-end user experience and driving towards feature completeness.
Chapter five is soon coming to a close.
The story that will be written once the product is fully live and the marketing and sales experience are in full swing will honestly dwarf the preceding chapters in terms of scale and consequence.
The ongoing integration with the existing open source community codebase, the testing of new more flexible treasury splitter contracts, the finalization of BSC support - these are all proceeding and in turn we are coming up on being able to announce critical dates and plans related to product release and multi-chain token launches.
You can expect more frequent messages going into this next chapter - from the individualized personal motivation surrounding this project from each of the X7 devs, to critical date announcements, to the deployment of new splitters and routers
Patience is bitter, but its fruit is sweet.
We think soon we all will enjoy the sweet sweet nectar we have been waiting for.
When the product is live, and the DAO handover has been completed, and X7 devs have faded back into the crowd we are happy that this community, this DAO, will have an ethos to guide it along with the rest of decentralized finance.
Trust no one. Trust code. Long live DeFi!
gm or gn.
There's a lot to cover in this week's update.
We apologize for any delay over the course of the week (and today). We have emphasized over the last few weeks the importance of open sourcing the Xchange UI codebase. Not only is this important from a decentralization perspective but it is also a key milestone in bringing about the effectiveness of the X7 DAO.
As of today app.x7.finance is being deployed from within the community x7finance github organization, https://github.com/x7finance. The beta site and the bsc-preview site will also soon be deployed from there as well. All future changes to the user interface will now occur in the open - and the community will be invited to contribute to its success. We will coordinate with the existing community technical staff to make that git repository public.
We also would like to offer some explanation for the BSC preview delay, as we had announced that we would be deploying that last week. BSC is unique among the 5 chains we are supporting in that its most prevalent DEX is NOT uniswap and supports both the V2 and V3 uniswap protocol - and also has some of the most deep liquidity pairs for major tokens. For convoluted technical reasons this is much more challenging to support, and can lead to erroneous swap routes and inconsistent fiat value estimations if done wrong. These kinds of errors can lead to a trader being shown erroneous or misleading value estimates or having trades take undesirable routes. While we are ok releasing a preview site that has some rough edges on the user interface side of things, we would not release even a preview site that could possibly lead a trader to take a bad route or be shown this kind of misleading data. With the bulk of work done on making the code open sourced (and viable to be worked on by others) we can focus on getting these above details right within the context of a preview release.
With this next stage of development commencing in the open, we are also working on some upgrades to the treasury splitter to allow profit sharing allocations to some of the most critical stakeholders in the project as well as to "make room" for profit sharing opportunities for meaningful code contributors to the core product. This can and will be accomplished by diluting the existing dev shares. The design of the ecosystem will allow this extension without too much of a challenge. Like open sourcing the code, this will mark the next phase of the X7 DAO's potency.
As we move closer to having the UI fully open sourced and released on all of our supported chains we have started to work through the most effective design for the token airdrops. We remain committed to acting in a fiduciary capacity with respect to the existing Ethereum chain X7 token holders and we are considering ways that we can use the airdrop to entice more outside capital to enter the X7 ecosystem. We will share more details as this design is developed and likely we will solicit input from the community to ensure it is amenable to existing holders.
We wish to thank each and every one of you for taking this journey with us. While we have an existing core product (Initial Liquidity Loans) - that is but the first step. With the full realization of the DAO and the launch of the product to a wider audience we are confident that this ecosystem can and will support a wide range of DeFi products.
Long live DeFi!