The Evolution of illumineX
Hello dear community of privacy enjoyers!
We trust you are doing well, and as promised earlier this week, we are excited to share some exciting updates to the illumineX platform, presenting you with many exciting updates ranging from product, tokenomics, protocol revenue and IX token accessibility.
Intro
From day one, our vision for illumineX has been to serve not only the Oasis network but to also embrace a broader, cross-chain privacy user base. This ensures better scalability and transaction volume, enhancing the platform’s utility and reach.
While thus far we have been empowering the Oasis Sapphire native ecosystem, it has also become clear that there are limitations in our current architecture making it difficult to achieve the same success in our cross-chain vision. One of the most notable is the fact that each cross-chain liquidity requires significant liquidity in order to provide low slippage swaps comparable with centralised/custodial competitors.
During this spring, we have taken many steps to improve the product and been focused highly on the BTC implementation and the stealth wallet. This work will empower us to be the non-custodial stealth-wallet based privacy product with cross-chain swaps which aggregate liquidity from DEXs and CEXs. We are tremendously excited for the potential of this update and today it’s time to look at what’s on the horizon for the near future and how these plans will expand the scope of illumineX to scale it towards the cross-chain user-base.
The Evolution
illumineX is evolving towards being a non-custodial and cross-chain privacy product offering our custom Gas-less Stealth Wallets with private swaps integrated for improved privacy and user experience.
The evolution comes with many benefits which allows us to build a product that is far easier to use than the current version with improved privacy.
The protocol will earn revenue through users depositing and withdrawing funds from their stealth wallets and the swaps, which will be used for Buy-back and Burn.
What are the benefits?
- illumineX platform will be able to compete with other leading market products and attract a user base beyond of Sapphire which should lead to generating higher volume, which means considerably more substantial and more constant buybacks-and-burns, creating a fundamental support level for the $IX token.
- illumineX becomes easier to maintain for the development team in terms of UX by abstracting Oasis Sapphire privacy layer for the end user, which means we will be able to roll out any further updates faster and also offer a CEX like user experience but for privacy.
What are the current development tasks to achieve that?
1. Finalise gas-less stealth wallet — This will allow us to transition the user away from Oasis Sapphire’s EVM UX, whilst still maintaining their compliant privacy solution, and bring experience similar to Railway/Railgun to illumineX. By offering this improved user experience and reduced barrier to entry, this will unlock the door to a seamless, cross-chain community. We are expecting to release V1 shortly and V2 during July/August.
2. Finalise the BTC integration — We’re pleased to announce that BTC implementation itself is already done and ready for the testnet, however due to the improved product developments it is pending on the stealth wallet being finished before we can roll it out integrated with the rest of the dApp.
3. Liquidity aggregation — In order to make illumineX highly scalable, we are excited to be moving towards liquidity aggregation utilising existing liquidity pools of other exchanges instead of using illumineX native liquidity for cross-chain swaps. Until V2 as mentioned above has been released, illumineX will continue to rely on existing liquidity, we will transition into the aggregation approach as soon as possible.
The updated roadmap can be found in our docs.
The current instance of the illumineX dApp will still be available and fully functional, as our community knows & loves it. This will just be moved to a subdomain after V2 has been released in late July/August.
Protocol Revenue
As we are evolving from our primary focus of being a private cross chain exchange, to a privacy product focused on stealth wallets as a core part of our product, we have decided to make some exciting changes to the revenue model also.
100% of the protocol revenue will be going to the community, for buyback-and-burn.
$IX Token
IX token will be migrated to Uniswap with the current liquidity and paired with ETH, this will allow for greater accessibility with less volatility.
The Ethereum version of the $IX token will have 2% buy tax and 2% sell tax, the token will be easily bridgeable between Oasis Sapphire and Ethereum using Celer. The Sapphire version will not have a token tax.
The token tax will go to the treasury / illumineX Fund funding the development.
IX Emission Changes & Max supply Reduction
We are prioritising liquidity aggregation over having our own liquidity pools for better scalability of the chains and assets supported. This means price impact will be considerably better and you’ll be able to conduct far bigger swaps with minimal price impact and slippage.
This would eliminate the token emissions from liquidity mining and this will change tokenomics, as far less tokens will come into circulation.
A reduced APR will still be available for those who are locked for a long time period, new participations in the time-locked pools will be disabled.
We plan to cut off the emissions in multiple steps gradually to reduce the selling pressure to stabilise the supply-demand balance until we have enough volume to have frequent buyback-and-burn events to sustain the emissions supplied.
Below you can see the new emission graphs and as we have already started the reduction of emissions, it would mean that the token has a theoretical max supply of approximately 57M tokens vs the old 100M tokens. The tokens that were meant for emissions are effectively burnt.
These graph changes are not from the issuance of a new token, or changes to your token allocations. They are due to the reduction and eventually elimination of IX token emissions.
Stealth Wallet V1
The V1 is a MVP of the planned concept, the main goal of delivering V1 is to gather some feedback and also allow us to deploy larger changes to production and start testing and ensuring they work as expected before delivering V2.
The V1 stealth wallet has basic functionalities that support creation, importing, management of private assets, withdrawing of assets and transfers.
The big thing within V1 is the gas-less functionality and we want to ensure the Account Abstraction functionalities are working as expected.
V1 is more of a general update displaying improvements and updates we are working on to not have such long delivery dates between improvements.
The work on V2 has already been started and is expected for July/August.
Within May we will be able to display how V2 will look and function.
For V1, we would like to hear your feedback when it’s in production.
The Airdrop
While we don’t have a date set in stone yet for the airdrop, it will be available for early Sapphire users of the illumineX product.
Originally what we had in mind was to build a point system where we rank wallets based on activity to exclude sybil farms. These points were available through various different activities such as adding liquidity, swapping, referring users to the platform etc.
For the actual sum calculation of allocation of airdrop your wallet receives, we will still have a point based system to exclude sybil farmers, in an ideal world every single coin would be for the IX and the Sapphire community, but as for any automated sybil script to exclude wallets we cannot get a 100% exclusion of bad wallets.
Users of the V2 of illumineX may also qualify for some points (TBD).
We’ll inform more about the airdrop when we get closer, this was more of a reminder that we have not forgotten about the early users and supports.
Closing notes
We are very excited about building this next phase of the project as it comes with so many improvements and inspirations from several top tier DeFi projects with top notch user interfaces and UX flows.
We have expanded the team with a UI/UX designer, and 2 more developers to quickly deliver V2.
We’ll inform you when we have a date set for the liquidity migration of the IX token to Uniswap. As a user, there are no steps you have to take as of now.
We are open for any questions from the community, and you are free to ask it in our Telegram community.
TLDR:
- 100% of protocol revenue going to buyback-and-burn.
- IX token and liquidity will shortly be available on Ethereum and Uniswap for greater accessibility and paired with a less volatile pair, 2/2 tax, bridgeable from Sapphire to Ethereum through Celer or vice versa.
- Max Supply reduced from 100M to approx 57M with the elimination of emissions.
- IX platform evolving towards being a non-custodial and cross-chain privacy product offering Gas-less Stealth Wallets with private swaps integrated for improved privacy and user experience.
- IX emissions to be reduced gradually to combat emissions as we are moving to aggregated liquidity to become more competitive.
- We have expanded the team with a UI/UX designer, and 2 more developers to quickly deliver V2.
We hope you are all excited for these developments and there are many more to come!
— The illumineX team
