What’s next for illumineX? Step-by-step plan! 🟢

Hey all,

Today we hope to clarify some things that the community has asked us about during this past week, to find out what we have planned and what’s next, continue reading.

It’s been a very decent first week and as of writing this, there has been over 45,000 swaps on illumineX and over 15,000,000$ in volume.

Initial Buyback and Burn from Tax Collection

Many users have asked about the buyback and burn process, it has already taken place. Typically, taxes are collected in Token B for the trading pair (in this case, ROSE for IX). Subsequently, in a single transaction, all collected Token B is used to purchase Token A, which is then burned.

However, our buyback and burn were executed using a different approach. We exclusively collected the entire tax amount in IX. Subsequently, we burned all collected IX, totaling approximately 750k tokens (7% of the circulating supply at that time). The end result is similar; only the methodology differed. To provide a simple analogy, our buyback resembles a Time-Weighted Average Price (TWAP) during the period when the tax was active, rather than a single market buy afterward.

Value of tokens burnt (750K IX tokens ~$325k USD)

First Buyback and Burn from Protocol Fees (POST Launch)

We have finalised the first buyback-and-burn of over $20,000 worth of $IX tokens!

If you want to make sure — feel free to check out the transaction: https://explorer.sapphire.oasis.io/tx/0x8fddd8f3803a269f39f385999a18e9561e2b0f4860d191939269179ea6f3c745

What’s Next and What Are We Working on Currently?

The launch encountered some technical challenges beyond our control, resulting in a less-than-smooth experience. Despite these setbacks, our systems remained stable throughout the outages. However, rectifying past transaction issues caused by the Sapphire network outage required significant effort.

Fortunately, these issues have been resolved, and our systems are now operating smoothly. Additionally, we addressed several UI bugs reported by users, including problems related to harvesting rewards and inaccuracies in APR calculation for single-sided staking due to configuration mismatches.

We know that some users are upset about the APR values, and some have believed that APR values are fixed throughout the entire lock period without taking market conditions into consideration.

Additionally, there was a UI glitch on our end. We apologise for that, we’re also humans and mistakes happen.

As a gesture, we have the following in mind for the affected users.

— Increase single sided staking APRs for lockups over 3 months
— Affected users will automatically qualify for the 2nd airdrop

All the details about numbers will be posted in our Telegram group.

We appreciate you, the community very much and we thank you for your support.

illumineX Development & Exposure

Our #1 priority and goal is to build a competitive cross-chain confidentiality product on top of Oasis Sapphire technology that would be generating sustainably revenue bringing positive impact on the $IX economy and benefiting all the community members.

We are following the step-by-step plan to achieve this goal that we would like to share with you:

1. Liquidity growth strategy. First step is to make illumineX a sustainable product, and it is important to have price impact / slippage as low as possible, which is why we need to grow the cross-chain liquidity pools. Our top priority is to improve onboarding experience of new liquidity providers, such as distributing $ROSE for gas expenses for new users and improving liquidity management experience. We have bootstrapped APRs during the first week, and we believe we are ready to start exposure marketing campaigns to grow the pools with $IX APRs incentives.
2. Educational growth. We believe it is very important to educate new users about privacy to target the necessary audience. Our goal to reach the most of the target audience is based on educational promotional materials together with anonymous referral links system powered by fees sharing that would incentivise different communities to promote the product organically.
3. Non-EVM chains support. To gain as much volume as possible and stay competitive on cross-chain swappers market it is significantly important for illumineX to support such networks as Bitcoin, Litecoin, Tron (TRX and USDT TRC20), Solana and some other networks. We have already designed a protocol that is based on Oasis Sapphire confidential state technology that would allow us to bring it to the reality, while keeping those swaps confidential, decentralised and non-custodial!
4. Further roadmap. As you know we have quite a large roadmap full of plans and goals which you are free to learn about here: https://docs.illuminex.xyz/illuminex-docs/roadmap

Other

The upcoming weeks will be particularly busy as we ramp up our efforts and infrastructure to increase visibility for illumineX and Oasis Sapphire. We anticipate completing the CG/CMC listings shortly, alongside integrating with DeFiLama and some other dashboards.

Do not take anything in here as financial advice, DYOR and be aware of the risks with cryptocurrencies!

Twitter — https://twitter.com/illuminexswap
Telegram Announcements — https://t.me/illuminexAnnouncements
Telegram Community — https://t.me/illuminexOfficial
Docs — https://docs.illuminex.xyz/

Best,
— The illumineX team