What Is Xido Finance (XIDO)? How It Works & Where To Buy It?

Xido Finance is a decentralized AMM that offers users a unique way to earn yields through various DeFi products. The Xido Finance ecosystem is actively growing and claims that the ecosystem will include P2E as well as an NFT marketplace.

XIDO is the governance token of Xido Finance – XIDO is currently the 110th largest cryptocurrency by market capitalization.

How Xido Finance (XIDO) Works

If you’ve been in the crypto space for some time or if you’re relatively new to the space, you’ve likely heard of the terms ”Play-to-Earn” and ”NFT”.

According to the Xido Finance whitepaper, the project is planning to incorporate its very own P2E game called ”Gold Mine” which uses an in-game virtual currency called ”Plant to Earn”. The current price of the Plant to Earn currency is yet to be determined because it has yet to be released.

However, the Xido Finance price is trading at slightly more than $10. Many individuals are excited about this blockchain project because of its unique token distribution design. The allocation of tokens is as follows:

• Farms and Pools – 40,000,000 XIDO (40%) Xido Finance claims that these tokens are permanently locked and can’t be removed.
• Team – 5,000,000 XIDO tokens were used to start the initial XIDO process.
• Liquidity – 40,000,000 XIDO are being used for liquidity.
• Marketing – 15,000,000 XIDO tokens are being used for marketing purposes to generate exposure for the project.

The basis of the project is positioned much like other DeFi platforms, with the inclusion of an NFT marketplace, yield farming incentives, and a native P2E game.

The Xido price statistics currently indicate that the project is in price discovery – the price is ranging and finding support and establishing resistance. The current USD price of XIDO may fluctuate drastically concerning market conditions and the growth of the project.

XIDO’s highest price will likely be reached once the project releases working products that the community can use. Xido is aiming to tap into the fast-growing DeFi industry by introducing unique and important technological innovations such as self-sustaining pools.

These pools aren’t controlled by owners or management but rather use lucrative coding and mechanisms to automate the processes fairly and transparently. According to the whitepaper, the project aims to obtain an additional listing for the XIDO token on various cryptocurrency exchanges in 2022.

There has also been the addition of a new token to the Xido Finance ecosystem – $LAFA is the native token of the decentralized AMM exchange name “LaFarm“.

What Is Xido Finance (XIDO) Used For?

Xido Finance will be used as a decentralized exchange that allows users to trade tokens and utilize various DeFi products such as farming and staking. The value proponents of the project lie within the ever-growing ecosystem and community.

The play-to-earn gaming sector is growing rapidly and is projected to be valued at $3.6 billion by 2028. Xido Finance is positioning itself in the innovative sector and therefore caters to many users whose interests are piqued by the sector.

Many platforms offer similar products to Xido Finance but the success of the Xido Finance project is reliant on how innovative the project will be, how many users it will attract, and a host of other factors. Most notably, XIDO is currently building on the BSC chain and will continue to build for the foreseeable future.

The DeFi space is relatively new and is still difficult to navigate and understand for most individuals in the crypto space. Xido Finance aims to simplify the complex concept and provide users with real value in its growing ecosystem.

Additionally, many individuals seek to capitalize on the price fluctuations of crypto assets. XIDO experiences daily price fluctuations, and many experienced arbitrage and swing traders seek to make a profit off this volatility.

Where To Buy Xido Finance (XIDO)

XIDO remains a relatively unknown cryptocurrency, and once more exchanges list XIDO tokens, the relevant exposure should help raise awareness about XIDO.

Currently, XIDO tokens can only be purchased on two exchanges: MEXC and XT.com.

Before purchasing XIDO tokens, you’ll need to deposit fiat onto a specific exchange, and following this, XIDO tokens are then credited to your XIDO digital wallet on the exchange.

The crypto exchanges below are the safest places where users can buy, sell and store crypto tokens.

Five of the most popular crypto exchanges in use are:

1. Binance
2. Coinbase
3. KuCoin
4. Gate.io
5. Crypto.com

Users purchasing any tokens on a centralized exchange need to understand the risks involved. Storing tokens on an exchange means that users don’t have access to their private keys, and if something were to happen to the exchange, their tokens could be lost.

The safest and most trusted way to store tokens is in a digital or hardware wallet. Multiple digital wallets are capable of safely storing XIDO tokens – the most popular and trusted digital wallet is MetaMask.

FAQs About Xido Finance (XIDO)

How long has Xido Finance (XIDO) existed?

Xido Finance launched in the third quarter of 2020. After its launch, it was listed on the Singaporean-based cryptocurrency exchange XT.COM and soared more than 1,100% in 30 days.

What’s controversial about Xido Finance (XIDO)?

It’s important to consider factual and logical information about projects. Do as much research as possible before investing in any project in the crypto industry.

Let’s take a look at the biggest controversy surrounding Xido Finance (XIDO).

• Competitive Play-to-Earn Sector – The play-to-earn sector is booming at the moment and there are an array of excellent projects that are gaining traction. Many of these projects have already built formidable followings and have an array of working products and platforms.

  It isn’t enough to have a website or large Twitter following anymore – the best projects in the space have well-established platforms that are already functioning. Xido Finance aims to become a dominant player in the P2E sector but it faces steep competition from the likes of Axie Infinity, Alien Worlds, Decentraland, and The Sandbox, to mention a few. The success of Xido Finance is heavily reliant on its ability to build valuable games that attract hundreds of thousands, if not millions of players.

  Additionally, the in-game economy and functionality will need to stand the test. The functionality of the NFT marketplace will need to be tested to see if it truly upholds the standard that Xido Finance has promised.

How many Xido Finance (XIDO) tokens are there?

At the time of writing, Xido Finance (XIDO) has a circulating supply of 28,314,463.00 XIDO.

The total supply of Xido Finance (XIDO) is 100,000,000.

Can Xido Finance (XIDO) be mined?

Xido Finance (XIDO) can’t be mined. The XIDO token is the protocol’s governance token and is not mineable. Additionally, there is a fixed supply of XIDO tokens, and these tokens have already been allocated accordingly.

However, it is possible to earn yields from DeFi products like staking, farming, and liquidity provision.

In the future, it may be possible to stake XIDO tokens on various centralized exchanges too.

What is the market cap of Xido Finance (XIDO)?

The market cap of Xido Finance (XIDO) is the total amount of coins in circulation multiplied by the current market price of XIDO.

Xido Finance (XIDO) Market Cap = 28,314,463.00 XIDO x $10.77 = $303 million (110th largest market cap).

Note that the market cap fluctuates according to circulating supply and market price.

Biggest Competitors Of Xido Finance (XIDO)

Xido Finance is a relatively new project that has performed well since its inception. However, it has positioned itself in a very competitive sector.

Xido Finance’s top competitors are:

• Pancakeswap (DEX)
• Uniswap (DEX)
• The Sandbox (P2E)
• Decentraland (P2E)
• Axie Infinity (P2E)
• Alien Worlds (P2E)

What Are The Future Plans For Xido Finance (XIDO)?

According to Xido Finance’s whitepaper, users can expect additional partnerships with more exchanges, the release of the P2E game “Gold Mine”, as well an NFT marketplace that will facilitate the trade of in-game assets.

Pros And Cons Of Xido Finance (XIDO)

Pros:

• Growing Ecosystem – The Xido Finance Ecosystem is growing rapidly and is set to include an NFT marketplace and a native P2E game with an innovative native currency called ”plant to earn”.
• Governance Token – XIDO token holders have voting rights and can exercise these rights when there are proposals or upgrades to the project.
• Low Token Supply – There are only 100,000,000 XIDO tokens. This number is very low compared to other cryptocurrencies – the low supply is indicative that XIDO tokens are more scarce than other cryptocurrencies. In turn, this could result in positive price action.

Cons:

• Unreleased P2E – Xido Finance has managed to establish a growing community of P2E enthusiasts, but the project has yet to release its P2E game. The success and functionality of their native game will play a crucial role in the project’s success.
• Relatively Unknown – The Xido Finance project remains largely unknown in the crypto space. This may be due to insufficient marketing or lack of appeal to retail and institutional investors.
• Restricted Trading – The XIDO token isn’t available on many exchanges. Currently, the XIDO token is only trading on MEXC and XT.COM.