A decentralized finance (DeFi) crypto asset that launched on the Binance Smart Chain (BSC) is surging even as the broader markets trade sideways.
Xido Finance (XIDO) is an automated market maker (AMM) with a capped supply of 100,000,000 XIDO tokens that offers yield-farming incentives to liquidity providers.
According to the AMM project’s whitepaper,
“XIDO Finance is a decentralized AMM with yield farming incentives, no mints, and a unique token distribution design.
XIDO Finance is powered by XIDO token which adds a governance layer and powers the self-sustaining pools and farms without ever minting a new token.”
The project began back in the third quarter of 2020, with the XIDO token launching last June and peaking at $481 before correcting heavily.
Xido Finance says its goal is to “drive the creation of a fully transparent, community-owned, and open-source oracle platform.”
Xido recently tweeted out that its native token was available on the PancakeSwap (CAKE) exchange in the Binance Coin (BNB) trading pair.
$XIDO Padcakeswap Listing @UniswapProtocol
Pair: XIDO/BNB@XidoFinance @BNBCHAIN @PancakeSwap pic.twitter.com/MWsrK6S0dv— xido.finance (@XidoFinance) February 27, 2022
Xido Finance had been trading flat for months before vaulting up in several steps starting on March 3rd.
The altcoin has nearly tripled in value, going from $5.57 to over $15 in 48 hours. XIDO remains priced at $15.00 at time of writing.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Quardia/Natalia Siiatovskaia
