🟑Phase 2: xXEN Bootstrapping Event

Phase 2 marks the debut of the Xena DAO governance token, xXEN. To achieve participation in the Xena DAO, Phase 2 introduces incentives to users who participate in the xXEN Bootstrapping Event. xXEN token holders will be given the power to partake in the platform's governance decisions and contribute to the Xena DAO, setting the stage for the more interactive Phase 3 Launch.

Phase 2: xXEN Bootstrapping Event

Phase 2 will be a rolling launch and will see the debut of the Xena governance token, xXEN.

Before we introduce the xXEN token, however, we will mark some changes to our incentive structure from Phase 1 to better align all users with the longer-term vision of Xena Finance.

New XLP Reward Structure

  • Existing Phase 1 XLP locks will no longer receive bonus XEN rewards unless they accompany a 30% equivalent in XEN-ETH LP, locked for 3 months. A β€˜migrate’ button will allow existing XLP lockers to migrate their XLP to a new farming contract to then provide the equivalent XEN-ETH LP.

Should the ratio of XLP: XEN-ETH LP fall below the required threshold, users will stop earning XEN rewards until they meet the minimum threshold again.

  • Migrated locked XLP will maintain the same unlock date.

  • Existing Phase 1 XLP locks who do not wish to provide additional XEN-ETH LP to earn XEN rewards will continue to receive standard XLP platform benefits and do not need to migrate their XLP.

  • New XLP Locks will earn XEN rewards if they lock an accompanying 30% equivalent in XEN-ETH LP for 3 months.

  • Existing XEN-ETH LP locks do not count towards new XLP lock rewards.

New XEN-ETH LP Rewards Structure

  • XEN-ETH LP staking will no longer be natively offered and will no longer receive XEN rewards. A β€˜migrate’ button will be provided, enabling users to lock their LP into the locking contract to continue earning XEN rewards if they wish to do so.

  • New and existing XEN-ETH LP locks will continue to receive XEN rewards.

XEN Rewards

  • All XEN rewards earned during this phase must be vested for 90 days.

  • Accumulated XEN rewards may be withdrawn early, resulting in a 25–90% penalty scaling linearly with elapsed time.

To ensure users have adequate time to transition to the new incentive structure, the xXEN token launch will follow shortly after. Other reward mechanisms will also be announced as the Phase 2 event unfolds.

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