What Is xToken (XTK)?

xToken (XTK) is a decentralized platform for simple yet efficient staking and liquidity strategies. On the xToken platform, users can create wrapped xAssets which users can use to participate in many investment strategies. Wrapped tokens are the digital assets that allow one network to use another network's coins for transaction purposes. In simple terms, the xToken is a wrapper token platform.

Running on Ethereum, the xToken project aims to create ERC-20 based wrapper tokens for staking, governance, and liquidity strategies. As per the whitepaper, the project aims to simplify complex staking and provide a short-term currency flow to the users during financial distress. For this, the xToken platform seeks to create tokenized strategies that maximize user yield, eliminate management stress, and maintain liquidity. Moreover, the xToken platform intends to interconnect its users with the DeFi ecosystem.

xToken is a smart contract that focuses on the lending protocol. The platform aims to prevent manipulation, economic-financial attacks, consensus failure, and loss of users' stake by theft. The other features the platform aims to offer are:

• Generating same returns as compared to direct staking.

• A set-and-forget platform with no management, monitoring, and expectations on the users.

• Helping users to get elevated compound returns through claim fees and rewards.

• Tax benefits by removing the claim-and-reinvest process.

• Transferring yield-generating assets from wallet to wallet, trading on DEX, or using the platform as collateral. Going forward, xToken aims to launch xKNC and xSNX assets. Partnering with Kyber protocol, xKNC seeks to be one of the first tokens launched on the xToken platform. The projects aim to launch xKNC as a governance token and an efficient staking solution that allows users to participate fully in a clear KNC investment plan. Meanwhile, the platform seeks xSNX to be a wrapped token that helps users save time and have a low-end expenditure.

History of xToken (XTK)

Michael J. Cohen is the founder of the xToken project. Since December 1, 2021, the xToken project has been live with a maximum total supply of 1 billion XTK tokens.