The crypto asset of the decentralized finance (DeFi) platform launched on Binance Smart Chain (BSC) is surging even when the broader markets are stagnant.
Xido Finance (XIDO) is an automated market maker (AMM) with limited supply of 100,000,000 XIDO tokens that offers yield-farming incentives to liquidity providers. According to the whitepaper of the
AMM project,
“XIDO Finance is a decentralized AMM with yield farming incentives, mint-free and unique token distribution design. XIDO Finance is powered by the XIDO token, which adds a management layer and powers self-sustaining pools and farms without issuing a new token.”
The project kicked off in the third quarter of 2020 when the XIDO token was launched last June and peaked at $481 before making a massive correction. Xido Finance says its goal is to “enable the creation of a completely transparent, community-owned and open-source oracle platform.”
Xido recently announced that its native token is available on the PancakeSwap (CAKE) exchange with the Binance Coin (BNB) pair. Xido Finance had been trading sideways for months before rising rapidly in a few days starting March 3rd.
Altcoin has nearly tripled from $5.57 to over $15 in 48 hours. The cryptocurrency has gained 160% in the last 7 days. XIDO was trading at $15.03 at the time of writing. XIDO ranks 159th by market cap.
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