xTAO June 2021 — Summary

Friction Finance
2 min readJun 19, 2021


$PIT Lootbox Updates

Our first NFT lootbox lottery on xTAO has concluded and we are very excited with the participation in this event.

  • ~1700 lootboxes purchased and opened at a cost of 50 xTAO each
  • 46,672 xTAO in grand prize pool
  • 2 winners managed to collect all the $PIT NFT’s
  • Over 10k xTAO was burned from lottery interactions

xTAO Buyback & Burn

The non-xTAO LP farms have a 3% deposit fee that is used to buyback and burn xTAO.

Last week, the LP farm fee wallet has bought and burned 321,000 xTAO (~6% of total circulating supply).

Burn 1

Burn 2

Decentralized, open-source development

The xTAO token and staking contracts were complete at launch and are audited. There are currently volunteers running the social channels along with moderating the community telegram. Community members are welcome to help contribute towards the development of xTAO via our public Github.

PR’s are welcomed and we will be creating a snapshot voting poll for development bounties in the future.

Contribute to the xTAO Landing Page

Looking forward to the future of xTAO

The xTAO token contract will exist for as long as BSC exists, the reflect mechanisms in the token contract rely on volume to help drive the tokenomics. All community members are encouraged to help build around xTAO by incorporating the xTAO token in dApps. There is 1.7mm locked xTAO dedicated towards grants and bounties for users who build and incorporate xTAO.

Some of our mods and community members have been in talks with potential partners for future NFT lottery lootboxes and ways to add more gamification to the contracts. We are also exploring adding new LP farms and pools.

In an effort to push further decentralisation, we will be allowing community members to submit proposals to the snapshot voting page for xTAO holders to vote on initiatives and ideas.

Submit snapshot proposals

Looking forward to seeing you all the community telegram :)