January 16, 2020 Hira Tariq

Case Study: XIO Token Swap

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BOMB:

On January 15th the world’s first self-destructing currency ‘BOMB’ was launched. BOMB is an ERC20 token made on the Ethereum consensus network. Only 1 million BOMB was created to test the feasibility of a hyper deflationary token, by the XIO Network. Every time a BOMB is transferred, 1% gets destroyed. There was no ICO for the BOMB, no external investment was taken. Moreover, there won’t be any newly created BOMB tokens in future.

XIO NETWORK:

On July 16th, XIO a decentralized Blockchain startup network was launched to help other Blockchain projects to do the same. XIO introduced XIO standard which was completely different from the ICO standard. XIO, unlike ICO, is based on the idea that we let the market decide what your idea is worth. First introduce your product’s POC to the market, build the product and then raise the capital.
BOMBX token was introduced and airdropped to BOMB token holders at a ratio of 1:25. Also, read XORD partners with BOMBX to start a new journey!

XIO vs ICO

XIO vs ICO

The Problem:

As BOMBX were distributed to all the BOMB holders, now in order to get the correct amount of circulating BOMBX tokens and to get rid of dead wallets. XIO wanted to swap BOMBX tokens with XIO Network (XIO) tokens.

The Solution:

Our team at XORD came up with a solution to enable ERC20: ERC20 token swap. We built a web application, XIO Token Swap, that can help swap BOMBX for XIO tokens. After some issues, we redesigned the architecture and made it possible to make ER20: ERC20 swap bridge. XIO token swap enables the users to swap ERC20 tokens on the Ethereum Blockchain network.

How It Works:

Step 1: The users have to enter their receiving address. This address will receive the swapped tokens for the users.

BombX Swap XIO

Step 2: After this, a wallet address will generate, and the users will send their BOMBX tokens to that address.

BOMBX This will initiate the transfer of XIO tokens to the receiving address.

BOMBX

Results and Stats:

To conclude, BOMBX token was introduced and airdropped to BOMB token holders at a ratio of 1:25.
BOMBX tokens had over 2750 holders, and XIO holders were 0.
After we built the XIO Swap, there were 13 million swaps recorded out of the 25 million supply, and XIO holders are now 850.
Each XIO token is of $0.009 and $117000 worth of XIO tokens were swapped from the XIO Token Swap bridge.

 

How Did Users Benefit?

The BOMBX token was soon going to discontinue, hence our solution to XIO’s problem saved over 13 million users’ tokens by swapping.

Xord can help you build a Blockchain project, connect with us now and get started! Link: https://xord.one/contact/


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