Update 1: 08/05/2023
Gam3Swap is opened for $XED deposits
Gam3Swap is already live on Exeedme Platform.
Exeedme and the Gam3Stakers have already provided the initial liquidity to the pool.
The Game Miners stake of 400 $XED was converted into 1600DMD and 200 $XED and added to the liquidity pool. It was considered an initial rate of 0.08$ for $XED based on Uniswap v2 rate on May5th at 24.00 UTC.
From now on, $XED deposits are open only on the Ethereum network, which is the only network supported by the third-party regulated custodian.
Conversion, Trading and Add/Remove Liquidity features will be opened at 8pm UTC.
Update 2: 08/05/2023
Gam3Swap is live for XED/DMD trade
All the features of conversion, trade and add/remove liquidity are now open!
Find them here.
One of the goals of Exeedme 2.0 is to ensure web2 natives can enjoy their competitive gaming experience before they even consider bridging to the web3 world. Diamonds, the new soft token, allow gamers to enjoy rewards from competitions in a centralized environment with easy conversion to Playstation, Steam, Netflix, Nike and other IRL items and web2 rewards they know very well… but Gam3swap is the tool that help them convert their hard-earned Diamonds to web3 items!
Gam3swap, allows you to easily trade your hard-earned DIAMONDS for the $XED tokens, or vice versa.
II. Explain it me like I am playing a RPG
Imagine a busy in-game marketplace, where players can exchange valuable tokens just like swapping items such as resources or weapons in your favorite MMORPG.
In Gam3Swap, you can easily trade your hard-earned DIAMONDs for the elusive XED tokens, or vice versa, without having to search for a trading partner or negotiate over prices, as you would in a traditional player-to-player market.
Our NPC (Non Playable Character) shopkeeper, “SwapMaster,” serves as the central figure of Gam3Swap. SwapMaster is always ready to facilitate your trades, using a dynamic price formula based on the number of tokens available in the market (aka liquidity pool). The more gamers trade, the more the price adapts to maintain a balanced market, just like the shopkeeper updating item prices in your favorite game world.
As a bonus, you can even join our “Gam3Staker’’ program, where you contribute XED and DIAMOND tokens to the liquidity pool and receive DMD/XED tokens in return. It’s like lending items to the shopkeeper to grow their inventory and being rewarded with an exclusive item for your contribution that you can redeem later on and earn a share of the fees earned by the shopkeeper.
With Gam3Swap, we bring the familiar gaming experience of trading items and resources to the platform, making it easy and accessible for gamers to exchange their tokens and items in the exciting Exeedme ecosystem.
III. The XED, DIAMOND and DMD/XED Tokens
There are 3 different tokens that are an integral part of how Gam3Swap works. So let’s explore each one:
- DIAMOND is a soft token, meaning it can only be used in Exeedme platform. You can earn it through participation in gaming competitions and other activities without the hassle of needing a non-custodial wallet, private keys or/and without exposure to volatility. You can use it to enter paid competitions, to buy gift cards on the marketplace, to convert it to $XED and to provide liquidity to Gam3Swap in conjunction with $XED and become a Gam3Staker;
- XED is your entry door to Exeedme ecosystem and it can only be purchased in a centralized exchange, a decentralized exchange or on Gam3Swap by converting Diamonds. XED is your pass to the web3 gaming world and to everything new that is being built on Exeedme Ecosystem;
- XED/DMD is a Liquidity Pool token that represents your share of the liquidity pool of XED and DIAMOND on Gam3Swap.The liquidity pool is what facilitates the trading between XED and DIAMOND. When you contribute XED and DIAMOND to the liquidity pool, you receive liquidity pool tokens in return. These tokens serve as proof of your contribution and can be redeemed later to reclaim your share of the tokens in the pool, along with fees earned for providing liquidity. 1.5% of all the fees generated on Gam3Swap goes to the Liquidity Provider;
IV. Understanding Centralized AMMs
- Gam3Swap is what is commonly known as an Automated Market Maker (AMM) which is a platform that uses algorithms and liquidity pools to facilitate token exchanges without traditional order books. Price determination relies on a formula considering the assets’ ratio in the pool. Our formula is:
XED pool size * DIAMOND pool size = constant_product
- AMMs can experience slippage when asset prices change significantly during a trade due to large orders or low liquidity. Gam3Swap is a centralized AMM to offer better control, faster transactions, and enhanced security to web2 natives and moreover to help gamers understand some of the web3 primitives and contribute to help them bridge to web3 native products, namely Decentralized exchanges.
V. Liquidity Provision and DMD/XED Tokens
Liquidity provision is crucial for the smooth functioning of Gam3Swap or any AMM, as it ensures that users can easily execute trades at a fair market price. It reduces price volatility, enhances market efficiency, and promotes confidence in the trading ecosystem. Everyone can become a liquidity provider, and get DMD/XED Liquidity Pool tokens by contributing both XED and DIAMOND tokens to the platform’s liquidity pool. DMD/XED tokens represent your share of the pool and the associated rewards. Additionally, you may be able in the future to multiply your gaming earnings and participate in exclusive competitions, platform features and benefits, further enhancing the value of holding Liquidity Pool Tokens.
Providing liquidity comes with risks and rewards. The rewards include earning a share of the transaction fees from Gam3Swap. However, risks involve potential impermanent loss, which occurs when the price ratio of the tokens in the pool changes compared to when you initially provided liquidity. We provide a link where you can get more information.
VI. Roadmap for Launch
Today we are announcing for the first time Gam3Swap and we are counting on your feedback. There will be 3 phases for the Launch:
1. Community consultation: from today until the 30th April we will be on Discord and Telegram to clear any doubts and questions that will naturally arise.
2. Initial Liquidity for Gam3Stakers: From 28th April until 7th May, only Game Miners will be able to convert their 400 $XED into DMD/XED straight away at a fixed price to be defined on 5th May at 24h UTC based on $XED price on Uniswap v2. Moreover, to celebrate the fact that Game Miners have supported $XED since the beginning, they will get a 10% boost in earnings on all the eligible competitions (both in DIAMONDS and USDT)
3. Start trading of Gam3Swap: On 8th May, Gam3Swap will open its doors allowing anyone registered on Exeedme to trade the pair DMD/XEDand add liquidity.
VII. Frequently Asked Questions (FAQ)
Will the Diamonds value of products in the Marketplace change?
The gift cards on the Marketplace are provided by a third-party provider so there could be some small changes based on currency fluctuations and on the fees charged.
Can I convert XED into other currencies and Withdraw?
Currently you can only convert XED to DIAMOND and vice-versa. You can withdraw your XED in Ethereum network at any time for a non-custodial wallet or custodial wallet. We will be working with our custodian provider to ensure more blockchains and potentially new coins.
Can I convert Diamonds to USDT or only XED?
Only $XED. However, if you withdraw XED you can then convert it to USDT on any centralized or decentralized exchange that supports $XED.
Can I transfer Diamonds to a friend?
No. Diamonds are non-transferable.
What are the benefits for $XED holders?
$XED holders will get a new use case which is the possibility of indirectly converting their $XED to Gaming gear, Playstation Store credits, Steam credits, Nike shoes or even fuel in some countries. Additionally, by combining $XED with DIAMONDS and adding liquidity to Gam3Swap, whenever someone trades, 1.5% fee will be distributed proportionally to you. The team is also working on additional perks. This is just another step in the evolution of $XED which is planned to evolve fast during 2023.
How will the Game Mining work on Exeedme 2.0?
Game mining will be discontinued as it exists but Game Miners can become Gam3 Stakers and besides earning 1.5% of the fees on Gam3Swap, they will get a 10% boost on all the earnings they get in Exeedme Platform’s competitions.
Why isn’t XED the main token in the platform and Diamonds took place?
$XED is an ERC20 token that lives on the blockchain and can be tradable by anyone which has immense use cases and potential but also exposes it to huge volatile fluctuations of value which could make it difficult the perceived value to trade it for other gaming items. With Diamond we give the option to the gamers: the can either keep the Diamonds that offer a more stable value when used in the marketplace or they can keep in $XED.
What are Gam3Swap fees and how are they charged and distributed?
Gam3swap charges 3% on every transaction with 1.5% going to Exeedme and 1.5% going to all liquidity providers and added to the pool. When you remove the liquidity you will also get all the fees.
In conclusion, Gam3Swap offers a unique trading experience tailored to the gaming community, in a familiar, in-game marketplace-like environment. By empowering gamers to become liquidity providers and earn rewards through the Liquidity Pool Tokens, Gam3Swap seamlessly integrates the worlds of gaming and cryptocurrency trading. We encourage gamers to explore and engage with this innovative platform to unlock new opportunities, expand their digital asset portfolios, and become an essential part of the thriving Exeedme ecosystem. Experience a new level of trading designed specifically for gamers with Gam3Swap