TL;DR
- Open Airdrop : XAND token airdrop is available for users since October 29th.
- Liquid Staking : A liquid staking program is introduced that offers significant rewards.
- Storage Innovation : Xandeum will launch a storage layer to facilitate decentralized applications on Solana.
Xandeum, an innovative Solana-based storage scaling project, has confirmed the launch of its XAND token and a liquid staking (LST) program that promises to revolutionize interaction within its ecosystem.
This announcement was made on October 29, 2024, and since then, cryptocurrency enthusiasts have been eager to participate in this new initiative.
So excited to announce that the XAND Airdrop #1 is open NOW. Check and/or claim your alllocation at https://t.co/4lsluGymo9 . Keep in mind claiming might be a taxable event in certain jurisdictions, so check with your tax advisor. pic.twitter.com/t9tkTWeEve
— Xandeum (@XandeumNetwork) October 28, 2024
According to information disclosed by Finbold, the token launch will take place at 16:00 UTC, and it is already supported by several centralized and decentralized exchanges, such as Raydium and MEXC.
One of the highlights of this launch is the airdrop of 60 million XAND tokens that will be distributed among eligible users.
This airdrop not only gives participants the opportunity to receive tokens for free, but will also allow them to immediately integrate into the Xandeum ecosystem.
Additionally, the new token will offer considerable utility thanks to its integration into the DAO governance system, meaning that XAND holders will be able to influence important decisions within the project.
Users staking Solana (SOL) in the new liquid staking system will benefit from a tenfold increase in XAND rewards during an initial phase called “hyperdrive.”
This phase will remain active until the staking pool reaches 30,000 SOL, representing a unique opportunity for early adopters.
Additionally, this program marks a milestone for the Solana network by offering a multi-validator liquid staking token that will automatically distribute block rewards, expanding earning possibilities for participants.
Innovations in Decentralized Storage
Xandeum’s storage layer aims to support Solana’s decentralized applications (dApps) by facilitating the management of large volumes of data.
This technology is critical to enabling dApps to perform data-intensive tasks, promoting the integration of data-rich Web2 applications within decentralized Web3 frameworks.
Among the project’s initiatives is “Xandipedia,” a decentralized version of Wikipedia that will serve as a proof-of-concept for the new storage layer’s capabilities.
The architecture of this layer connects directly to Solana‘s remote procedure call (RPC) nodes, delegating data management to a decentralized network of storage provider nodes (pNodes), which will be overseen by Solana validator nodes.
This approach ensures fast and virtually unlimited query storage for Solana dApps, while maintaining decentralization and expanding the potential of the SOL ecosystem.
With these innovations, Xandeum positions itself as a key player in the cryptocurrency space, offering solutions that not only benefit its users but also drive the development of the Solana ecosystem as a whole.
As the launch of the XAND token and its liquid staking program progresses, the crypto community is expected to closely follow the developments of this promising project.