SheepDex Airdrop Event comes to an end and SPC will usher global boom

SheepDex Airdrop Event came to a successful conclusion. It’s been quite a journey. Since the airdrop was announced, SheepDex has gone from virtually unknown to hundreds of thousands of users worldwide. Many outstanding people joined SheepDex community and SheepDex will invite users to participate in beta test and community activities to improve the quality of the project. 

To every one of you: Thank you! The first airdrop chapter comes to en end and we sincerely hope that we can satisfy all of you with a well-deserved SPC. The end of this chapter marks the beginning of a new journey. Please contribute to SheepDex’s mission of providing financial freedom by joining the test network running node.

SheepDex first phase Airdrop has been successfully concluded. The success of this event has exceeded our expectations. Thank you very much for your participation. According to the rule， the first 1,000 users will share the SPC token rewards worth 10,000 USDT, and we will also reward the following participants due to your enthusiasm, every eligible participant can get SPC token rewards. All rewards will distribute after SheepDex mainnet go live.

We also collected a lot of questions during the airdrop. As we collected too many questions to answer all of them, we will answer some of the most popular questions in this article.

1. When will the airdrop rewards SPC token be distributed?

The first phase airdrop rewards will be distributed after SheepDex mainnet go live. All participating users should follow SheepDex Twitter (https://twitter.com/SheepDex) and Telegram (https://t.me/SheepDex).

2. When will SheepDex mainnet go live?

SheepDex has entered the audit phases now, if you want to check the audit progress, please visit CertiK official website and search ‘SheepDex’ or click the link https://www.certik.org/projects/sheepdex to check.

3. What is SheepDex?

SheepDex is a BSC-based protocol designed to facilitate automatic exchange transactions between BNB and BRC20 token digital assets. SheepDex is designed for ease of use, high capital utilization, censorship resistance and high times contract trading.

Up to now, PancakeSwap on BSC (Binance Smart Chain) has 10 Billion USD TVL (Total Value Locked) and 24-hour transaction volume is 640 Million USD. In contrast, UniSwap V3 has 2.1 Billion USD TVL and 24-hour transaction volume is 800 Million USD. From the comparison of TVL and transaction volume, UniSwap V3 provides inter-regional liquidity supply which greatly improves the efficiency of capital use.

So what SheepDex first do is to bring range liquidity supply to BSC, which will greatly improve the capital utilization rate and increase the trading volume on BSC. Moreover, the overall APR on BSC can be improved due to the increased transaction volume.

Secondly, SheepDex will optimize the supply of range liquidity, providing the LP staking to get token rewards, so that users can get more liquidity incentives.

SheepDex will then dig deeper into derivatives. Perpetual contracts without funding rates are already being tested. It is well known that perpetual contracts have funding rates, which is charged every 8 hours according to the long-short ratio. The adoption of the funding rate is an innovation in the blockchain industry. Because of the existence of funding rates, it has created a derivatives market that will never be delivered but the price can anchor the spot. Funding rate is mainly used to ensure that the contract price is consistent with the spot price. When the contract price is higher or lower than the spot price, as the price deviates, the long-to-short ratio becomes unbalanced, and the funding rate will continue to erode the user’s funds. Through this mechanism, the accuracy of the price is guaranteed. In addition, because of the existence of the fund rate, when the price rises or falls, there will be more funds entering into SheepDex to earn the fund rate, thus providing better liquidity.

SheepDex will open the oracle machine to adjust the price. When the price deviates from the spot price, the user can open long or short, and call the oracle machine to pull the price back to the current price for arbitrage. Through the oracle machine, SheepDex can adjust the price to make the never-deliverable contract price consistent with the spot price. The advantage of it is no funding rate is required, and more users can enjoy the growth of the industry. It can enable a large number of users who are optimistic about the long-term development of the blockchain to buy long-term bullishness at lower cost.

The development of DEX (Decentralized Exchange) is still a long way from the level of centralized exchanges, and SheepDex can accelerate this process.

SheepDex Website: https://Sheepdex.org 

SheepDex Twitter: https://twitter.com/SheepDex

SheepDex Telegram: https://t.me/SheepDex