CSO Follow Up Report
Warmest Greetings, CrossFi family!
We are immensely delighted to announce another outstanding successful entry to the CSO collection.
If you have been a partaker of the Cross Swap Opportunity (CSO) trend, you must know about the giant successess that have been recorded in each round.
After the Round #6 of the CSO event which held on 10 August, 2022, leading to the total distribution of 960 Filecoins, we are filled with pride and gladness to announce that CSO Round #7 was an incredible push-through. The event which took place yesterday being 10 November, 2022, at exactly 20:00 (UTC+8 Singapore Time) oversaw the total distribution of 908 Filecoins.
Here are the statistical recordings from CSO #7:
A total of 908 FILs (Filecoins) were stipulated for the event and they were all distributed. A cumulative summation of Limit- 227 FILs and Unlimit-681 FILs
· A total of 224,327 CRFIs were burned
· The Limit swap exchanged 52,034 CRFIs
· The Unlimit swap exchanged 156,630 CRFIs
· The burned CRFIs included 15,663 CRFIs charged as Participation Fee in the Unlimit swap
· The Swap Ratio set immediately before the event was 230:1
Verification of the CRFI burn can be done at these incineration addresses:
All 908 FILs in the pool were utilized. Had it been the event was in anyway less successful and consequently gathered unclaimed Filecoins, the remainders would be compounded into the pool for CSO #8, therefore an entirely new pool will be created for the coming round.
Notably, the swap pool was sponsored by 5% of revenue generated by CrossFi Borrow. This means that the higher the popularity of CrossFi Borrow, the bigger the Filecoin pool for the next CrossFi Swap Opportunity. CrossFi is a built-in feature of CrossFi DApp that allows users to borrow cFIL (Filecoin) using sFIL as collateral. You can learn more about the feature here.
Please refer to the CrossFI Whitepaper for details on what CrossFi Swap Opportunity (CSO) entails: How Does CSO Work?
We prolly hope you enjoyed and gathered profits from the 7th CSO event. More opportunities are on the way. Stay tuned.
CrossFi is a cross-chain protocol that provides liquidity for Filecoin staking and rewards.
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