his year was without a doubt the year of Decentralized Finance. The DeFi crypto space boomed and led to the creation of many projects, from the most exciting ones to some being quite amateurish. For the last six months, we have been given exclusive behind the scenes access to a new DeFi project that is both extremely serious and ambitious. Called XPocket, this new startup aims to simplify the DeFi experience and bring it to the mass. In this article, we will talk about the project that aims to disrupt the DeFi space as we know today.
XPocket is a completely decentralized mobile wallet app for digital currencies. The design of the app, not yet released, is very smooth, and while similar to the crypto lending Celsius Network app, it is more user-friendly, with some nice built-in details. The app offers four primary features, which are very interesting and innovative:
- PocketSwap (Multi-Blockchain Decentralized Exchange)
- Yield Farming (Provide Liquidity to PocketSwap and earn from trade fees)
- Ability to store different kinds of collectibles, art & NFTs within the wallet
- Ability to buy crypto with credit or debit card, without leaving the app
Problem & Solution
When it comes to centralized exchanges, there’s a constant and a considerable risk of exchanges being hacked. The problem with centralized exchanges is that, as soon as you deposit your funds into the exchange wallet, you're basically losing control over your own assets.
Hackers may get the private keys to access all the funds of the users, and you could lose all of your deposit. We’ve all been witnesses of several such incidents in the past, and centralized exchanges put a lot of effort into making themselves more secure for their clients. On the other hand, with a decentralized exchange, there’s no risk of hacking and losing one’s funds due to such activities.
Decentralized Exchanges are bringing full control into people’s hands.
This is another prominent reason why decentralized exchanges are becoming extremely popular.
This year (2020), the crypto DeFi platform Uniswap has become the leader in the space. Millions of members use it on a daily basis in order to swap crypto the easy way. But is it really easy? Users have to connect their wallet (often MetaMask) and then ensure they have enough Ethereum coins in order to pay for the (often ridiculously high) transaction fees referred to as gas fees.
On top of that, Uniswap only let you swap between ERC-20 based tokens. While Uniswap significantly raised the bar for swapping crypto, it is not yet the simplest way that could be used by the mass. Because of that, a lot of people are avoiding it and starting to look for alternatives.
PocketSwap is an Ethereum-based exchange protocol that allows users to trustlessly swap their tokens and coins across multiple blockchains.
PocketSwap pools tokens into smart contracts and users trade against these liquidity pools. It obviates the need for trusted intermediaries, prioritizing decentralization, transparency, and security. In general, a 0.3% fee is taken by the pool contract on every transaction/trade on PocketSwap.
And, 0.25% of this fee is divided between the liquidity providers proportionally to their share.
For example, if a user provides 50% of the pool’s liquidity, he will earn 50% of the collected fee.
The remaining 0.05% of the fee will go towards the top 150 XPocket token holders.
Token swaps are highly secure since they do not require funds to be held on the exchange.
PocketSwap web version is coming in the Q1-Q2 2021.
Saying this, PocketSwap definitely has a slight edge over Uniswap, but when it comes to liquidity & volume, it will be a tough task for the XPocket team to surpass Uniswap.
Liquidity providers (yield farmers) provide assets to the PocketSwap liquidity pools. In the return, they are compensated with a portion of the swap fees as a reward for their contribution. In general, a 0.3% fee is taken by the pool contract on every transaction/trade on PocketSwap. And, 0.25% of this fee is divided between the liquidity providers proportionally to their share. For example, if a user provides 50% of the pool’s liquidity, he will earn 50% of the collected fee. The remaining 0.05% of the fee will go towards the top 150 XPocket token holders. Technical parts will be released soon, as stated in the XPocket whitepaper.
Crypto collectibles are non-fungible digital assets (NFTs) which are mostly either unique or limited in quantity. The ownership and any transfer of the ownership are recorded and managed publicly using blockchain technology. Usually, crypto-collectibles are represented as real-life objects such as pets or avatars. (Famous example — CryptoKitties)
What does ‘’fungible’’ mean?
Fungible applies to things that can be easily replaced by another of equal value. For example, you can trade a twenty-dollar bill for ten and two fives.
Non-Fungible items, however, can be classed as unique and special — they’re not easily replaced. For example, we live in a non-fungible world.
XPocket users have the ability to store different kinds of collectibles, art & NFTs in one place, within the app. Starting from pets to badges or digital cards.
What I found interesting is that there will be a little surprise for the investors that participated in the XPocket fundraising. And that the team will create the limited edition of XPocket collectibles which will be sold on the open market, all revenue from the sales will be used to buy and burn POCKET.
Buy Crypto with Credit or Debit cards
XPocket users will have the ability to buy different cryptocurrencies without leaving the app. This feature is coming in Q2 2021, according to the official roadmap.
The exact dates are still unknown, so far we can only see the rough predictions, and from what we can see, the future will be very exciting for both XPocket team & the community. The XPocket team said that they will update the roadmap very soon with more precise information.
The XPocket ecosystem is powered by the Ethereum based token called POCKET token. POCKET token is the fuel of PocketSwap and Yield Farming. Top 150 XPocket token holders will earn 0.05% from the trade fees on PocketSwap.
Total Supply: 50,000,000
Contract address: (soon)
POCKET Token distribution:
As we can see from the token distribution chart above, most of the tokens in the team hands will be instantly time-locked. The exact info on lock periods:
- 55% Token Sale
(All remaining tokens after the presale will be burned, if there are any left)
- 25% Further App developments, Marketing, Exchange listings
(50% of the supply allocated for such purposes will be locked until the official app launch. The other 50% will be unlocked in Q2 2021)
- 10% Uniswap & PocketSwap Liqudity
(Around 5 million POCKET token will be instantly locked on Uniswap.org, once the PocketSwap goes live, the team will migrate the liqudity to PocketSwap-XPocket team states that they can not guarantee that exactly 10% of the supply will be immediately locked on Uniswap, it is worth mentioning since we can see it in their whitepaper)
- 10% The Team
(5 Million POCKET tokens will be spread between the team members, according to their position. 100% of the supply allocated for the team will be instantly locked. The supply will get unlocked in every quarter of the year 2021 — January 25%, April 25%, July 25%, October 25%)
XPocket team is based in Belgrade, Serbia. Their team consists of a great network of designers, developers, marketing professionals, advisors, and community managers located all around the world. According to Celsius Telegram group and the XPocket team LinkedIn, part of the team is associated with the Celsius.Network, leading crypto lending platform. (Top 25 crypto projects in the world)
LinkedIn Team links:
Founder & CEO:
Community Manager Lead:
As stated above — Founder & CEO and Lead Community Manager are associated with Celsius. We’ve done the research and we can confirm such claims. Note that Celsius as a company is not behind XPocket, two of their employees are.
Link to their official site: https://xpocket.finance
Stay tuned for the launch of the project, which we'll make sure to cover.