🪙xFLASH Token

Tokenomics

• Name: FLASHPAD ESCROWED TOKEN

• Ticker: xFLASH

xFLASH represents a governance token tied to staked $FLASH, and it holds a non-transferable status. This token is locked in escrow and can be acquired through yield-generating staked positions (spNFTs) or by directly converting $FLASH.

How to use?

xFLASH is characterized by its illiquidity and non-transferable nature; however, it finds utility and will have future potential on authorized (whitelisted) contracts for expanded use cases.

• Allocation Mechanism: Users possess the freedom to allocate their available xFLASH to any plugin of their choice, thereby accessing the associated benefits. While xFLASH is allocated and subsequently held in the token contract, its utilization for other purposes is restricted.

• Deallocating Allocated xFLASH: Deallocating xFLASH that has been allocated involves withdrawing the designated amount back into the owner's wallet. Please note that a standard fee of 0.5% is applicable to the deallocation process.

• Limited Transferability: xFLASH's default state is non-transferable, except for transactions involving whitelisted addresses. This framework ensures essential interactions such as allocations and redemption through the token contract, as well as enabling potential collaborations with partners' specific implementations and additional usages.

Conversion and Redeeming

$FLASH and $xFLASH are interconvertible; however, the conversion process varies based on the direction chosen.

Conversion $FLASH to $xFLASH: The conversion from $FLASH to $xFLASH is a straightforward process, allowing for instant conversion at a fixed ratio of 1:1. This means that for every unit of $FLASH, an equivalent unit of $xFLASH is obtained.

Redemption: $XFLASH to $FLASH: The redemption process involves converting $xFLASH back to $FLASH with a vesting mechanism. Users can select the vesting duration, impacting the conversion ratio as follows:

• A minimum vesting duration of 15 days yields a ratio of 1:0.5.

• A maximum vesting duration of 6 months provides a 1:1 ratio.

Should the chosen vesting duration result in a ratio below 1:1, any excess unclaimed $FLASH is burned.

Dividends Allocation during Redemption: Upon redemption, $xFLASH is automatically allocated to the dividends plugin, equivalent to 50% of its value. For example, redeeming 1000 $xFLASH leads to dividends as though 500 $xFLASH were allocated to the Dividends plugin. This allocation ceases upon the completion of the vesting duration.

Cancellation of Redemption: Users possess the liberty to halt the redemption process at any point. Canceling redemption before its conclusion results in a full voiding of the process. Users regain the entirety of the redeeming $xFLASH amount, with no corresponding $FLASH.