CSO (CrossFi Swap Opportunity)
The CSO is a great way to experience the liquidity of CrossFi by swapping to Filecoins and burning your CRFI.
CSO is an opportunity for CRFI (CrossFi Token) holders where they can swap CRFI to cFIL for good profits. cFIL is a 1:1 pegged synthetic FIL (Filecoin). CSO has been added to the CrossFi DApp (dapp.crossfimain.com) as a regular feature. It will be launched as a 1-day-only event for the first time on September 9th 2021, and thereafter, more such 1-day-only events will be regularly organized.
CSO is a great chance for you to experience the liquidity and profitability of investing in CrossFi. So just open the DApp and Swap!
The allocated cFIL pool for the event has been sponsored by 10% of the total revenue generated via CrossFi Borrow, a feature that we launched recently on 2nd September, 2021.
The exact number of cFIL (Filecoin), the Pool Capacity, maximum participation amount per person and the CRFI to cFIL Swap Ratio will be announced through the official CrossFi Twitter account and the official CrossFi Telegram group approximately 30 minutes before the start of the event. The Swap Ratio will be determined by the market price at that time.
When the event timer ends, the swap will be automatically terminated. Any deposited CRFI that is not swapped will be returned to the user. If there happens to be any unused cFIL in the pool at the end of the first CSO, the amount will be carried over to the next CSO, to be announced at a later date.
1. Initiate - Initiate the exchange, enter the exchange amount, and confirm with the wallet.
2. View - Wait for the event to end and check the redemption results.
3. Extract - Withdraw the converted assets.
This option has a maximum amount of CRFI that can be swapped per user but there will be no Participation Fee.
You start with 2,000 CRFI
Swap Ratio is 20 CRFI:1 cFIL
Total CRFI Deposited on the Platform is 40,000
Swap Pool has 1,000 cFIL
Amount of cFIL Swapped = Your CRFI Participation Percentage * Swap Pool
i.e., Amount of cFIL Swapped = (Your Deposited CRFI / Total CRFI Deposited on the Platform) * Swap Pool
i.e. Amount of cFIL Swapped = (2,000 / 40,000) * 1,000 = 50 cFIL
And Amount of CRFI Used = Amount of cFIL Swapped * Swap Ratio
i.e. Amount of CRFI Used = 50 * 20 = 1,000 CRFI
So, you can withdraw 50 cFIL and the remaining 1,000 CRFI
What is Unlimited Exchange?
This option has no limits on the amount of CRFI that can be swapped per user but there will be a 10% Participation Fee. The more you put in, the more you will get out.
Look at the example above. From a total of 2,000 CRFI at the start, 1,000 were used for the swap and the remaining 1,000 were available for withdrawal. With the 10% Participation Fee, the 1,000 CRFI used will become 1,100. So, 900 will be available for withdrawal.
Which swap should I participate in? Can I participate in both at the same time?
You can participate in one or both at the same time.
What is swapped CRFI used for?
Successfully swapped CRFI will be burned.
How much does it cost to participate?
Only the Unlimited swap opportunity charges a fee, the Limited swap is free. Upon withdrawal, you will receive the net amount after deduction of a 10% participation fee.
Where will the participation fee be used?
The received CRFI for the participation will be burned.
1. When you open the DApp, you will find a [CSO] button added to the main menu at the bottom of the screen.
2. Pressing the [CSO] button will open the Swap & Burn Event screen.
3. The clock countdown will show you how much time is remaining for the 1-day-only event to conclude, don’t miss out on this great opportunity!
4. The ‘View Past’ dropdown will show you information about the past events and the next event. 1-day-only CSO events will take place regularly on the CrossFi DApp.
5. Press the [Limited Exchange] button for a 0-fee swap from a smaller pool of cFIL.
5. Press the [Unlimited Exchange] button for a 10% fee swap from a larger total pool of cFIL.
6. Simply press the [Authorize] button to execute the swap and you’re done!