How is xNILE used?

xNILE offers three distinct functionalities that form the basis of the decision matrix:

  • Instant Exit to NILE (xNILE --> NILE): This conversion allows for an immediate transfer of xNILE to NILE at a rate of X* NILE per xNILE, with a Y*% haircut applied.

  • Instant Exit to veNILE (xNILE --> veNILE): With this functionality, xNILE can be instantly converted to veNILE at a rate of 0.7 veNILE per xNILE.

  • Vesting of xNILE (xNILE --> NILE or veNILE): Vesting allows users to receive the full value of the NILE backing each xNILE, through various methods:

    • Minimum Vesting Length (Cancellation Period): The minimum vesting period for xNILE is set at 14 days (86400s * 14), during which it cannot be canceled or returned.

    • Maximum Vesting Length (100% Exit): The maximum vesting period for a full exit of xNILE is 120 days (86400s *120).

    Once the minimum vesting length has been surpassed, it becomes impossible to cancel the vesting to retrieve your initial xNILE.

X* = Variable changable by governance that represents the amount of xNILE -> NILE conversion from instant exits

Y* = Variable that represents the haricut % determinable from X

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