CRODEX introduces its new, reformed protocol by which it is going to be sharing its platform revenues with CRODEXers. It consists of two tokens: xCRX and rCRX, and an intermediary instrument: xVault.
Out of the 3 main elements of the new protocol, xCRX is the one to take over the role of CRX as the main protocol token. CRX will keep its current properties and continue providing rewards while being in a deflationary state. The future growth of the platform will be built upon xCRX. The main focus of the protocol is going to be keeping a healthy liquidity for xCRX and adding more utilities as the platform grows on top of what it already holds.
The new protocol consists of 3 elements:
xCRX is the main token of the protocol
It is tradable and will keep its main liquidity in xCRX / CRO.
It incurs a 9% fee-on-sell. Upon each sell transaction, the entire fee will be distributed proportionally to rCRX holders in xCRX as dividend.
CRODEX will not receive any additional fee.
rCRX is the auxiliary token of the protocol
It is NOT tradable.
It acts as a receipt representing its owner’s share of platform revenues and xCRX dividends.
It cannot be transferred to another wallet.
xVault is the intermediary organ of the protocol
xVault allows users to pledge their xCRX tokens to receive rCRX.
Once xCRX is pledged into xVault, a lock timer of 15 days is set. Until the lock expires, the user cannot redeem any of their xCRX. Every time the user pledges more xCRX into xVault, the lock timer resets.
By holding rCRX, the owner accumulates xCRX in their xVault account which they can claim at any time.
- The holders of xCRX can form xCRX-CRO LP tokens and stake them into pools to earn rewards.
- The holders of xCRX can pledge their xCRX tokens into xVault to receive rCRX. By holding rCRX the owner earn:
Minimum 40% of platform-wide trade fees distributed bi-monthly,
9% of all xCRX sells distributed as dividends immediately upon each sell.
Buyback and Burn Mechanisms
- Projects that want to open a staking pool on CRODEX will be required to buy xCRX from the market (if the project doesn’t want to use their own reward token) to burn it before the pool goes live.
- Transaction fees will be applied to LP and Single Stake Reward Pools that don’t provide xCRX rewards and they will be used to buyback xCRX.
Total Supply: 500M $xCRX
Initial Supply: 13M $xCRX
It will be reserved for initial token sale and xCRX-CRO liquidity formation.
Short-Term Supply (up to 2 years): 37M $xCRX
It will be used for development, partnerships, promotional activities, liquidity management.
Long-Term Supply (up to 10 years): 450M $xCRX
It will be allocated to CRODEX community members through Liquidity Provider (LP) & Single token staking in our renewed reward program.