AMA: “$REX on #BSC — A new kind of Internet Bond”
Dr. Jens Fischer (Dr.Fischer.Crypto) and Thomas (REX)
2021 Apr 18
Jens: “Welcome Thomas! Thank you for this spontaneous AMA!”
Thomas: “Thank you for having me! This is my first AMA. I have been looking forward to it!”
Jens: “So did we! A lot of questions have come up. So, what’s the idea of REX and who is the team?”
Thomas: “The idea to community-build a “better internet bond / CD contract” was born in June 2020. More and more people have started to support the project, without a strict organization or a fixed team. What we all share, is one goal. Especially in times of a pandemic, this type of focused, but agile and cross-border collaboration worked very well. The outcome is a really powerful set of smart contracts doing what they should. At this point: Again, thank you all for your contributions! I haven’t met you in person yet, but I am sure, we will meet someday! — I’ll be the guy with the REX t-shirt.”
Jens *laughing*: “Please describe REX in few words.”
Thomas: “The REX token is an ethical, decentralized and permissionless cryptocurrency. It may be received, held and sent without permission. In addition, unlike Bitcoin, REX consists of smart contracts providing a whole ecosystem. The basic functionality may be described as an internet bond or a certificate of deposit, where one may time-lock his tokens to gain rewards, called ‘staking’, but with extended flexibility and functions, compared to other staking tokens and especially to traditional finance.”
Jens: “Who owns the REX contracts? Are there any future upgrades planned?”
Thomas: “The most appealing and important part of REX is that there is no owner and no custody. There is no possibility for the community, developers or malicious actors to steal something or misuse the contract. Also, once deployed, REX smart contracts are immutable and unchangeable — forever. Therefore, REX is completely trustless. As in any legit cryptocurrency, the contracts are made public and verified and may be seen and reviewed by anyone, right after deployment. Plus: On the main website, you may even test the exact to-be-deployed contracts on BSC testnet, right now.”
Jens: “Yes, that is true and — of course — we have tested REX on BSC testnet before the AMA and we can confirm, it runs perfectly. We have even had a Random Big Pay Day within two days! That was amazing!”
Thomas: “And it’s exciting, isn’t it? But daily Big Pay Days are not for fun, only. It shall prevent from speculations and price drops — as seen in other tokens — that are offering one (or more) fixed Big Pay Days. In crypto, we need the best possible stability and reliability. REX strives to achieve that.”
Jens: “For those who haven’t read or experienced it already: What is a Personal Random Big Pay Day?”
Thomas: “When a user has sent BNB into the auction, then received REX and then staked it, let’s say 100% of it, the user will be eligible to be hit by the random generator, running every 24 hours, that gives the user back those 100% of the BNB the user spent in the auction, as a Personal Random Big Pay Day. And the user may be hit every day, as long as the user is staking. So, you get both REX and BNB. This is the hybrid-rewards model: When staking REX from an auction, you’ll enjoy both REX and BNB rewards. 89% of the BNB sent to auctions are distributed back that way.”
Jens: “But not everybody will be hit?”
Thomas: “Everyone who has ever taken part in an auction and is actively staking, may be hit once a day. Every day. Again and again. The earlier you participate, the higher the chances to be hit once — or even multiple times. We have seen a lot of multiple hits, running REX on testnet. But even if you have never been hit until REX day 393, you will then take part in the BNB-Treasury distribution, that will take place on REX day 400, for all who haven’t experienced a Random Big Pay Day. To fill the Treasury pool, 1% of the daily spent BNB are collected, so there will be a lot of BNB for only a few people. Of course, you need your REX to be staked for taking part in the Treasury distribution.”
Jens: “So, 90% of the BNB are given back? That’s quite a lot!”
Thomas: “Nope. Up to 96% are given back to the users, because there is also the referral rewards, from 4% to 6%. As a referrer, when your referee takes part in an auction, you will get 10% of the REX, where the referee gets 100% + 10% REX, and you will also get 4% of the spent BNB — directly claimable after their auction entry — even 6%, if you hold 20 MREX tokens.
We call that hybrid referral rewards. Imagine you are on YouTube, Instagram, Facebook or TikTok sharing your address and bringing in 200 people spending 1 BNB. That would be 8 BNB right away. Or 12 BNB, if you had 20 MREX. Plus, a lot of free REX, of course. As a referrer, you don’t even have to take part in an auction yourself to earn BNB and REX.”
Jens: “So, we better share our addresses right after the AMA, right? Would you say, staking is better than trading?”
Thomas: “Without question. Find statistics on that. Most probably, you are not the far-below-one-percent that actually makes money from it, regularly, to live from it. Even in crypto, that’s a tough one. You must be very lucky. Staking has shown to be as rewarding. Without the risks.”
Jens: “How does staking work in REX, exactly?”
Thomas: “On staking your REX the tokens are burnt and you receive shares instead, where the amount of shares is depending on the start date, the staking duration and the share rate. The share rate will increase over time, so you´ll get less shares for your REX as time passes — so, the earlier you start a stake, the better. Also, longer pays better: The longer the staking duration, the more shares you get. Maximum is 5,555 days, just above 15 years, which gets you a 7x.”
Jens: “What happens on ending a stake early?”
Thomas: “In REX, it is possible to end a stake early, but there is a penalty. So you better just withdraw staking rewards, which is possible, as well. If a stake was ended early, you still get your rewards based on your shares for the already staked days, but the principal is cut. Ending at half time, the principal is cut by half. Those penalties are directly credited to the active stakers. That’s why staking is so rewarding in REX and will get you higher rewards than the 5% inflation.”
Jens: “What if I forget withdrawing my mature stake?”
Thomas: “There is a 14 days grace period to withdraw your mature stake, principal plus rewards, without penalty. After that, the whole principal is paid, but the rewards will be reduced by 1% per week. So, after the 2 weeks plus 100 weeks, your rewards would have been gone. This prevents users from holding REX in stakes, that don’t gain rewards any longer.”
Jens: “That’s like in HEX, right? So, tell us about the new features, naming and moving stakes.”
Thomas: “It may be, one has only a few stakes running. That is clear. But strategic or institutional investors would love to be able to name them to store information what it was for. When holding MREX you would also be able to rename them. Moving stakes is really new. For example you could stake for some years and move the stake to your children later. But probably the best thing is, you’ll have an aftermarket for stakes. Imagine you have a long stake running, but you need the money faster. Instead of being penalized for early ending a stake — which could be quite severe — or withdrawing rewards already earned, you could even sell your stake with all the rewards that are about to be earned. This way both parties will benefit: you by avoiding penalties, your counterpart by getting a probably juicy stake for a discount.”
Jens: “An aftermarket for stakes sounds really interesting! Now, you have already mentioned MREX. Tell us about the two additional tokens. Do you need them to get the random rewards and other benefits?”
Thomas: “Yes, there are TREX and MREX. You don’t need them to experience personal Big Pay Days or high REX staking returns. You may enjoy REX anyways. But if you want to increase your referral bonus or the maximum daily auction amount, withdraw the rewards of a stake, rename a stake, move a stake, get the initial low share rate, withdraw referral rewards below amounts of 1 BNB, you would need to have TREX and/or MREX.”
Jens: “That’s really a long list of boost features! Another important question: How does the smart contracts prevent whales from draining the daily random rewards pool?”
Thomas: “One address may only contribute 2 BNB per day — or up to 5 BNB, if the address holds 1 TREX and 20 MREX — and the maximum amount for a Personal Random Big Pay Day — in BNB — is capped at 10% of the total daily random rewards pool. Even if an address manages to contribute a lot of BNB over time, the amount of random rewards is limited. And the chances of being hit by the random generator are equal for small and big addresses. These limitations are an effective hedge against malicious behaviors.”
Jens: “What about institutional investors?”
Thomas: “By today, we have received requests from seven institutional investors. I don’t know, if that is lot — or not. But, after explaining REX details, especially the boosted staking functions, everyone was kind of excited and very positive. I mean, REX isn’t even on mainnet by now. That’s very encouraging!”
Jens: “Yes, it is! Do you have any tips how to get the best out of REX?”
Thomas: “Be early, get 1 TREX and 20 MREX, participate in the auction, stake 100% at least for 450 days, re-spent your Personal Big Pay Day BNB rewards to receive even more BNB, and don´t forget to claim all of your different REX and BNB rewards. If you have an own community, refer as much as possible — that is really rewarding.”
Jens: “Okay. Finally: What do I do with my REX?”
Thomas: “What do I do with any cryptocurrency? Hodl! In REX, stake them and get some good sleep! Watch your staking rewards accumulate daily on your mobile phone, sitting at the pool, drinking a fresh orange juice, talking to friends.”
Jens: “Yes,… but what do I do with all my REX, then?”
Thomas: “Ah, all right — CEXes and DEXes listing and liquidity pools? That has been decided by community, as well, around two months ago. Although, it’s no problem to write functions, that automatically create and feed a liquidity pool, it was decided not to do that. Liquidity pools or even CEXes will be there, when the time has come. The community is sure the market will create itself, like in HEX. That worked perfectly, and…”
Jens: “…but what if… not?”
Thomas: “We will PDCA — Plan. Do. Check. Act. If it becomes necessary, the community may encourage users to provide liquidity to pools, for example by giving NFTs for yield farming the REX pool tokens. See, that’s the great thing in a community project. It can’t go wrong. There is a solution for everything. Everyone wants the project to be the best it can be. Although REX smart contract development will be finished on mainnet launch date, there will be a lot of cool stuff to come.”
Jens: “Thomas, thank you so much for your open manner and detailed answers! I may conclude, REX seems to be an outstanding project in many ways and well-thought. All the best! We hope you’ll have some time for us in the future again.”
Thomas: “Thank you very much for asking! Great questions! Sure, I’ll be there for you, anytime! And to not forget it: No financial advice. Always do your own research. Don’t let people rush you. And, most important: Never trust anybody on the internet. There is a lot of money flying around — so, be aware, people do steal identities, fake accounts and deceive — to get this money. Basically, that’s why we made a trustless contract. And: Never share your private keys or connect to unknown third-party websites — they may steal your keys from your wallet.
Finally, I would like to invite everybody to join our community. Take part. Learn. Evolve. Make friends. Everybody is welcome! Everybody matters!”
All REX links: https://linktr.ee/rextoken
Twitter: https://twitter.com/rex_token
This AMA session has been provided by Dr. Jens Fischer
