The Basics of REX
Dear crypto community,
Let’s talk about why the evolution of REX is a new milestone in Decentralized Finance concerning usability and flexibility — and how its new features offer added value in asset management.
In crypto, you decide.
Cryptocurrencies have been created as a solution to the problems with centralized finance. It’s all about trustless decentralization, full blockchain-based transparency and always being in control of your values. No organizations, no administration, no middlemen. You decide, anytime.
The problem with giving away control.
However, it has turned out, most users would leave the original principles when it comes to earning rewards. They use third-party tools, contracts or platforms for staking, lending, farming and trading — and give away control of their assets. As a consequence, we see rug-pulls, soft rug-pulls, scams, tokens being stolen, restrictions in exchanges’ policies, trading platforms being hacked and so on. We see people losing their values and assets, all the time.
Smart Contract based native staking.
A big achievement in decentralized finance are tokens that have their own, rewarding investment option: native staking. It is made possible through automated, trustless Smart Contracts, acting on user request only. You may lock up (time deposit) a portion of your tokens in the Smart Contract for a desired period of time to gain rewards, whenever you wish. It’s like having an integrated savings account — with you in control, at all times.
Basic staking tokens.
As one of the first staking tokens, HEX has been launched in Dec 2019, providing very basic staking functionality. It has reached a $ 50 Billion Market Cap by the time of this writing, and has become the fourth largest cryptocurrency, showing how valuable native staking is. It’s also important to mention, this and other normal staking tokens have already proven, staking is as rewarding as trading, farming and lending. Without the risks.
Advanced, high-flexibility staking tokens.
Normal staking token protocols treat stakes as fixed commitments and barely provide any flexibility. But today, people’s lives change more often — jobs, partnerships, locations — and thus there is a higher demand for flexibility. REX is a solution delivering both, the advantages of a decentralized cryptocurrency and high flexibility in its native highly rewarding staking functionalities.
Four new functions bring yet unseen flexibility to native staking.
1. Keep track: Name your stake
Managing assets always requires a strategy and keeping track. Obviously, it’s hard to do that, when 30 nameless stakes with different durations and amounts appear in a dashboard. REX easily solves the problem by providing the function to name a stake — and to change its name, of course. This makes it easy to remember and follow of your strategy.
2. Use a stake itself as currency: Send an active stake to another address, trade active stakes
Like with a share in traditional finance, that you can sell when you need to, in REX you can simply transfer a stake to another address, like sending a token to another address, in a simple transaction. Anytime. As stakes represent value — with its staked amount and duration and already accrued rewards — why not be able to transfer its ownership? It’s easy to see why this is a powerful function. This opens new possibilities and strategies and creates an aftermarket for stakes. Therefore, REX natively provides functions to buy and sell active stakes on its own built-in DEX for STAKES. Again, without any middlemen or counter-party risk.
3. Split an active stake
It may be the case, two people own one stake, for example in a marriage, and the stake needs to be split, later. REX provides a native function for that, creating two stakes with the same size (or even different sizes) — also splitting the rewards earned. In REX, splitting a stake and transferring one of them to another address, takes a few seconds only.
4. Withdraw rewards from active stakes.
Of course, a stake is made to run for a certain time and it shouldn’t be ended early. However, unforeseen events can occur and it may be necessary you touch your precious reserves — your stakes — to extract some value. Therefore, in REX it’s possible to withdraw a desired amount of rewards that a stake has already earned, from active stakes. You neither have to sell the whole stake, nor close it immature and incur penalties: Just withdraw some of the accrued rewards, if you really need it.
These four functions make REX a game changer in Decentralized Finance and set new standards.
REX smart contracts run on a decentralized blockchain. The user communicates directly with the smart contract and triggers the desired transactions, using his own wallet and key, MetaMask for example, and is in control of his assets, at all times. REX smart contracts don’t have any administrators, owners, gate keepers or intermediaries — and they cannot be changed, by anyone, ever. This makes REX a trustless, user-centric and completely user-controlled asset management ecosystem.
TOKEN SUPPLY GENERATION MECHANISM
REX had no presale, no private sale and no team tokens. REX smart contracts provided a fair token supply generation mechanism, based on Daily Auctions (ended in Feb 2023).
Check the current supply distribution on bscscan directly — the biggest holder (after the liquidity pair) has lees than 1% of the supply, as per May 2023.
The locked liquidity (XRX-BUSD) created from auctions is not removable, ever, as the LP tokens have been sent to the burn address, immediately.
REX is a staking token that sets new standards in flexibility and decentralization and shall become the #1 staking solution in DeFi.
2. REX will be a multi-chain solution. The exact features of each REX deployment may be slightly different on each blockchain. Please refer to the specific REXpaper (whitepaper) for details.
3. Single source of truth: https://linktr.ee/rextoken
The invention of REX
Me and some fellows from crypto and traditional finance had a (very early) eye on HEX. HEX is a well-built native staking token and is considered the first Certificate of Deposit on a blockchain. It had reached +50B USD Market Cap in the meantime. We invested early.
In May 2020, we recognized our lives have changed, jobs have changed, circumstances have changed. One was getting divorced and wondered what to do with the 5 years long stake. How to split it up? One was How to cash out some of the money, when you need it urgently — without closing a whole stake and having high penalties? Obviously, our HEX STAKES (deposits) were not as flexible as our lives.
So, should HEX be all there would ever be?
The idea of REX was born and we started programming from scratch, implementing all functions that we considered to be needed. We have built a community to give feedback on functionality and we have operated REX on the ETH testnets for some hundred thousand days, again and again, always improving on details. At the time when it was ready for mainnet, the Ethereum price hit an amazing high and the community decided to start on Binance Smart Chain (BSC), as our first network — and the very low fees made it interesting for low-cap investments, too.
After 14 rounds of testnet and a security audit, the REX community decided to go live on BSC mainnet. So, REX launched on June 20th, 2021.
After launch in June 2021, REX had three successful months (and did almost 100x).
Still, in this time the contract showed some minor and major flaws (TREX usage could be exploited and a much-too-high inflation rate, that didn’t go down fast enough and not to the intended very low values). At some point it was clear, it couldn’t be fixed from outside. REX needed a relaunch. The snapshot was done on Oct. 13th.
The team decided to fully review and improve the code in all details (REX-BUSD pair instead of REX-BNB, change all BNB functions to BUSD functions, better random functions for BigPayDays, batch-creation for stakes, gas-refunder for expensive transactions, change details of MREX and TREX, create a new TREX contract with an integrated DEX, and much more), extend the code for missing functions (native DEX for active STAKES) and then have the new code fully audited by industry leading audit companies.
The internal processes have been professionalized (QM), the team has grown and an agency has been hired to create a professional REX brand and a professional website. A secure own webserver and the new domain rex.io has been bought.
It has been decided the relaunch of the final REX protocol on Binance Smart Chain will include a full BUSD compensation for losses of participants of the old protocol (around 12.8 Million Dollars), as well as a 2 Billion REX airdrop for former participants.
The REX team has been working hard to present the final double-fully-audited protocol to the DeFi world. The auditors are CertiK and solidity.finance. The results are published on the main website.
The final REX protocol has launched in June 2022.
Find more details in the REX project timeline!