Details on the ERX rebase tokens and liquidity mining rewards.
We have highlighted what are the goals and visions for ERX in the first article. While ERX will begin its journey on the Ethereum blockchain as an ERC-20 token.
The beauty of the DAO is that it can be programmed to function in a manner that allows for its stakeholders to participate in decisions that can potentially impact its own future. This can be done via the implementation of a governance DAO. We envision ERX as such a protocol to be community-owned and ERX’s future strategies can be determined via the ERX rebase token.
We hear the community’s voice and it is rather important to also kick off liquidity mining programme when ERX launches. ERX aims to hit the ground running with early supporters with a wide cross section of the community playing a role in the governance of the protocol.
Tokenomics
Fully Diluted Valuation — $9,000,000
Initial Circulating Supply — 900,000 ERX
Total Supply — 6,000,000 ERX
IEO — 10%
Treasury — 20%
Liquidity Mining Rewards — 70%
We have allocated a large amount of rewards which accounts to 70% of the total supply to ensure that ERX holders base is decentralized and large. A significant amount totalling to 80% will eventually be owned by the public (10% for IEO sales and 70% from liquidity mining rewards).
The team owns no tokens and there is no venture capital investment as well. This will be a truly decentralized DAO based rebase token run by the community. The treasury (20% of total supply) is reserved for initial liquidity provision on Uniswap and also future exchange listing purposes.
Road to Decentralization
There are two phases before ERX turns into a full decentralization rebase protocol run by the community.
Phase 1
ERX’s rebase calculations (only positive rebases on ERX) are based on the technology pioneered by Ampleforth — a group spearheading a dynamic ERC-20 token on the Ethereum blockchain.
Introducing SPRINT, a ERX liquidity mining rewards initiative (to be initiated over several phases when ERX launches) to encourage deeper liquidity for ERX as well as to create a wider spread and ownership of ERX. The AMPL’s rebase will run initially before a new rebase mechanism to launch in the later phase.
More details on SPRINT will be released in the upcoming article prior to the launch of ERX.
Phase 2
At the heart of ERX is its community, particularly the strategies created by our very own community members. Following deployment, as ERX stabilizes and matures as a protocol, the token holders will be allowed to propose new strategies for almost any aspect of the protocol, even the rebase mechanism, liquidity strategies and further utilities for ERX.
Careful consideration needs to be applied when it comes to incentivising new strategies but that is just one aspect of ERX’s vision. The game-ability aspect of how liquidity can be routed efficiently is also a big focus. ERX’s ideal end-game is a truly decentralised place for a new era of rebasing in the crypto world and that is the aspect of this DAO that we are most excited about.
