In May 019, REX finally successfully deployed and launched all major mainstream wallets. It is very gratifying to see "How to use REX" in many EOS exchange groups, but many users are still not very familiar with the mechanism of REX. Make a simple explanation of the related terms of REX.
REX, the Resource Exchange, is a solution proposed by BM in August 2018 to solve the problem of uneven resource distribution. Users can convert EOS to REX here, these EOS will be used to rent out to those who need resources, and thus get interest income; DApp developers and users can use EOS to lease a lot of resources.
Before the birth of REX, there were already more resources to rent DAPP, such as Chintai, but REX is a system-level resource leasing exchange with a deployment contract of eosio.rex, which can be queried by the user on the block browser. , get all the data of EOS in the REX pool.
Let's simulate all the processes a user uses for REX:
Note: Users need to vote for at least 21 nodes or voting agents before they can purchase REX.
- 1. Buy and sell REX tokens
When users purchase REX tokens, they need to wait at least four days if they need to sell REX tokens.
The four days here do not mean 96 hours from the time of purchase, but start at 00:00 on the next day of purchase (unified UTC time, Beijing time is UTC+8), which means May 5 I purchased REX tokens at 14:00 and must wait until 8:00 am on May 10 to unlock.
- 2. Liquidity tightening
According to the current situation of resource leasing, this situation will not occur basically, but no one can guarantee that there will never be a liquidity contraction.
The liquidity contraction generally represents a resource contraction on the EOS chain, resulting in insufficient EOS tokens in the pool to be redeemed to users who sell REX tokens.
At this point, you need to wait for the release of the leased resources and the entry of new EOS tokens. In practice, you may not need to wait for a release period of up to 30 days.
- 3.REX tokens price
REX uses the Bancor trading mechanism. The price of REX is not determined by the user's pricing. Instead, the system contract automatically calculates the ratio of EOS tokens and REX tokens. Therefore, there is no way to give a fixed return on the return. The ratio of every moment is not the same.
Of course, this also means that the number of returned EOS tokens will always be greater than or equal to the number of EOS tokens invested. Users will not be reduced to EOS after holding EX, and the number of EOS is reduced. The worst case is that the number is equal.
- 4. Mortgage resources
The collateralized resources in the user's EOS account can choose to no longer wait for a 3-day unlock period and directly convert to REX tokens.
- 5. REX revenue sources
According to the current REX revenue mechanism, the revenue comes from: REX rent (user leased resource fee) + RAM fee (0.5% commission for single transaction RAM) + short auction proceeds.
When REX's pool is small, the yield will be higher. This rate will prompt more users to purchase REX, resulting in more and more idle EOS. REX's yield will drop if EOS users do not have strong REX interest rates will stabilize as demand for resources is used.
When I think about playing DAPP last year, CPU resources are often anxious at the whole point. If there is REX adjustment of resource allocation, this situation should be rare.
- 6. Beware of fake REX tokens
Users should be aware that REX tokens can only be used for interaction with system contracts, ie they cannot be used for transactions between ordinary accounts. So don't believe if someone else claims to need to sell "REX tokens" off-site.