CoreX: Bringing Decentralized Governance to the Table
Governance Tokens are being created at rapid pace and being tabbed as a game-changer in the cryptocurrency industry. Allowing a fully decentralized platform with direct control by the community has been the most trustworthy build since Bitcoins inception. Decentralization seems to be the most trustworthy and sustainable option for cryptocurrency projects and offers a sense of transparency and control that everyday enthusiasts just aren't used too. Adding in the fact that a governance is now playing a huge role in factoring into the development of big name projects and en-devours, a perfect storm is brewing. CoreX looks to take this decentralized governance model and apply it in way that has yet to be seen to become that perfect storm.
CoreX (CXF) is an ERC20 Token which plans to utilize decentralized governance from the beginning of the projects existence by allowing participants to dictate the tokens supply in what is being called a “Supply Determination Event" which will last for a period of 3 days and is currently running as I write this article. In order to contribute to the SDE, you connect your Metamask wallet with the projects site and use the menu to deposit up to 10 ETH after approving through Metamask. What makes this project different from other staking token farms is that it is 100% decentralized and the community is making a key decision in the tokens overall life cycle. Most contracts/crypto projects have a predetermined amount of minted tokens/coins or are infinitely available.
The initial contract will mint 1000 CXF. These tokens will be used to provide liquidity on Uniswap. Contribute ETH into the SDE to get ‘CXF/ETH LP’ tokens while also minting the only supply of CXF tokens according to the floor price. Initially, there will be 1,000 CXF minted but this number will be "Post-Determined" by the "Supply Determination Event" No tokens will be set aside for the developers or members of the team working on the project. The project is being fully developed from scratch and it is not a fork or copy of any known existing project. The contracts will also be undergoing an independent audit by a third party auditor, who can be found on Twitter under the tag @ NCyotee (all 5 contracts in the ecosystem are listed at the end of this article).
At the end of this event, the minting function will be revoked and from here on in the supply will be fixed to the total amount, set against the floor Price. A diagram outlining the SDE and the subsequent Liquidity Generating Event which I will talk more about later is shown below.
After the SDE is completed, another event called a "Liquidity Generating Event" is next. This event will also last 3 days. Uniquely, 50% of whatever CXF you mint in the SDE will be given back to you along with Liquidity Pool Tokens. The remaining 50% of CXF will be dispersed to as a reward to yield farmers who stake their CXF/ETH LP Tokens. With supply determined and a floor price established, in theory, price will eventually increase as more ETH is deposited into the contract. This means that potentially whatever CXF you minted are worth more than the initial floor price may in turn keep increasing in value. It is also important to consider that all rewards from the LGE are in LP tokens, not original CXF.
The token is still early in development even though we are already heading into day 2 of the SDE. I wanted to break down the above image which shows an outline of how funds will travel through the ecosystem. After the SDE and LGE is complete and tokens are being staked and farmers are being rewarded, everything will come full surface. Farmers will be given the entirety of the 1% transaction fee for the first week that farming begins. After the first week, 93% of the 1% transaction fee rewards are given to the farmers of the staking pool, with 7% of that 1% fee being sent to the developers. It has not been determined if the developers are going to recycle these fees back into the contract or use them for development. That will remain to be seen. Other than these small details, the contract and its tokenomics are quite simple and make for a unique environment which will compete heavily to stay above floor price and keep moving in the right direction.
It's important to keep in mind how integral decentralization is to the project and what that means for its future development and opportunities. With this open world type decentralized governance model, anything is possible and anything can be built upon it as the community sees fit. Areas for improvement, innovation, and more are always possible and will help keep CoreX competitive against the next yield farm down the line. This allows a grand opportunity to adapt and change with the ever-growing cryptocurrency space.
With hundreds of projects being created every day, it's difficult to see which are the rug pulls and which are the legitimate projects trying to innovate the space. CoreX falls under the latter and I am extremely excited to see the completion of the SDE and LGE so we can see how well this ecosystem flourished. Stay tuned!
- Website: https://www.Corex.finance
- Github: https://Github.com/Corexfinance
- Telegram: https://t.me/CoreXFinance
- SDE Youtube video: https://www.youtube.com/watch?v=5Bli4FePQR0
- Twitter: https://twitter.com/corexfinance
- Uniswap pair: https://etherscan.io/address/0x870ec30ca487c0c228c94bfc06125812722b2ed9
- CoreXVault: https://etherscan.io/address/0xbbad54e4c6a322f785e0f8a3e05912ba028cad4c
- FeeApprover: https://etherscan.io/address/0x48a4a3192ad705da0d5d229d963f4c0fd4cd4583
- CXF Token: https://etherscan.io/address/0xaA0C90888Ce7433fB8D61188B7160D501A377527
- SDE Contract: https://etherscan.io/address/0x5584443288371BEF8b4B4405B2a31A75C378c1e4
(I write articles and reviews for legitimate, interesting, up and coming cryptocurrency projects. Feel free to PM me to review your project. Thank you!)
Disclaimer: This is not financial advice. The sole purpose of this post/article is to provide and create an informative and educated discussion regarding the project in question. Invest at your own risk.