Welcome to the ERX LIVE AMA with The Gem Hunters. We would like to kindly thank the team for sharing information on the new project with our community.
1. On that note could you please give us a brief run down on ERX and what its trying to achieve and solve?
ERX is a community governed rebase project which is based on Ampleforth's rebases in Phase 1. ERX will begin its journey on Ethereum before shifting to either Tron or Binance Smart Chain. We have come up with a few propositions for new rebases which ERX community will be able to vote for in Phase 2. One of an interesting rebase which we have proposed is based on volatility index. We all know that cryptocurrencies are highly volatile assets so an interesting mechanism which ERX can use to hedge is with a volatility index.
2. As mentioned before we obviously recognise you from RVX as we are a long term supporter, could you give us some details on yourself, the team and does ERX have any connection with RVX? Will the projects be working together at some stage?
No. ERX is not related to RVX. I am running ERX with Blasco from BitMax as we are true believers of rebases. Rebase is the future of programmable money and also a hedge for our investment portfolio (based on what type of rebases we are looking at). I have known Blasco for a while now and he is a very reputable person in this space. He has good knowledge of technology background and also community building. As this is a community owned project, the community is actually part of the team.
We have also partnered up with ICO Pantera who runs the largest Korean crypto community in Korea. As there is currently only one notable DeFi project in Korea which is Terra, we hope to start a community owned governance project in Korea as the Korean community is rather untapped from our perspective.
3. Your Public sale starts early December, can you run over the tokenomics, usecase and sale metrics to we can familiarize ourself with $ERX
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.
ERX Token Sales will happen on chainx.kr platform. You may refer to this link — https://chainx.kr/chainvest-detail/2476
TGE will happen on 5th December 2020 (1 day right after the token sales has ended).
ERX will be priced at 0.0025 ETH/token. Distribution of ERX will happen upon TGE.
Listing price on Uniswap will be 0.003125 ETH with Locked Liquidity for one year.
4. So could you please give us a run down on the ERX rebase tokens and liquidity mining rewards?
Introducing ERX’s Liquidity Mining Program — SPRINT, a ERX liquidity mining rewards initiative to encourage deeper liquidity for ERX as well as to create a wider spread and ownership of ERX.
SPRINT-v1 will run for 3 EPOCH before we introduce the next SPRINT. Every SPRINT will run for 3 EPOCH as we will be readjusting the liquidity mining rewards allocation and pairings for the liquidity pools.
P/S: 1 EPOCH = 30 DAYS
ERX liquidity mining rewards distribution for SPRINT-v1 will be as follow:
EPOCH 1 - 400,000 ERX
EPOCH 2 - 300,000 ERX
EPOCH 3 - 300,000 ERX
ERX SPRINT Liquidity Mining Program will begin with a ERX/ETH pool on Uniswap. SPRINT participants will need to contribute 50% ERX and 50% ETH in the SPRINT-v1 liquidity pool on Uniswap in order to participate.
We have allocated 1,000,000 ERX for liquidity mining rewards in the first 3 EPOCH.
ERX liquidity mining rewards are dynamic and there is no fixed APY as it is very much dependent on the variables of ERX/ETH provided in every EPOCH. ERX liquidity mining rewards per EPOCH are distributed accordingly to the weightage of liquidity provided by the SPRINT-v1 participants.
ERX liquidity mining rewards have no vesting period and SPRINT participants may withdraw their rewards at any point of time.
The community can come together to propose and vote for the second phase of ERX Liquidity Mining because ERX is a community governance project.
5. Can you explain why the ERX DAO Model is unique? Will users with a small amount of coins have rights and will they be able to stake and vote?
Yes. ERX holders will need to have at least 1 ERX to propose or vote in its DAO environment.
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.
6. We have seen a lot of projects suffer hacks and bugs in the smart contracts, especially some of the more well known farming and staking projects. Have you took this into consideration as this is one of the hot topicsright now that investors are eye balling and taking into consideration when investing in a new long term project. Have you made any considerations and implemented anything to counter future issues on this front?
Yes. We have already undergone two ERX smart contract audits with knownsec.com
Hacks and bugs are very serious issues as they may cause a huge loss to the community and it will be very difficult to rebuild trust and confidence. We take serious controls when it comes to security audits as a secured contract goes a long way. This is people's money which we are concern here. We are not some anons who can just walk away at any point of time but we are real people running real projects and we have out very own reputation to keep up to.
7. What long term direction will ERX be taking in regards to the community, token and protocol? Will you continue as a ERC20 token or do you have plans to move to a separate chain?
Their are NO rebase projects on Tron or BSC as far as I know. I have proposed to migrate to either one of these chains after we are stable on Ethereum and the first phase of rebase which is based on Ampleforth ends. The community is encouraged to propose and vote on which protocol ERX should migrate to as well.
The Binance Smart Chain can take this even further to expose ERX not just to a CeFi space but also to the benefits that BSC brings by uniting CeFi and DeFi. As a rapidly developing blockchain backed by a trustworthy centralised exchange and a decentralised counterpart, ERX can expect to hit the ground running when its smart contract goes live.
Meanwhile, the Tron blockchain is a blue ocean when it comes to mature, robust DeFi projects and we believe that it has promising potential. The performance and adoption of ERX will also serve as a barometer as to how practical and appealing a “smart” currency can be in this day and age and also how viable it can be on an emerging blockchain like Tron.
As the world of DeFi grows, so does the demand for more exciting projects in the space. ERX is here to usher in a new force that can bring more DeFi opportunities to the blockchain space and also to catalyse the emergence of the Tron or BSC blockchain as a robust platform for new opportunities and technologies.
8. We believe you have already started aggressively marketing ERX in korea and other parts of Asia, do you have plans to start marketing efforts in the west, if so where will you focus and why?
Yes. That is why I have reached out to TGH. I have known of you guys since the early days of RVX when we were unknown. TGH is actually the first western community which I have reached out too. I hope that in the event that TGH's community is interested to be part of ERX, there is a very active Korean community that will bridge together here as well. Korea is actually the main focus but after when I tweeted about ERX, there was several enquiries from the western community that wants to participate. Hence this is why I have started with a fair bit of western marketing now.
We would like to thank the ERX team for sharing information with TGH, we are excited about the project and will be following its progress!