Buy REX in MEET.ONE wallet

MEET.ONE | 05.27| 245

REX was released several weeks ago, now there are totally 75M EOS on REX.

REX (Resource Exchange) started as a proposal by Dan Larimer on Aug 2018. The idea is to be able to allow EOS token holders to Lease out their spare EOS tokens to dApps or others that need resources in return for “rent” and access to community funds like RAM fees and name auction fees.

The recent 7-day annual rate return is about 0.37%. In fact, the Rental requirements for CPU/NET decide the return rate of REX. Now the total lent EOS is about 1384109 EOS, only 3.8% renting rate, so the return rate is very low. But for long term holders, REX provides a low-risk invest way.

*7-day annual rate return is based on REX price changes within 7 days prior to the current day. Can not represent future income, for reference only.

How to get REX token?

  1. Open MEET.ONE wallet, click ‘REX Trade’ in ‘discovery page’.

2. Click ‘ Buy/Sell REX’

You can check your REX balance, current REX value, 7-day annual rate return, and other information on the REX page.

3. If you buy REX for the first time, you need to vote 21 BPs or choose a proxy.

You can choose Liquid/Staked EOS or the EOS in ‘EOS Fund’ to buy REX.

Q & A about REX

1. What are the risks of REX?

REX is a system contract and is deployed on eosio.rex. There is no third party to control the account. The EOS holder can convert your EOS into REX. After 4 day wait period, your REX tokens can be converted instantly to EOS tokens. There is a potential 30 day wait in case of a liquidity crunch.

2. What’s the EOS:REX ratio?

When you use 1 EOS to buy REX, you will get REX token based on EOS:REX ratio. This is set on launch to 10,000 initial, which means 1 EOS used to buy REX will give you 10000 REX tokens. The REX tokens increase in value as other fees are added to the eosio.rex account from name bids, ram fees, and payments to lease the tokens. So the ratio will cut down according to the code.

3. Is there a voting requirement?

REX enforces a voting requirement prior to being able to lease out tokens. To be able to hold REX, the token holder will have to vote for a proxy or a minimum of 21 Block Producers. If you chose to use a proxy to assign your vote weight, the proxy can choose between 0 or 30 Block producers to support.

4. Are my tokens locked or inaccessible?

There is a 4 day maturity period. When you convert your EOS tokens to REX, the system enforces a 4 day wait period before you are able to convert them back into EOS tokens. After this 4 day wait period, your tokens can be converted instantly to EOS tokens. There is a potential 30 day wait incase of a liquidity crunch.

The Q&A is collected from EOS Authority . We appreciate their great works on REX.


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