This is Nexybit, the Revenue Sharing Cryptocurrency Exchange.
The Nexybit Exchange introduces Nexy Zero(NXZ) to facilitate active trading across all crypto-markets. The newly issued NXZ Token is minable through the ETH and TUSD markets. NXZ is specifically designed to help stabilize NXY's token economy through the "Buyback Fund".
NXZ Token Model
This token model is designed for continuous growth through massive buybacks and token-burns. The new NXZ token model is architected to ensure both a stable token economy and while also maintaining a higher airdrop rate for holders.
> Token Economy Stabilization
The token economy will be stabilized through buybacks and token-burning of currently circulating tokens through the "Buyback Fund" (50% of the commission income) and the "Strategic Buyback Fund” (other income).
> High Airdrop Rates
NXZ does not have pre-mining supply or team-reserved supply. As the amount of NXZ to be distributed from the beginning is extremely limited the airdrop rate starts very high. Also, the amount of airdrops per NXZ will also be sustained, as the circulating supply will be aggressively decreased through continuous large-scale buybacks.
* The usage of NXZ for marketing will be transparently announced.
Nexybit Token Mining Architecture Comparison Table
* Conditions related to the 'Airdrop Model' are applicable from the 22nd of Feb, 2019
NXZ Additional Details
- First NXZ Mining Date: Feb 19th, 2019 (15:00 UTC)
- NXZ Expected Listing Date: Feb 21st, 2019
- First NXZ Daily Airdrop Date: Feb 22nd, 2019
- Airdrop Tokens: ETH, TUSD (Airdropped proportionally according to trading volume)
- Airdrop Cycle and Time: On a daily basis, on the next day, in the morning
* [Update] 10% of the fee revenue from the ETH and TUSD markets on the 20th of Feb, 2019 KST will be spent on buying back NXY tokens and 50% of the above revenue will be spent to buyback NXZ tokens.
NXY Holder Benefits
NXZ token model has been specifically designed to revitalize the NXY token economy.
- 100% buyback and token-burn for NXY (buyback progress will be announced on a weekly basis)
- 10% of the sales created by NXZ will be utilized in the buy back of NXYs (Until the circulating supply of NXY is reduced to 300 million NXY)
- 500,000 NXZ will be airdropped to NXY Holders
NXY Holder Airdrop
- Airdrop Supply: 500,000 NXZ
- Distribution Method: Token airdrops will be distributed proportionately to user's NXY Tokens holdings from Feb 1st, 2019 ~ Feb 21st, 2019 (UTC time)
- Airdrop Distribution Date: Feb 26th, 2019
- NXY 100% Buyback Schedule: Starts from the NXZ listing until the NXY circulating supply reaches under 300 million NXY.
- Launch and Listing of Nexy Zero (NXZ)
- Expand Token Features
- Listing Voting Capability
- Advanced API for Institutional Investors
- Airdrops even when Tokens are held outside the Nexybit Exchange
- Development of the Futures Market
- Improve Futures Trading Commissions Policy
- Launch New Futures Products
- Advanced API for Institutional Investors
- Establish Contract with Multiple Liquidity Providers
- Establish the Fiat-Currency(KRW) Market
- Develop the OTC(Over-the-Counter) Market
* The above policies are subject to change due to the exchange's discretion.
How will NXZ Help Reduce the Circulating Supply of NXY?
- In order to stabilize the token economy, the circulating supply must be aggressively reduced. Reducing the circulating supply through different revenue streams such as listing and token sales is not a sustainable option under the current market conditions.
- After numerous simulations we came to the conclusion that using 10% of the revenue from NXZ is a sustainable model for stabilizing the NXY economy.
- Additionally, there will be a 100% buyback policy for the NXY economy coupled with the 10% from the NXZ economy until the circulating supply of NXY is reduced from ~600m to 300m tokens.
How can NXZ Sustain a Competitive Airdrop Rate when the Airdrop is Only 10% of the Fee Revenue?
- NXZ does not have any pre-mine or team tokens. NXZ initially starts at 0 circulating tokens and so all the revenue to returned to the initial miners. Also the circulating supply is continuously reduced through the buyback fund and hence the 10% airdrop can still sustain a high airdrop rate.
Will NXZ Carry Out Separate Token-Burning?
- The token-burning of undistributed tokens dramatically reduced the airdrop rates for new users. As NXZ already has a strong buyback and burn strategy internally, there is no need for additional burning of undistributed NXZ. However, the Nexybit team will respond flexibly to market conditions.