The EOS resource exchange is finally online, and the Staking economy has added a new way
芦荟
2019-05-02 08:08
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Pledge to get rent.

On the evening of May 1, after three rounds of governance voting, the EOS resource exchange REX debuted in September. Since its launch, REX has accumulated more than 27 million EOS in less than a day. That night, affected by the good news, EOS once rose to a high of $4.87.

At present, various wallets and nodes including TokenPocket, Chintai, EOSDAQ, etc. have launched the REX user interface.

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What is REX?

In the POS ecosystem, it has become a popular gesture to pledge coins to the main network and obtain inflation rewards. However, in the DPoS mechanism of EOS, since the work of producing blocks is handed over to super nodes, there is no inflation reward for retail investors to pledge coins to the main network, but to obtain main network resources including RAM, CPU, and NET. These resources are mainly used to create EOS accounts and develop DApps.

However, due to the unequal demand for resources between dapp developers and ordinary currency holders, the cost of dapp development is high. Therefore, Block.One formally proposed the REX (Resource Exchange Resource Exchange) plan for the first time on August 8, 2018. It aims to create a risk-free network resource leasing market in EOS.

In layman's terms, in REX, users can mortgage idle EOS here, get a 1:1 ratio of REX token, transfer resource usage rights, and collect interest income; resource renters can rent a lot of resources with less EOS ( CPU/NET) for 30 days, thereby reducing the development cost of the EOS Dapp project party.

Different from the matching transaction mode of the exchange, REX adopts the Bancor protocol, and the user's transaction is carried out with the system contract. And introduced REX token, the lender can lease by converting EOS into REX token. REX token can be exchanged with EOS 1:1 and can be converted at any time, but in order to prevent market manipulation, REX token has a certain lock-up period, generally 4 days.

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lengthy development and testing

The reason why REX is late is because REX has been developed and tested for several months since it was developed and passed.

Among them, Block one is responsible for the development. After castrating the initial version of the SEOS concept and several code modifications, in December 2018, REX really entered the pre-execution state, and EOSIO V1.6.0-RC1 joined the REX test version.

At the beginning of 2019, the EOS node EOS Authority conducted a code test on it. Due to the complexity of the system, the first round of code audit and testing took 35 days, and a malicious bug was found: in some cases, the Bad actors can get extra EOS tokens through this bug.

Finally, after three rounds of testing and repairing, in April 2019, EOS Authority announced on Twitter that they had completed all their testing of the REX code. And, they have already started to deploy, and the multi-signature proposal is reviewed by 15/21 super nodes. REX deployment is divided into 3 steps: STEP1: create a system account EOSio.rex; STEP2: update the EOSio.token contract; STEP3: formally deploy the code.

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REX influence

The launch of REX is undoubtedly a good thing for EOS, and has a positive impact on both the node ecology and the DPoS economy.

First, REX provides a place for DApp developers to rent mainnet resources cheaply, which is conducive to the prosperity of DApp ecology.

Both, REX sets a prerequisite requirement, that is, users who rent and lease EOS resources must exercise their votes on super nodes in order to participate in the REX ecology. This setting will not only dilute the influence of large households on EOS super nodes, but also improve EOS The voting participation rate improves the security of the main network.

Among the three, in the referendum before the adoption of the super node 15/21 multi-signature governance plan, "Whether the EOS in the EOS.ramfee and EOSio.names accounts are used for REX" received the largest number of EOS votes, and the proportion of yes votes exceeded 99%. %.

The proposal states that the RAM transaction fee (EOSio.ramfee account) and the EOS account auction fee (EOSio.names account) will be used to allocate to retail investors who rent out resources, which has been adopted into REX. This proposal means that the lender can not only obtain the income from the lessor, but also obtain the rewards distributed by the REX system. Since this part of the fee was previously locked and the total amount exceeded 3 million EOS, the emergence of REX will also lead to The inflation rate of EOS has increased slightly.

Four, compared to the previous currency holders who had no chance to obtain inflation rewards, this time REX provides retail investors with a new opportunity of "staking is income", which will have the opportunity to attract some retail investors and even specialized node merchants to participate in this leasing business It also enriches the Staking economy of the DPoS consensus.

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