What you can do with your X-token on ChainX mainnet now, except mining or buy PCX in DEX? In the near future, you would have another choice, and welcome to the Pawnshop of ChainX, which is a DEFI Dapp built by the team to widen X-token usage.
Through the pawnshop dapp, anyone can lock his X-token and receive some PCX. In the locking period, he can feel free to use those PCX, staking, transfering, selling, and etc. No usage limits with those PCX. At the end of period, he can return those PCX with a little interest and get back his X-token.
Here is the detail rules about the pawnshop:
- Total 20,000 PCX are available for lending
two programs with diffrent periods (28 days and 91 days) for user to choose.
K= 28 days = 28 * 288 sessions = 28 * 288 * 150 blocks = 1,209,600 blocks,
K= 91 days = 91 * 288 sessions = 91 * 288 * 150 blocks = 3,931,200 blocks
User lock some of their X-BTC in Dapp as collateral, got certain amount PCX with no restrictions on use. The locked X-BTC has no mining incoming. Max 1,000 PCX per loan. - Locking 1 X-BTC can obtain m PCX. Here,
m = 1 / 2p, where p is the btc/pcx Volume-weighted moving average transaction price of past 288 sessions on DEX.
interest is R(period), here:
R(28) = 28 * R(pcx) * 112% R(91) = 91 * R(pcx) * 118%, where R(pcx) is theoretical daily mining incoming of 1 PCX on the loan day.
That is to say, the one who borrow m pcx would get his locked X-BTC all back if he return m(1+R) PCX to Dapp before the end of period.
User can return less PCX and get part of his locking X-BTC back.
The parliament publishes the operating report of the pawnshop of last month.
A example:
On block height H, Alice lock b X-BTC to the K(28) project of Dapp, and got mb PCX；
Before block height H+1,209,600 , Alice return mb * R(28) PCX and got her b X-BTC back
During the period, her locking X-BTC has no mining incoming
Before block height H+1,209,600 ，Alice can return PCX multiple times and got corresponding amount of X-BTC back；
Afterblock height H+1,209,600, the remain locking X-BTC are belong to the Dapp.
About ChainX
- Official website: https://chainx.org
- Wiki: https://github.com/chainx-org/ChainX/wiki
- Twitter: https://twitter.com/chainx_org
- Medium: https://medium.com/@chainx_org
- Telegram: https://t.me/chainx_org
- White paper: https://chainx-static.oss-cn-hangzhou.aliyuncs.com/chainx_en.pdf
- Desktop wallet: https://github.com/chainx-org/chainx-wallet/releases/tag/v1.0.3
- Official Wechat: interchain
