Roll with the Changes: NGM Token and Mainnet Update
As e-Money speeds towards its upcoming exchange listing, with interest in our private sale already oversubscribed, we are making some important improvements to the project you should be aware of.
First, the e-Money token model is being upgraded to reflect the most recent legal advice we have received. This will allow e-Money to maintain its adherence to the highest standards of legal compliance while remaining true to our original vision. Here’s what that means in practice:
e-Money will continue to operate a dual token system employing two distinct classes of token. The first class is our currency-backed stablecoins such as the eEUR, eCHF and eSEK. The second is the NGM token which is used for staking and rewards. Let’s cover the NGM token first.
The NGM token is what secures the e-Money network and is continuously inflated by 10% per year. The inflated NGM supply is then distributed pro-rata as staking rewards similar to other proof-of-stake chains, such as Cosmos Hub and IRISnet.
In this model staked NGM, and only staked NGM, gets a proportional share of the inflated NGM. So if a token holder owns 5% of the total staked NGM, they will receive a reward of 5% of all newly minted NGM.
Further to the inflation of NGM tokens, the currency-backed stablecoins will be inflated by 1% a year. In contrast to the previous model where the stablecoins were distributed as staking rewards, these inflated tokens will now be used to buy back and burn NGM tokens, reducing the overall supply.
Mainnet Updates
Besides the update to the token model, including the mechanism to buy back NGM tokens against stablecoin inflation, there have been a number of important upgrades to the e-Money mainnet. First and foremost, the addition of the market module brings new functionality to the e-Money DEX. One of these is the “time in force” value, which allows users to specify three options for fulfilling any trade. The three options are:
- Good til cancel — Aggressively match and fill the order against the book. If the order is not filled immediately, add the remainder passively to the book.
- Immediate or cancel — Aggressively match the order against the book. The remainder of the unfilled order is canceled.
- Fill or kill — Aggressively match the entire order against the book. If this does not succeed, cancel the entire order.
e-Money has also added market orders, meaning that users will be able to set a slippage value to determine the worst (limit) price that the order will trade at compared to the last traded price.
Get Ready to Launch
Finally, the e-Money mainnet has now migrated to the Cosmos SDK “Launchpad” release. This means that e-Money is on track to incorporate Inter-Blockchain Communication (IBC) and cross-chain transactions.
As you can see, the e-Money team is continuing to put in the hard work and better the e-Money project. Now, as we fast approach exchange listing, we’re more excited than ever to bring the full force of our vision to market.
Many thanks.
Team e-Money
For further details on these updates you can check out our latest whitepaper and our Github repository.
