Learn how to use the EOS Inbox REX interface to buy or sell REX tokens and to rent CPU/NET resources
This tutorial will describe how to use the EOS resource exchange (REX) using the EOS Inbox user interface which is available at https://eosinbox.io. To follow along with this tutorial you can use any signature provider supported by EOS Inbox such as Scatter Desktop, EOS Lynx, Token Pocket, or the cleos command line tool. If you don’t have an EOS account you can use the eosinboxdapp account, you just won’t be able to submit any transactions.
What is REX?
REX is a feature of EOS that allows a user to lend and/or rent EOS tokens. There are two main reasons why you would want to use REX. If you own EOS tokens but are not actively using the full capacity of the network that your tokens allow; you can use the REX to rent out your tokens and you will earn a percentage of the rental fees. Conversely, if you’re actively using dapps on EOS and don’t have enough EOS tokens to use the network at the capacity you desire, you can use the REX to rent out additional EOS CPU and network resources.
This tutorial consists of two parts: Lending and Renting. Part one will discuss how to lend EOS (i.e. how to buy and sell REX tokens) and part two will cover renting CPU/Net resources using REX. If you’re only interested in renting EOS resources, you can skip ahead to part two.
Part 1: How to Lend EOS
When you lend your EOS (i.e. buy REX tokens) you will earn a percentage of the fees that users pay when renting EOS resources. The REX token is NOT tradable and is primarily used as an accounting mechanism to keep track of your percentage of the EOS tokens held in the REX books. As users rent CPU/Net resources, the rental fees will be added to the total EOS in the REX; therefore, increasing the amount of EOS you will get back when you sell your REX tokens.
How to Buy REX Tokens?
Before you can buy REX tokens you will need to vote for at least 21 block producers or a proxy.
There are two ways to buy REX tokens. The first is to deposit EOS into your REX fund which you can then use to buy REX tokens. The second is to use staked EOS. The option that is best for you will depend on whether or not you have staked EOS that you want to convert into REX tokens. There is a delay when unstaking EOS so your fastest option would be to buy REX tokens directly with your staked EOS. However, if you have EOS tokens that are not staked, you can deposit them into your REX fund and buy REX tokens using EOS in your REX fund without any waiting period.
NOTE: After buying REX tokens, there is a minimum 4 day waiting period before you will be able to sell them.
Option 1: Buy REX tokens using EOS in REX fund
Before you can buy REX tokens using your REX fund you will first need to deposit EOS into it. You can deposit EOS into your REX fund by clicking the Deposit EOS button on the REX page.
You can then select the amount of EOS to deposit and submit the transaction by clicking the Submit Deposit button.
Now that you have deposited some EOS into your REX fund, you can use the Buy REX panel to buy REX tokens using your deposited EOS. The estimated amount of REX that you will get is displayed near the bottom of the panel after you enter an EOS amount.
Option 2: Buy REX tokens using staked EOS
To buy REX tokens using staked EOS, you can select the Staked EOS option in the From dropdown as shown in the image below. You can then enter the amount of staked CPU and NET EOS that you would like to use to buy REX tokens. The estimated amount of REX that you will get is displayed near the bottom of the panel after you enter an EOS amount.
After buying REX tokens, you will see your total REX balance at the top of the page as shown in the image below. The approximate value of your REX tokens in EOS is displayed under your REX balance. There is a minimum 4 day waiting period after buying REX tokens before you can sell them; therefore, your liquid balance is displayed along with the date that any non liquid tokens will be available to sell.
Sell REX Tokens
When you’re ready to sell your REX tokens, you can use the Sell REX panel as shown below. Just enter the amount of REX that you would like to sell and the estimated amount of EOS that you will get in return is displayed near the bottom of the panel. The sell order will be executed immediately if there is sufficient EOS in the REX account; if not, it will be displayed as a pending sell order which you can cancel if needed. After the sell order is complete, the EOS proceeds will be transferred to your REX fund which you can then withdraw as discussed in the next section.
Withdraw EOS from REX Fund
You can withdraw EOS from your REX fund using the Withdraw EOS button in the Rex Fund panel as shown below. The withdraw action will transfer the EOS out of your REX fund and back into your EOS account.
REX Savings
REX savings is an optional feature of REX that you can use to require a 4 day waiting period before your REX tokens can be sold. By default there is a 4 day waiting period after buying REX tokens before you can sell them; however, if REX tokens are not transferred to the savings account, you will be able to sell them at any time after the 4 day waiting period. If your account is ever compromised and a hacker tries to sell your REX tokens, they would have to wait 4 days if your tokens are in the savings account; thus, increasing the chance that you can reset your keys and stop the hacker before they can sell your REX tokens.
REX tokens can be transferred to the savings account at anytime using the Add REX button shown below. When you’re ready to sell your REX tokens you can use the Remove REX button in the savings panel to transfer the tokens back to your normal REX balance.
Part 2: How to Rent CPU/Network resources
The REX allows users to rent CPU and network resources for 30 day periods by paying a rental fee. The amount of resources that you get for a given amount of EOS is based on the demand for resources at the time the loan is created.
Deposit to REX fund
Before you can rent CPU or network resources, you will need to deposit EOS into your REX fund. You can do this by clicking on the Deposit EOS button as shown in the image below.
Rent CPU or Network Resources
When renting resources, you need to specify the receiver and payment amount. The receiver is the account that will receive the additional CPU or network resources for the duration of the loan period (this defaults to the current account). The payment is the amount of EOS that you will pay to rent the resources out for a 30 day period. The estimated amount of EOS worth of CPU/Net resources that you will receive for the loan is shown near the bottom of the panel.
If you want the loan to automatically renew after 30 days, you can select the “Auto renew loan after 30 days” option and the additional number of loan periods. For example, if you wanted the loan to automatically renew one time, you would enter a value of “1” for the loan periods. The total cost of the loan will increase based on the number of loan periods that you select.
REX Loans
After renting CPU or network resources, your 30 day loan will show up at the top of the page as shown below. You can also click on the loan list item to get additional loan details.
Modify Loan Balance
If you want your loan to auto renew, it will need to have a loan balance that is greater or equal to the payment amount. When the loan expires it will deduct the loan payment from the available loan balance and renew the loan for another 30 days. You can add or remove EOS from the loan balance at any time. Simply click on the loan item to expand it and use the Increase Balance or Decrease Balance buttons as shown below.
If you made it this far, thanks for following along! We have covered all of the basic features of REX. Be sure to check out the REX interface at https://eosinbox.io. If you have any feedback or questions you can reach out to us on twitter @eosinbox or email us at contact@eosinbox.io.
Disclaimer: EOS Inbox does not guarantee the accuracy or completeness of the information displayed.
