PUX tokens are at the heart of pukkamex, since the onset our mission has been and will continue to be maximizing value for PUX token holders, as such we have thoroughly thought out and implemented what we believe to be the best tokenomics and token utility model in existence today;
Copy Trading Access
To make the copy trading accessible to both the followed trader and the copier, the user must make a one time purchase of PUX tokens from the open market.
The PUX tokens are then deposited into the users’ account and are directed into a burn address where they are permanently removed from the token supply.
PUX Points & Anti-Liquidation Insurance
The PUXP (PUX Point) is our second token, which serves as a digital point to award and/or compensate liquidated traders.
PUXP is distributed to every single trader if a liquidation is triggered; 1 PUXP is rewarded for each 1 contract liquidated, this is visible via my account page; these points are non-transferrable.
At the end of every quarter 15% of the increase in the insurance fund’s size is distributed to PUXP holders in BTC relative to their holdings to total PUXP available, at which point all PUXP balances are set to zero.
Only PUX holders holding 2,500+ PUX are eligible to receive PUXP.
Quarterly Token Burn and Buyback
on the first Monday preceding every quarter pukkamex will use 0.5% of gross revenue from the quarter to buy PUX tokens from the pukkamex Platform at market price. The purchased tokens will be consequently sent to a burn address where they will be destroyed forever. The buy-back and burn will continue until the total token supply reaches 125 million PUX tokens.
Community Rewards program
25% of gross revenue is distributed to PUX holders every Sunday at 12:00 GMT. Earn a 25% share of gross revenue from trading fees by simply purchasing your tokens and storing in a wallet of your choosing.
Read on for more details…
Access to the Copy Trading functionality
Copy trading a revolutionary feature unique to pukkamex, it has never been executed at this scale and is available to test its its final fully functional form via our MVP;
To make the copy trading accessible to both the followed trader and the copier, the user must make a one time purchase of PUX tokens.
The PUX token amount is denominated in USD and will be equal to 50 USD for the first three months of operation.
The purchase of the PUX tokens takes place on open market; whether it be on pukkamex or through any other exchange.
The PUX tokens are then deposited into the users’ account and are directed into a burn address where they are permanently removed from the token supply.
This serves to create further utility for the PUX token ensure that demand exceeds the available supply, which is in line with our long term goal of maximizing wealth for token holders.
Anti Liquidation Insurance
This is made possible via our dual token mechanism; he PUXP (PUX Point) is our second token, which serves as a digital point to award and/or compensate liquidated traders.
PUXP is distributed to every single trader if a liquidation is triggered; 1 PUXP is rewarded for each 1 contract liquidated, this is visible via my account page; these points are non-transferrable.
At the end of every quarter 15% of the increase in the insurance fund’s size is distributed to PUXP holders in BTC relative to their holdings to total PUXP available, at which point all PUXP balances are set to zero.
Scenario:
Q1 Start: 01/01/2019
Q1 End: 31/03/2019
On 30th of March the final PUXP of the quarter is awarded, there will be no PUXP distribution on the last day of every quarter.
Assume Trader A had a liquidation total of 10,000 contracts; he is thus awarded 10,000 PUXP.
The total liquidations for the quarter are 100,000 contracts, hence the total PUXP distributed is 100,000 PUXP.
Insurance fund size Q1 start: 100 BTC
Insurance fund size Q1 end: 110 BTC
Distributable amount = (110–100) *.15 = 1.5 BTC
Trader a owns 10% of the total PUXP amount 10,000/100,000 = 10%
As such he receives a 0.15 BTC share of the distributable amount.
The PUXP points are reset to zero at the start of Q2 and we repeat the process.
Quarterly Token Burn and Buyback
pukkamex will be performing a quarterly token buyback; on the first Monday preceding every quarter pukkamex will use 0.5% of gross revenue from the quarter to buy PUX tokens from the pukkamex Platform at market price. The purchased tokens will be consequently sent to a burn address where they will be destroyed forever. The buy-back and burn will continue until the total
token supply reaches 125 million PUX tokens.
Revenue Distribution
pukkamex distributes 25% of gross revenue to PUX holders on weekly basis; the payments are made 12 PM GMT on every Sunday. The revenue is distributed in the GO equivalent of returns made in BTC at the prevailing market price at time of purchase.
Purchase is made on the morning of the distribution day via an automated bot that is designed to buy GO at the best ask prices on Binance.
Daily Gross Revenue Determination
A scheduled downtime of around 5 seconds will be a daily occurrence on the platform; the chosen slot for this downtime to take place will be determined in due course based on daily average showing lowest volume time.
The goal of this scheduled downtime is to calculate the days total trading volume, taker fee paid, and rebate made to arrive at the gross revenue for the day.
During the downtime the platform will make the following calculations:
Total trade volume (TTV) = total BTC value traded across all traded assets and instruments =
Market trades + limit trades
Taker fee received (TF) = Taker Fee % * Market trades
Maker rebate paid (MR) = Maker Rebate % * Limit trades
From above, the daily gross revenue can be determined as follows:
Daily Gross Revenue (DGR) = TF — MR
From above, we can arrive at the DGR in BTC.
The platform will then write the calculated DGR to the smart contract on the Ethereum Blockchain
which is available for everyone to see. The process is repeated daily.
Weekly Gross Revenue Determination
Every Sunday, at the allotted time, the daily gross revenue process is repeated, but we perform another calculation to determine the total weekly revenue;
Total weekly revenue (TWR) = Σ DGR of current week.
The platform writes the TWR to the smart contract.
Smart Contract; Determining Distributable Amount
The smart contract is programmed to distribute the BTC equivalent in GO equal to 25% of the TWR at 12PM on Sundays. Such that:
Distributable amount in GO (DA) = 25% * TWR / GO price (BTC)
Purchasing The Distributable Revenue Share
Once the DA is determined by the smart contract it prompts the trading bot to withdraw the BTC (it being revenue from trading fees) from the pukkamex platform and deposit into a Binance trading wallet. Where;
Withdrawn amount in BTC (WA) = 25% * TWR
The bot will then purchase the DA amount in Go Tokens at the best ask price.
The bot withdraws the purchased GO tokens and deposits it into the smart contract.
Revenue Share Distribution
Once the DA is deposited into the smart contract, the smart contract distributes the GO to PUX holders at a ratio relative to their holdings to total token supply. Such that the GO received by user X;
= PUX holdings / 250,000,000 (total supply) * DA
PUX holders who choose to hold their PUX holdings on pukkamex will find their deposit in their pukkamex account. Users are unable to use GO as collateral for trade, if they wish to do so, they can convert their GO into BTC on platform.
