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e-Money Network Upgrade

The e-Money network is scheduled to relaunch with an upgraded protocol on Nov 4, 2020 at 16:00 UTC. There will be noteworthy changes, such as new issuance NGM tokens for stakers, and NGM will be unlocked and freely transferable. See our FAQs for more information.

What is e-Money?

e-Money bills itself as the “Next Generation of Money”. e-Money brings innovative, currency backed tokens to the market. In addition to the currency backed tokens, e-Money will issue its Next Generation of Money token “NGM” for the purpose of staking in order to secure the network.

The currency backed tokens are:

  • Fully backed by bank deposits and government bonds.
  • Multi currency, supporting major global currencies.
  • Interest-bearing (both positive and negative).
  • Transparent through quarterly EY proof of funds.
  • Protected by an insolvency fund to guarantee proper unwinding.

e-Money is built as a zone in the Cosmos ecosystem, which means anyone within the Cosmos ecosystem is free to use e-Money tokens as a means of payment and a store of value.

Other use cases outside of the Cosmos ecosystem include cross border payments/remittances, and E-commerce.

How will e-Money change after relaunching?

NGM Token

While the e-Money mainnet launched in March 2020 with an NGM token which was not fully transferable and liquid, it will be possible to transfer and trade NGM easily on both centralized exchanges and the e-Money DEX after Nov 4, 2020.

e-Money’s staking token, NGM, will be minted at a rate of 10% of the total supply per year, distributed pro rata to NGM stakers.

e-Money’s currency-backed stablecoins will be inflated by 1% per year to buy back and burn NGM tokens.

e-Money DEX

The e-money DEX will support market orders in addition to limit orders. There will be further customization of order behaviours:

Good Until Canceled (GTC) — the order is good until it is filled or it is canceled.

Immediate or Cancel (IOC) — the order is filled as much as possible right now, then, any unfilled portion of the order is canceled.

Fill or Kill (FOK) — the order is either filled in its entirety right now, or it is canceled.

Where can I explore the e-Money network and create an e-Money wallet?



Figment has developed e-Money Hubble.When are e-Money staking rewards enabled? When are transfers enabled?

We expect e-Money staking rewards and transfers to go live on November 4, 2020 sometime after 13:00 UTC.What is the name of the asset being staked?

e-Money’s native token, NGM, is used to stake.

What are the NGM staking rewards?

Vesting tokens may be staked. The rewards from staking NGM tokens come from three sources:

  1. new issuance NGM tokens
  2. transaction fees and
  3. a markup on the currency-backed tokens.

New NGM will be minted at a rate of 10% of the total supply each year, which will be distributed entirely to stakers.

Transaction fees can be paid with NGM or in any of the currency-backed tokens and we expect trading activities on the DEX to be the primary source of these.

The markup consists of an annual 1% inflation on each currency-backed token. The markup is applied continuously and distributed pro-rata to staked NGM token holders. In short, the rewards that are distributed to staked NGM tokens are tied directly to the amount of issued currency-backed tokens.

Current stable asset currencies that are supported are: EUR, CHF, DKK, SEK, and NOK, and there are plans to support more currencies in the future.

Do I maintain custody of my NGM tokens? Who or what controls my staked NGM tokens?

You can self-custody your e-Money NGM tokens, ideally using a Ledger hardware wallet. Here are instructions for using your Ledger wallet with e-Money.

Figment has partnerships with a number of top-in-class custodians:

The e-Money protocol takes control of your NGM tokens while you are staking. If you unbond your tokens, this process will take 21 days before the protocol returns your tokens to you.

How long does it take to unstake?

From the moment you initiate the unbonding process, it takes 21 days to unstake. During this time you will not earn rewards. When the process is complete, you can transfer/trade your NGM tokens.

Can my staked NGM be slashed (seized or destroyed)?

Yes, a portion of your staked NGM can be destroyed. There are two ways this can happen:

  1. If you delegate to a validator that is offline for over six (6) minutes during 1 hour, you will lose 0.01% of the tokens you have delegated to that validator.
  2. If you delegate to a validator that signs the same block twice with the same key, you will lose 5% of the tokens you have delegated to that validator.

Can I lose potential staking rewards?

Yes. If the validator you delegate to is offline for over six (6) minutes during 1 hour, you will not earn rewards for at least an hour or however much longer it takes for your validator to resume operations.

What is the rate of new issuance (aka “annual inflation”) for NGM? How does the token supply change?

The e-Money network first launched on Mar 25, 2020 with a fixed token supply of 100M NGM.

As of Nov 4, 2020, e-Money will begin issuing new tokens at an annual rate of 10% of the total supply, all of which will be distributed to stakers.

e-Money’s currency-backed stablecoins will be inflated by 1% per year, and these additional stablecoins will be used to buy back and burn NGM tokens. The NGM are bought on e-Money’s DEX and will act as a deflationary counterbalance to the inflation of NGM.

Where can I learn more about how e-Money works?

Check out our ‘First Look’ article here.

The e-Money team has a set of frequently-asked questions (FAQs) here.

Here are the changes being enacted on November 4, 2020.


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