What Is SefCoin And How Do You Get Them?
Staking is the mechanism through which you will earn SefCoins (Save Exchange Fee Coins). The number of SefCoins earned is dependent on the proportion of GXTokens staked by you.
Every time a GXT transaction is initiated, the tokens holders who have staked their tokens will receive SefCoins. For instance, a broker who has staked 3% of the GXTokens available can theoretically earn only 3% of the SefCoins on the block. To understand more about this you can read about Proof of Stake.
SEF can be used to pay GXOS 0.1 percent per trade fee that is charged when users trade cryptocurrencies. SEF can also be traded for other cryptocurrencies.
Users receive a discount on each trading fee according to the following schedule when trading with SEF:
Discounting Schedule
6.75% discount for the first year
12.5% discount for the second year
25% discount for the third year
50% discount for the fourth year and remains at 50% there onwards.
Frequent and long term traders are incentivized to hold on to their SEF assets in order to benefit from the increasing discount rates.
Since the discount rates increase over time, we expect traders to hold on to their SEF assets thereby decreasing the circulating supply available in the market.
In order to counteract this decrease in circulating supply, GXOS has implemented a decreasing inflation rate in the SEF smart contract to ensure that new users will always have access to SEF for the foreseeable future.
NOTE - GXOS may also, at their own discretion, decide to BURN an amount of SEF tokens every quarter based on the trading volume of their crypto-to-crypto platform in order to stabilize the price of SEF over time.
If you want to learn more about SefCoins watch the video below👇🏻
