Jax.Money is initialized, feel free to enroll for UBI!
by Maryna Trifonova, Head of Content at Jax.Network
We are glad to announce the beginning of a new era, with JAX stablecoins as the universal quantification of economic value. Jax.Money has been launched along with its main products — WJAX, JAXUD, and JAXRE. It means that our community can not only enjoy all the perks of an energy-standard monetary system but also receive a lifetime income in the form of UBI with no strings attached!
Jax.Money is a stablecoin payments system with 100% on-chain reserves backed by energy spent or Proof-of-Work. Its primary function is issuing localized derivatives soft-pegged to an energy-underwritten stablecoin (Wrapped JAX). Such a solution helps to maintain the stable value of a localized derivative and to simplify the payment process itself.
We have launched only JAX Dollar (JAXUD) and JAX Rupee (JAXRE) so far due to the high demand for stablecoins in these two markets. Please be aware that there will be some volatility in the peg in the early stages, as the liquidity is low; however, with the wider adoption of our stablecoins, it should be diminished. We can’t help but point out that it creates an arbitrage opportunity for early users, as they can buy coins below the peg and sell them once it’s back to the norm.
Another wonderful feature of Jax.Money is the universal basic income (UBI) program, which is financed partially through fees collected from transactions with stablecoins created on Jax.Money. Everyone can participate in the program by passing a simple KYC procedure at jaxcorp.com. Don’t hesitate to register and receive your first UBI payout now, as the first 10,000 people will get free $10 as an advance, which will be deducted from the future UBI payouts!
It’s worth mentioning that UBI is distributed in WJAX on a daily basis if the minimum threshold is met. With the increased adoption of our energy-standard monetary system, everyone should be able to get UBI high enough for letting them cover their basic needs and do what they truly love.
For users’ convenience, we have also prepared a number of bridges, which help to transfer tokens between layers and networks in several clicks. At the moment, you can keep our coins on Ethereum, Binance Smart Chain, Polygon, and Avalanche. For more information, please visit https://wrapped.jax.net/.
With the launch of Jax.Money, your WJXN can also be put to use, as you can swap them to WJXN-2 via the bridge and stake WJXN-2 to get VRP (Volatility Reserves Pool) tokens. VRP token holders are entitled to VRP yield and can participate in the election of the governor of Jax.Money. However, there are still some risks because they provide WJXN-2 to refill collateral during times of undercollateralization and they are entitled to the surplus when there is overcollateralization.
Words of gratitude
Jax.Money is a complex ecosystem, which consists of many interconnected products. Therefore it took us a lot of time to deliver it in the most secure and user-friendly way. But now the waiting period is over and we can finally enjoy the fruit of our work. We are deeply thankful to each of you who have been with us since the beginning of our journey and those who joined along the way. Community trust is one of the drivers that keeps us going and motivates us to create better tech products and social initiatives. You are amazing!
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