NewSD Exchange Guidelines
Comprehensive guide for Nextizens to convert NewSD/NTY
Login
Open your Google Chrome browser, then go to newsd.io
Requirements:
- Wallet extension: Metamask or EzDeFi Extension.
- Nexty wallet address with sufficient coins/tokens.
- Using EzDeFi Extension (Beta):
- Go to Chrome Web Store to download and install EzDeFi Extension
- Access EzDeFi Extension (typically found in Extension Taskbar located on the top-right corner of the browser)
- EzDeFi Extension has 2 modes:
Ez Mode: You can send transactions right away.
Secure Mode: You need to create an account and it will require you to verify every time you send a transaction (Save your backup phrase!)
A window will appear, on top of the window, click on the dropdown button then Add Token and select NTY.
2. Using Metamask:
- Go to Chrome Web Store to download and install Metamask
- Access Metamask
- Create an account (Save your backup phrase!)
- A window will appear, on top of the window, click on the dropdown button, then Custom RPC
- Scroll down to find New Network tab, then enter:
Network Name: Nexty
New RPC URL: https://rpc.nexty.io
ChainID: 66666
Symbol: NTY
Block Explorer URL: https://explorer.nexty.io/
Dashboard
After login, Dashboard displays the following information:
- Exchange
- Preemptive
Annotation:
- Wallet: the address of the linked account.
- NewSD: the stablecoin ERC20 token, initialized with 0 supply.
- MNTY: this token is used by Seigniorage DEX underneath.
1 MNTY = 1,000,000 NTY. It’s used for easier conversion with NewSD.
When the MNTY fund is insufficient, NTY will be automatically converted to MNTY. Also, NTY -> MNTY (or MNTY -> NTY) conversion can be handled manually.
- Native: represent the value of native NTY (currently only used for transaction fee)
- Total: represent the total balance of NTY + MNTY.
- Maker: is the address of the Order or Preemptive proposal.
Token Conversion
The conversion between NTY and NewSD is largely similar to a regular (decentralized) crypto exchange.
- Only MNTY/NewSD pair is supported
- Order book is on-chain (Due to the specialty of the consensus token, the normal architect of DEX cannot be applied here)
- Your fund is either in your wallet, or locked in the DEX contract, which is solely in your possession.
- DEX is an on-chain decentralized exchange for MNTY/NewSD pair, built for converting between the 2 tokens. The limit orders placed there can be filled by other users’ orders, or will be filled by the system absorption.
- Market Order issued by the consensus will automatically fill enough Buying/Selling MNTY/NewSD orders from the highest bidder to the lowest asker.
- Market Order allows users to manage their own off-chain order list.
Market Order:
- Sell Order uses MNTY to exchange
- Buy Order uses NewSD to exchange
Sell MNTY for NewSD:
- Make sure you have some NTY and/or MNTY in your account.
- Enter the Amount for MNTY you want to sell, then Price.
- Click Sell to send the transaction, confirm on Metamask to complete.
- The Buy order that fits your price will be filled, and NewSD is automatically sent to your account.
Buy MNTY with NewSD:
- Make sure you have some NewSD in your account.
- Enter the Amount for MNTY you want to buy, then Price.
- Click Buy to finish the transaction, confirm on Metamask to complete.
- The Sell order that fits your price will be filled, and MNTY is automatically sent to your account.
Note:
- Native NTY is a value token from your Nexty wallet (currently only for transaction fee)
- The process converts NTY to MNTY automatically when the MNTY fund is insufficient.
- The Price is calculated as 1,000,000 x NTY/NewSD
- Click RELOAD to refresh the Order book
If you only want to exchange NTY/NewSD, STOP HERE!
Read on if you want to know more about Preemptive Absorption..
Preemptive Absorption (PeA)
1. Proposal Auction
The Auction for Initiator starts when the first initiator submits your proposal on chain. NTY holders will vote for them as soon as the proposal is submitted.
Each vote can have the following values:
- Maker: address of the initiator.
- Stake(MNTY) : the amount of MNTY to lock for slashing.
- Absorption(NEWSD): the amount of NewSD it wishes to change.
- SlashingRate: optional slashing rate.
- Lockdown Expiration: optional lockdown time (in block) for the stake.
Proposal Requirements following technical document specification.
https://github.com/nextyio/gonex/wiki/Stablecoin-Protocol
2. Voting and Ranking
Anyone with NTY and/or MNTY can vote for or against a proposal. The weight of each vote is the total of NTY and MNTY, and only calculate at the ranking time. An address votes for a proposal, then transfer all NTY and MNTY out after that will have zero weight after that.
- How to create a valid new Proposal?
There are two required conditions:
- Each active account can only create one proposal.
- The params must satisfy required conditions (as above). - How to make a Proposal eligible for activation?
Your Proposal will be voted for or against a proposal by the NTY and/or MNTY holders until Proposal has a rank greater than or equal to 100%. Then qualifying Proposal will absorb.
3. PeA Absorption
After the Voting Auction success, a new Preemptive Absorption is triggered with (Amount, Lockdown Expiration, SlashingRate).
Site Absorption: For each limit order absorbed by a PeA, an identical limit order is filled for the PeA maker with your token allowance for the DEX. If the allowance and balance are not sufficient, the side absorption will simply be ignored.
The PeA Absorption will continues until the target supply is reached, even when no side-absorption occur.
The absorption process when has side absorption, only half the amount for each block is filled with orders from the exchange, the other half is preserved for side absorption.
- How to make a Proposal activation for side absorption, and absorption process?
It has two cases:
Case 1: A Proposal has absorption(NewSD) > 0
Precondition:
- User creates a proposal with absorption(NewSD) > 0
- Create allowance for MNTY.
- Filled sell order.
When a proposal voted for or against by who holds the NTY/MNTY, Until Proposal has rank vote of greater than or equal to 100%, automatically, the Proposal with the highest Rank wins the auction. That Proposal will be activated for side absorption.
For each limit order absorbed by a PeA, an identical limit MNTY allowance will be slashed.
If MNTY allowance is not sufficient. The side absorption will be stopped when MNTY allowance is all punished and moved to the PeA Absorption process until limit sell order are all absorbed.
Case 2: A Proposal has absorption(NewSD) < 0
Precondition:
- User creates a proposal has absorption(NewSD) < 0
- Create allowance for NewSD.
- Filled buy order.
When a proposal voted for or against by who holds the NTY/MNTY, until Proposal has rank vote of greater than equal to 100% and the proposal with the highest rank win the auction. That Proposal will be activated for side absorption.
For each limit buy order absorbed by a PeA, an identical limit NewSD allowance will be slashed.
If NewSD allowance is not sufficient. The side absorption will be stopped when NewSD allowance are all punished and move on the process PeA Absorption until limit buy order are all absorbed.
4. The Lockdown — How and How much slashing when the average price deviation is the opposite of the PeA value?
During the lockdown, whenever the median price deviation goes in the opposite direction of the PeA:
- The Absorption will be temporarily halted.
- The maker will be slashed.
The absorption will resume when the new median price goes in the same direction again.
NewSD will be the default payment option for EzDeFi merchants.
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Contact Us
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- Email: support@nexty.io
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