Relex sets record for highest value airdrop in crypto history
When CEO Keith Hilden surprised Relex holders on Thursday with news of an airdrop, they didn’t know what they were in for. Many waited in suspense as they transferred their RLX off of exchanges and into wallets.
What followed was not only unexpected for RLX holders, but it set the record for the largest absolute (non-percentage based) airdrop on a per user basis by a launched company in the history of cryptocurrency. Relex holders at the time of the snapshot on May 31 each will receive 77,000 RLX.
RLX is currently trading on IDEX for 0.00002197 gwei, equating to a fiat value of over $1,000. To be eligible, RLX holders needed to have their holdings in a traceable wallet (such as MyEtherWallet) and have over 10,000 RLX, although some long term holders of smaller amounts have been individually approved by the team.
Relex is a crypto asset company that focuses on real estate development. Investors use the RLX to fund projects with Relex partners such as developers Woodfine Capital, Empire Group (of the luxury towers Cocobay Danang), and Nam Hai(of Marine City).
Thursday’s airdrop follows an earlier 20% bonus airdrop for first adopters in January. A third airdrop, for Relex’s expansion into healthcare and pharmaceutical research funding, will follow later this month, distributing tokens in a 1:1 ratio to current RLX holders.
Thursday’s airdrop set the record for the largest absolute amount of money airdropped universally to all recipients. For comparison, while the Relex airdrop is smaller on an absolute basis of $1.7 million (for TRX) vs. roughly $550,000 (for Relex), it is important to keep in mind that this is in the context of an airdrop to 1 million accounts vs. the Relex airdrop to only 550 accounts or so. This equates to a USD value of $1.70 per user for Tron, compared to $1,000 per user for Relex. So far, such an airdrop has been associated with a price rise, with RLX gaining over 20% since the time of the airdrop.
The airdrop was given, in the words of Hilden, as a way of celebrating Relex’s strong second financial quarter. But Hilden also explained that his theory of economics plays a role in the decision.
“When money is introduced into the system it should be distributed more evenly to maximize economic growth,” Hilden said.
Hilden bases his theory of economics on those of Marc Faber, with a track record of a renowned investor, author, and chairman of Leopard Capital, who earned his PhD in Economics at the age of 24. Faber and Hilden discussed the idea of a people’s bailout — to combat the crushing debt many faced due to credit card debt and student loans — back in 2014, as covered in this article by Diego A. Saucedo Guerra, who now works at the Mexican Consulate in Houston.
The idea of a people’s bailout migrated from finance to crypto in the form of the airdrop, a way of distributing wealth to a group in a managed fashion without unbalancing the system, a problem that plagues many cryptocurrencies that have wealth tied up in their originating companies.
These are the same ideologies that motivated the Relex team to not have an ICO, as most ICOs not only inequitably centralize wealth, but also the asset subsequently trades at a lower value for 83% of ICOs. According to Hilden’s take, “It would introduce too much money in the system too quickly.”
For this same reason, Hilden opted to distribute the airdrop manually over a number of days so as to not flood the market with new value.
Relex has gained value after the airdrop was announced, breaking current trends of price drops seen in following crypto airdrops. Hilden attributes such growth to the back-end economics that solidifies investors’ belief in responsible management by the Relex team.
Following up a town hall conference call with Ex-JP Morgan VP turned Director of Operations Peter Lee last week, another town hall conference will be held on Sunday morning, June 3, at 9 a.m. The conference call will be with John Bonar, Chief Investment Adviser to Relex, and focus on Relex’s expansion into the Russian port city of Vladivostok. Additional information will be available on the Relex Telegram prior to the call.
To join the conversation, visit the Relex community:
Telegram: https://t.me/relex_core.
Relex website: www.relex.io
Relex Twitter: @RelexTalk
Relex Facebook: @RelexTalk
Relex SubReddit: https://www.reddit.com/r/RelexRLX/
Relex is traded on the following exchanges:
