Proposal #2 aims to boost WX holding and staking
To incentivize users to hold and stake WX tokens and give them an opportunity to earn extra passive income, a new proposal will be put to vote.
Decentralization and community engagement are important values for the WX Network ecosystem, and all plans for future development are shaped with significant community involvement. Major decisions have already been made with the use of the voting system, launched last year.
Now, time has come to hear what the community thinks about a new proposal from the WX Network team, focused on making holding and staking WX tokens more attractive for users, while also offering them an opportunity to earn additional passive income.
Proposal #2. Bring Back WX Staking Rewards, Upgrade Trading Fees Mechanics and Introduce WX Emission Voting
- Bring back WX staking rewards and increase the current WX emission to 20% to share it among gWX holders.
- Cancel the 25% discount for spot exchange fees paid in WX. We propose that the trading fee discount be eliminated and a new mechanism to encourage traders who pay trading fees in tokens other than WX, be introduced. That will motivate traders to trade and receive WX cashback from their fees, thereby increasing the utility of the WX token.
- Implement the following trading rewards system:
Let’s see how the proposed scheme is going to work, using an example.
Say, Jack’s trading volume in January amounted to $520,000, and an equivalent of $500 was spent on paying trading fees. Jack can count on a cashback from his trading fees in the amount of 10% and if 1 WX = $0.5, the cashback will be 100 WX. At the same time, Jack is an active WX staker and has 1,000 gWX on his balance on the settlement day, which means that he will receive an additional reward of 200 WX. In total, he gets back 30% of the fees he paid, although he could get more if he had more gWX on his balance.
4. Launch WX emission Voting on a monthly basis in order to give the community an opportunity to decide on lowering or increasing the emission of WX tokens. In each voting, emission can be changed by 10% up or down, with a mandatory condition: WX emission * 1.2 <= MaxEmission.
Voting duration: 30 days
Quorum: 5,000,000 gWX
A vote on this proposal will follow the standard procedure, under which users vote with their gWX. We’ll let you know the outcome of the vote as soon as the voting period ends. Stay tuned!
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