DEX and MEX 2.0 are the next big thing.
Some people say it's too complicated but I disagree.
Here is a dialog explaining it to a 5-year-old.
π§΅p.s Works for grown-ups too π₯
@ElrondNetwork @egld_initiative @egld_initiative #egld @beniaminmincu #ExploreMEX2
Some people say it's too complicated but I disagree.
Here is a dialog explaining it to a 5-year-old.
π§΅p.s Works for grown-ups too π₯
@ElrondNetwork @egld_initiative @egld_initiative #egld @beniaminmincu #ExploreMEX2
β What is a DEX?
π A DEX is a platform where users can exchange tokens, a form of digital currency people use for their projects and ecosystems.
π A DEX is a platform where users can exchange tokens, a form of digital currency people use for their projects and ecosystems.
β So, like a bank?
π Well, sort of. If you have Apples and want to trade them for Bananas, the bank will take your apples and give you bananas.
This way the bank has more control over the trades and can choose NOT to give you bananas for apples if they want to.
π Well, sort of. If you have Apples and want to trade them for Bananas, the bank will take your apples and give you bananas.
This way the bank has more control over the trades and can choose NOT to give you bananas for apples if they want to.
β So, a DEX is not a bank, then how does it work?
π Instead of a bank having all the apples and bananas, other people from all over the world can add on this awesome platform called xExchange the following:
π Instead of a bank having all the apples and bananas, other people from all over the world can add on this awesome platform called xExchange the following:
Basket 1 with Bananas and Apples: From where other people can come and take 1 banana and leave 1 apple instead. Or the other way around.
Basket 2 with Bananas and Tomatoes. where people can come and do the same thing. Take 1, leave 1 other instead.
And so on.
Basket 2 with Bananas and Tomatoes. where people can come and do the same thing. Take 1, leave 1 other instead.
And so on.
Here is a catch!
If more people want to trade apples for bananas, then you are left with more bananas and fewer apples in your basket.
Make sure you know your taste and for how long you keep your fruits in the DEX Basket.
If more people want to trade apples for bananas, then you are left with more bananas and fewer apples in your basket.
Make sure you know your taste and for how long you keep your fruits in the DEX Basket.
Grown-ups call this Impermanent loss, and you can calculate it here if you'd like: dailydefi.org/tools/impermanβ¦
β Got it. So then, why would you go put bananas and apples in the basket? What's in it for you?
π That's the fun part. There are many benefits for you contributing to the basket.
Now you become a Basket provider.
π That's the fun part. There are many benefits for you contributing to the basket.
Now you become a Basket provider.
The Basket providers are receiving a Special Fruit called (LKMEX) as a reward for providing fruits to the basket (Pool).
The Special Fruit is your power source for many activities you may perform on the DEX.
You can also buy this Fruit (MEX) and lock it to make it sFruit.
The Special Fruit is your power source for many activities you may perform on the DEX.
You can also buy this Fruit (MEX) and lock it to make it sFruit.
The Special Fruit is bound to your herotag and you can call it, your "Battery" π
The more sFruits you have, the bigger the π .
The more sFruits you have, the bigger the π .
Your battery, like any other battery, needs to be charged every now and then.
And you can charge it at any time, by locking your battery for 1, 2, or 4 years.
And you can charge it at any time, by locking your battery for 1, 2, or 4 years.
β So what does my battery, fully charged do?
π Just by holding your battery charged, you receive fruits from 3 sources:
π Just by holding your battery charged, you receive fruits from 3 sources:
π 1. SFruit emission by the All-mighty DEX.
π 2. Every time you come and trade 1 apple for 1 banana, 0.05% of it goes to all the people having fruits in the baskets in form of SFruit (LKMEX), with a full 4 years ENERGY.
π 2. Every time you come and trade 1 apple for 1 banana, 0.05% of it goes to all the people having fruits in the baskets in form of SFruit (LKMEX), with a full 4 years ENERGY.
If you want to discharge your battery, you can do so, but it comes with an 80% penalty. And you as an LKMEX holder will receive 50% of this penalty. The other 50% is "eaten" by the DEX.
π 3. Metabonding Fruits from other projects.
π 3. Metabonding Fruits from other projects.
β That sounds interesting, that's it?
π Wait there is more!
Your charged battery will also get you:
π Wait there is more!
Your charged battery will also get you:
π 1/ xLaunchpad eligibility to participate in a lottery for NEW fruits on the market.
π 2/ Boosted amount of sFruits for selected baskets.
π 3/ Boosted amount of sFruits for Metastaking.
π 4/ Farm EGLD-MEX basket and other baskets. Farming any basket will give you sFruits.
π 2/ Boosted amount of sFruits for selected baskets.
π 3/ Boosted amount of sFruits for Metastaking.
π 4/ Farm EGLD-MEX basket and other baskets. Farming any basket will give you sFruits.
Last, but not least, your charged battery gives you the power to vote for the future of the DEX.
Every sFruit you have gives you more voting power.
Every sFruit you have gives you more voting power.
β I get that my sFruits are powerful. But what about the non-special fruits (MEX)?
π Yes, of course. Every sFruit (LKMEX) from your battery, once it gets fully discharged, turns into a regular Fruit (MEX).
And here are the benefits:
π Yes, of course. Every sFruit (LKMEX) from your battery, once it gets fully discharged, turns into a regular Fruit (MEX).
And here are the benefits:
π 1/ You can trade it for any other fruit and is fully transferable.
π 2/ You can top-up your credit card to spend it for REAL Fruits.
π 3/ You can buy it also with Dollars or any other normal currency.
π 2/ You can top-up your credit card to spend it for REAL Fruits.
π 3/ You can buy it also with Dollars or any other normal currency.
π 4/ You can pay with it on xPortal (a gate to other worlds), xSpotlight (a gate to artists and art), and xMoney.
π 5/ Lock it and charge your battery.
The DEX will give fewer and fewer fruits year after year for a period of 8 years.
So decide now if you want to get some! π
π 5/ Lock it and charge your battery.
The DEX will give fewer and fewer fruits year after year for a period of 8 years.
So decide now if you want to get some! π
β Why are these fruits important? Will they have any value in the future?
This Fruit (MEX) has a limited supply, meaning there will only exist this many.
The value of them will increase with adoption of the DEX, but also with:
This Fruit (MEX) has a limited supply, meaning there will only exist this many.
The value of them will increase with adoption of the DEX, but also with:
π 1/ Every trade on the DEX will "eat" 0.05% in Fruit(MEX)
π 2/ Anyone discharging their battery before time, will give the dex 50% of the penalty for the DEX to "eat".
π 3/ Anyone removing bananas/apples etc from the baskets (pools) will pay 100% of the fee to the DEX.
π 2/ Anyone discharging their battery before time, will give the dex 50% of the penalty for the DEX to "eat".
π 3/ Anyone removing bananas/apples etc from the baskets (pools) will pay 100% of the fee to the DEX.
That pretty much sums up the DEX v2, MEX v2, and LKMEX v2.
Hopefully this thread was able to provide some clarity on the topic.
Ofc, not all these questions would have been asked by a 5-year-old, but actually, nowadays kids are smarter than you might think.
Hopefully this thread was able to provide some clarity on the topic.
Ofc, not all these questions would have been asked by a 5-year-old, but actually, nowadays kids are smarter than you might think.
If you want to add more to this topic, please share it in the comments below.
Follow @AndreiMX_ and @egld_initiative to see the new threads coming.
If this was useful for you, β€οΈ & RT the one below, so you spread the info. β
Follow @AndreiMX_ and @egld_initiative to see the new threads coming.
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