ON PULSECHAIN
WHITEPAPER
REX is not your usual meme token.
Please read the whitepaper before getting involved.
REX is for stakers: You need to stake before you can cash out.
REX was developed exclusively for stakers and offers them great advantages.
If you are looking for a hype / meme / trading token, this one is not for you.
Protection of your stakes' values.
REX strives to provide a particularly safe environment for long-term investors and to protect the value in its users' stakes, thereby achieving sustainable growth and producing a healthy price chart. To achieve this, a simple and effective modification in the transfer function of the REX token has been implemented. In simple terms: Users need to stake before they sell. This modification shall effectively lead to a severe price appreciation that shall only be available for the long-term investors.
Cashing out / Selling tokens
As a staker, you probabaly won't even notice there is a trading restriction, as you'll have 3 options to sell your tokens. Basically, it depends on your personal strategy and situation, what you prefer.
1) You end a mature stake and sell the received tokens + staking rewards.
2) You withdraw the already earned staking rewards from an active stake and sell them.
3) You may sell REX rewards received from staking REX NFTs without restrictions.
Staking strategies
This being said, you may decide for one of the two strategies - or a mixture.
LADDER: Create many STAKES with different durations (search term: "staking ladder"), so you'll have STAKES ending regularly, for example every month, for the next years. When they mature, you decide to sell or re-stake. Note: In REX, you can create a staking ladder with many STAKES in a single transaction.
WITHDRAW: Create one big STAKE (or just a few STAKES) with very long durations (they earn higher rewards) and you withdraw rewards whenever you need them, over the years. Note: In REX, you may withdraw rewards as often as you like, even every day.
Both strategies might be used to create some sort of passive income model.
Flexibility - using STAKES
Although transferring TOKENS is restricted, transferring STAKES isn't. Token holders may create a STAKE and transfer it, anytime. They may also offer the STAKE for sale on the native Exchange (STAKE DEX).
Flexibility - using NFTs
Although transferring TOKENS is restricted, it isn't restrcited for NFT stakers. REX NFTs are a way to create constant REX rewards that are sellable without fulfilling the staking requirements.
Summary
If you're into decentralized staking and delayed gratification, protected from people who do not stake, REX is for you. Read on to get familiar with the details.
HAPPY STAKING!
Preface
Network
Contract addresses
1. About REX and Time Deposits
1.1. Security information
2. General REX information
2.1. REX code
2.2. REX time
2.3. Special REX days
2.4. Requirements
2.5. REX ecosystem
3. REX (REX) - MAIN TOKEN
3.1. REX transfer restrictions
3.2. How to get REX
3.3. REX token Supply
3.4. Supply inflation
5.1. REX NFT staking
5.2. REX NFT marketplace
6. STAKING
6.1. Opening a stake
6.2. Shares and Staking Rewards
6.2.1. Bonus shares calculation
6.2.2. Share price
6.3. Withdrawing Staking Rewards
6.4. Closing a Stake
6.5. Transferring a stake
6.6. Renaming a stake
6.7. Buying and selling a stake
REX ("REX") - Main token
- to be deployed -
TREX ("TREX") - Boost token
- to be deployed -
STAKE DEX
- to be deployed -
PLSX PAIR (LP-Token)
- to be deployed -
REX NFT
- to be deployed -
REX NFT STAKING
- to be deployed -
REX NFT MARKETPLACE
- to be deployed -
Time-based investments and bonding financial tools have been around for many years in the Traditional Finance (TradFi) world and have recently made their way onto blockchains, replacing centralized banking institutions with decentralized code-based protocols. These new technologies invite innovations in the financial models, making additional features and flexibility possible for the first time.
REX is a decentralized blockchain-based cryptocurrency utilizing smart contracts to provide such a native investment option, called "staking": locking up tokens for a period of time to gain rewards, called "staking rewards". This is comparable to a time deposit or certificate of deposit (CD) in traditional finance, but with more flexibility and greater possible gains. REX may also be thought of as an internet bond.
In crypto speech, REX is a staking token, so participants buy REX and stake it over time to earn more REX. The additional REX earned by stakers comes from new REX that is minted each day, causing the REX supply to increase, or inflate, over time. The REX token supply inflates by 3.69% per year. This inflation is created by the contract and distributed to the stakers.
REX Smart Contracts offer a wealth of functionality unprecedented in Decentralized Finance that makes managing stakes much easier and more flexible. For example, in REX it’s possible to name stakes (to keep track of their purpose), transfer active stakes to other accounts (for example, as a gift) and even withdraw already-earned staking rewards while a stake is active - like a passive income.
Also, REX provides a native decentralized exchange (DEX) for active stakes; a user may buy and sell active stakes there - like in an eBay for stakes. This makes a REX STAKE itself a cryptocurrency.
On top of that, REX also introduces the new REX NFTs, that offer constant REX rewards - like in a passive income.
To be as safe as possible in crypto, REX has made the following list for you.
READ CAREFULLY and NEVER break a single rule.
⚠️ If you reveal your private keys to anyone, assume all your funds will be stolen.
⚠️ If you reveal your seed phrase to anyone, assume all your funds will be stolen.
⚠️ If you reveal your wallet password to anyone, assume all your funds will be stolen.
⚠️ If you connect your wallet to any third-party website or app, your funds can be stolen.
⚠️ When using a website/app, make sure it is official and the domain is written correctly.
⚠️ Always use contract addresses, not the name of tokens, to avoid fakes and imposters.
⚠️ Don't interact with REX smart contracts if prohibited by any law or regulation.
⚠️ Don't rely on social media. If you do, please be aware of the following risks.
⚠️ Be aware, people do steal identities, fake accounts and deceive.
⚠️ Never reveal any sensitive data to anyone for whatever reason.
⚠️ Never consider other people’s words/messages/posts as financial advice.
⚠️ Always do your own research (DYOR). Take responsibility for your actions.
⚠️ Take all the time you need to do your own research. Don't let anyone rush you.
⚠️ If anyone asks you to use third-party websites or apps or to send tokens, report them.
⚠️ Cryptocurrencies should be considered a new technology.
⚠️ Cryptocurrencies bear immense risk, total loss of tokens or their values.
⚠️ There is no guarantee, the technology or code will work forever - or at all.
⚠️ ONLY INVEST WHAT YOU CAN AFFORD TO LOSE.
⚠️ To minimize risks, strictly follow known investment rules, like Cramer's 25.
⚠️ REX smart contracts run on decentralized blockchains. Those blockchains are to be considered "third party" and their availability cannot be and is not guaranteed at any time.
⚠️ Apart from using the functions of REX smart contracts directly or via the blockchain explorer, REX smart contracts might be used via the "main website", but its functionality and availability - although well designed and protected - cannot be and is not guaranteed at any time.
2.1. REX code
REX is immutable code, thoroughly tested, proven and made public.
REX code (Solidity) is packed with English comments, so anybody may understand it.
REX code may be examined by everyone so they may decide whether to interact with it.
REX is completely non-custodial, immutable and has verifiable security.
REX is not controlled by any person, institution or organization.
REX provides several functions to interact with it via apps and websites.
Once deployed, initialized and "ownershipRenounced," REX contracts have no functionality granted to the deploying account and no administrative keys. They are unchangeable forever. All users, including the developers, have precisely equal access to the contracts' functionality.
2.2. REX time
Time is tracked by the contracts in whole day increments, beginning at REX DAY 0, which starts at the set LAUNCH_TIME, defined as unix time in the REX contract.
2.3. Special REX days
DAYS 1-28: SAC PHASE (sacrifice PLS for REX)
DAYS 1-365: REX airdrop claim phase (BSC-REX holders may claim an airdrop)
DAY 21: REX-PLS trading pair / liquidity (Swap tokens for REX on v2-app.pulsex.com/swap)
2.4. Requirements
Users will need a computer or smartphone with an internet connection and a crypto software wallet (recommendation: MetaMask.io) to receive, hold, send and manage REX, REX stakes, and TREX.
On a computer, users will need a suitable browser (recommendation: Firefox or Chrome) to install the wallet there.
Users will also need to hold PLS tokens (PulseChain native currency) in the wallet to execute functions (pay the blockchain transaction fees/"gas fees").
REX is the main token. It is fungible and transferable (with restrictions).
The name is REX, the token symbol is REX, and decimals is 18.
The base unit is PRINCE. 1 REX is composed of one quintillion (10^18) PRINCES.
The core purpose of REX is staking to gain staking rewards.
REX provides
- usual staking functions (locking up tokens to earn staking rewards),
- advanced staking functions (naming stakes, transferring and withdrawing staking rewards) and
- extended staking functions (offering/selling/buying stakes on the world's first native STAKE DEX and boosted staking: more SHARES when holding the boost token TREX when opening a stake).
- protected staking (by restricting traders)
- Passive income NFT integration
3.1. REX transfer restrictions
REX is a pure staking token that benefits stakers, and thus has restrictions implemented, that prevent short-term traders from trading.
1) Users who do not stake their tokens cannot sell their tokens.
2) REX can only be transferred between the TRADING PAIR and an address (buy/sell, add/remove liquidity).
3) Consequently, REX cannot be sent from an address to another address. (But stakes can be sent!)
4) Contracts cannot buy REX. (Contracts can't do anything in REX, as REX is made for people, not for bots.)
5) Users who stake their REX NFTs can sell their REX rewards without staking the tokens.
Technical implementation: The "sellableOf" variable
In addition to the balanceOf that tracks a user's token balance, REX introduces sellableOf that tracks the amount of tokens a user may sell (which is a transfer to the REX-PLS PAIR).
At the beginning, the user's sellableOf is zero.
There are 2 functions that may increase your sellable amount: withdrawRewards() and endStake().
Withdrawing staking rewards
When you withdraw staking reward tokens from an active stake, you may then sell all of those tokens.
Technically, your sellableOf is increased by 100% of the withdrawn tokens.
Ending a stake
When you end a mature stake, that was 500 days long (or longer), you may sell all of your staked tokens and staking rewards. When you staked shorter, you can just sell a percentage of the tokens and rewards.
Technically, when you end a 500 days long (or longer) stake, your sellableOf will increase by 500 / 500 (100%) of the staked tokens and staking rewards.
When you end a 250 days long stake, your sellableOf will increase by 250 / 500 (50%) of the staked tokens and staking rewards.
When you end a 50 days long stake, your sellableOf will increase by 50 / 500 (10%) of the staked tokens and staking rewards.
3.2. How to get REX
- Participate SAC PHASE (REX DAYS 1-28), then claim REX (REX DAYS 29-365).
-
Only for BSC-REX holders (snapshot): Claim REX STAKES from airdrop (REX DAYS 1-365)
- Swap other tokens for REX on app.pulsex.com (available from REX DAY 22)
3.3. REX token supply
REX is inflationary (3.69%/year), has no fixed supply and no pre-minted supply.
The supply will be created from
1) SAC PHASE (liquid REX mintable from REX DAY 29),
2) BSC airdrop (staked REX, becoming mintable when the stakes end or rewards are withdrawn),
3) liquidity creation (liquid REX in the PAIR on PulseX).
The numbers depend on the users' participation.
Allocated Supply
The actual total supply (circulating REX) may be fetched from the contract with the function totalSupply(). To receive a more useful value, the function allocatedSupply() has been implemented, returning the totalSupply plus the REX locked in active stakes.
3.4. Supply inflation
The allocated supply of REX (circulating + staked REX) inflates at a constant rate of 3.69% per year. At the end of every day, the contract calculates how many new REX will need to be minted for that day in order to achieve that rate of inflation.
These new daily inflation REX tokens are not immediately minted. Instead, they are earmarked for distribution to all active stakes’ SHARES on that day. A fraction of this new REX is earmarked for each active stake in proportion to the stake's percentage of SHARES with respect to the total SHARE pool that day. Once a stake is closed (or staking rewards withdrawn), all earmarked tokens of the stake for all past days (until the desired withdrawal day, in case of a staking rewards withdrawal) are then minted at once.
TREX is an optional fungible token for boosting user experience and user benefits.
The name is TREX, the token symbol is XTRX, and decimals is 0.
Max total supply: 2689 TREX.
TREX benefits
An address holding 1 (or more) TREX gets:
- Staking: 25% more SHARES when creating a stake
- STAKE DEX: No buyer fee (2% of a stake’s PLS price)
How to get TREX
1. MINT: Users who have sacrificed TREX on Smart Chain can mint TREX on PulseChain into their wallets.
2. SWAP: Anybody may swap tokens for TREX on app.pulsex.com. The PAIR will be created on DAY 1.
Users may purchase REX NFTs, as soon as the liquid pair has been created.
The price for 1 NFT is 1,000,000 PLS.
The price increases by 100,000 PLS for every 1000 NFTs mined ( = 1 round).
The PLS are 100% used to purchase REX from the pair.
All purchased REX are sent to TREASURY.
In this way, the TREASURY will collect more and more REX over time.
5.1. REX NFT Staking
Users may stake their REX NFTs to be able to claim REX from TREASURY.
The amount of REX claimable from TREASURY is the amount of REX worth 1,000 PLS, for each staking day, which is around 365,000 PLS worth REX per year. The claimable amount is updated every second.
Safety: Should it ever happen (might happen after some years), that the TREASURY hasn't got enough REX for the payouts, new REX will be minted to TREASURY to cover its liabilities - so the TREASURY will always be able cover its liabilities.
NOTE: Claimed REX can be sold at any time without fulfilling a staking duration.
Technically, claiming REX increases the user's "sellable amount".
NFT STAKING is available as soon as NFTs are available.
5.2. REX NFT Marketplace
Users may offer their NFT at a price of 90% of the current NFT minting price.
Offering an NFT transfers the NFT to the Marketplace.
The offer can be revoked anytime, which transfers the NFT back to the user.
If an NFT is sold, 25% of the sales price is used to buy REX to send it to the TREASURY.
75% of the sales price is sent from the buyer to the former NFT owner.
The NFT Marketplace is available as soon as NFTs are available.
REX allows users to stake (time deposit) their REX, locking it up for a period of time in order to earn staking rewards. Users may open as many stakes as they like. After a stake reaches full maturity the user may close it at any time to receive their full principal, plus staking rewards, without penalty.
REX never penalizes the principal of a mature stake, no matter how late it is eventually closed, but its earned staking rewards decrease after a 14-day grace period, which starts after a stake's maturity. The staking rewards are then cut by 1% per week as long as the stake is not closed. This allows users a lot of flexibility in planning, especially for taxable income purposes.
6.1. Opening a stake
When a user opens a new stake, they choose an amount of REX to stake, a stake length in days and the name of the stake. The minimum stake amount is 1 REX. The minimum stake length is 30 days, and the maximum stake length is 3653 days (approx. 10 years). The longer the duration of a stake, the more REX SHARES are received.
Once a stake is opened, it is in "pending" status. This means that the stake won't technically begin until the following REX DAY.
ATTENTION: It’s not possible to close a PENDING stake.
When a stake is opened, the REX tokens staked are burned by the REX contract and converted into SHARES. These SHARES exist for the life of the stake, provided no staking rewards are withdrawn before it matures. Once the stake is closed, the SHARES are deleted and REX is minted back to the user (with any staking rewards).
6.2. Shares and Staking Rewards
When opening a stake, the REX tokens are burned (and saved in the contract as the stake’s "principal") and SHARES are created. These SHARES represent the stake size and length.
Stakes earn staking rewards daily through the REX supply inflation. The REX supply inflates at 3.69% per year. This inflation is distributed daily to all active stakes, in proportion to their SHARES as compared to the total SHARE pool.
The more SHARES a stake has, the more staking rewards it will earn.
The amount of SHARES a newly opened stake gets is determined by
- the global SHARE PRICE tracked in the REX contract
- a percentage BONUS based on the length of the stake
Simplified, the formula is:
StakedRex / SharePrice * (100% + BONUS %)
Example:
A user stakes 1000 REX, the (initial) SHARE PRICE is 0.1 and the BONUS is 6% (60 days stake)
Inserted in above formula: 1000 / 0.1 * 106% = 10,600 SHARES
6.2.1. Bonus shares calculation
This is important for your staking strategy. Read carefully.
If you don't want to read the calculations: The number of SHARES you receive when creating a stake is exponential. A 10 years long stake will receive around 20x the SHARES compared to a very short stake - and thus earns much more staking rewards per day. If your strategy is to max out on SHARES, consider creating very long stakes. When creating a stake in the APP, it will show you the number of SHARES the stake will receive based on the staking duration - just play around with the numbers yourself.
Any stake created will receive a BONUS percentage, depending on the length of the stake.
The longer the stake, the higher the BONUS percentage.
Stakes up to 1 year
When creating a stake that is up to 365 days, the BONUS is 0.1% per day (linear).
Staking for 60 days receives 60*0.1% = 6% BONUS.
Staking for 365 days receives 365*0.1% = 36.5% BONUS.
Stakes up to 2 years
When creating a stake that is 366 to 730 days (1 to 2 years long stakes) the BONUS is 0.1% per day plus 0.1% per day (in the second year).
Staking for 395 days receives (395+30)*0.1% = 42.5% BONUS.
Staking for 730 days receives (730+365)*0.1% = 109.5% BONUS.
(At this point, compare the 1-year bonus of 36.5% to the 2-year bonus of 109.5%.)
Stakes up to 3 years
When creating a stake that is 731 to 1095 days (2 to 3 years long stakes) the BONUS is 0.1% per day plus 0.1% per day (in the second and third year) plus 0.1% per day (in the third year).
Staking for 760 days receives (760+395+30)*0.1% = 118.5% BONUS.
Staking for 1095 days receives (1095+730+365)*0.1% = 219% BONUS.
(At this point, compare the 2-year bonus of 109.5% to the 3-year bonus of 219%.)
Long stakes > 3 years
The above model repeats for every full year. Here are more examples.
1460 days (4 years): (1460+1095+730+365)*0.1% = 365% BONUS.
1825 days (5 years): (1825+1460+1095+730+365)*0.1% = 547.5% BONUS.
2190 days (6 years): (2190 + 5 years sum)*0.1% = 766.5% BONUS.
2555 days (7 years): (2555 + 6 years sum)*0.1% = 1022% BONUS.
2920 days (8 years): (2920 + 7 years sum)*0.1% = 1314% BONUS.
3285 days (9 years): (3285 + 8 years sum)*0.1% = 1642.5% BONUS.
3653 days (10 years, max) : (3653 + 9 years sum)*0.1% = 2010.8% BONUS.
The APP will help you.
When creating a STAKE in the STAKING section in the APP, you will see how many SHARES the STAKE will receive, based on the staking duration you have entered. Feel free to play around with the numbers.
6.2.2. Share price
The SHARE PRICE starts at a predetermined value of 0.1 REX/SHARE. Whenever any stake is closed, the contract calculates a ratio of that stake's total return (principal + staking rewards) to its SHARES. If this ratio is greater than the current SHARE PRICE, then the SHARE PRICE is immediately set to this new, increased value. The rise of the price is capped at +5%.
The SHARE PRICE can only increase over time, albeit fairly slowly. This ensures that earlier stakes get more SHARES than later stakes using the same amount of REX. This mechanism for increasing SHARE PRICE also prevents users from being able to compound their staking rewards with a sequence of smaller stakes in order to try and outperform a single long stake of the same size.
6.3. Withdrawing Staking Rewards
The user may withdraw already earned staking rewards from an active stake before the stake fully matures.
The user may choose how many days' worth of staking rewards they wish to withdraw, up to the maximum available (= all past days).
Withdrawing staking rewards from an active stake may be done multiple times over the course of the stake.
Withdrawing staking rewards is possible, when the stake has been active for 4 weeks.
When a stake is closed, whether active or mature, the staking rewards minted back to the user only include rewards that haven't already been withdrawn.
Withdrawing rewards will not affect the stake's principal, but will reduce the number of SHARES the stake has going forward. This effectively means that the stake will earn less rewards on the current day (the day the rewards have been withdrawn) and on all future days of the stake than it otherwise would have. This SHARE reduction prevents users from being able to end up with more overall SHARES if they choose to immediately re-stake their withdrawn rewards.
6.4. Closing a Stake
Stakes cannot be ended early. A user may only close a stake when it is mature.
When closing a stake, the stake SHARES are destroyed. The entire stake principal and all rewards accumulated are minted to the user.
If the stake is closed later than 14 days after maturity, the rewards are penalized by 1% per week thereafter.
6.5. Transferring a stake
A user may transfer an active stake to another address, without any restrictions.
6.6. Renaming a stake
The user may rename an active stake, which is effectively changing its "description."
6.7. Buying and selling a stake
REX provides its own native decentralized exchange ("DEX") for stakes, where users may offer their stakes for sale. This is implemented in the DEX contract.
When offering a stake, the user must set a desired price (in PLS, minimum is 1,000,000 PLS) and an offer duration from 1 to 30 days, where the scheduled end of the offer must be before the stake’s maturity date.
Offering a stake will list the stake on the DEX (in the DEX contract) and set the offered stake inactive, so the user can’t transfer, rename, end or split the stake, nor withdraw staking rewards during the time of the offering. The offered stake will be buyable by other users until the offer has expired or the user has revoked it. A stake offer may be revoked by the seller anytime within the offer duration, unless a buyer has bought it.
Successfully buying a stake creates for the buyer a new active stake with the exact properties of the offered stake, with the description set to "Bought on DEX" and closes the offered stake of the seller.
If the offered stake isn’t sold before expiry, the seller must actively revoke the offer to restore the original name of the stake and reactivate it.
A stake must have fulfilled at least 10% of the staking duration to be offered.
Stake offers may be submitted from REX DAY 30 (DEX activation day).
Buying a stake incurs a fee of 2% of the stake’s price for the buyer (Fee usage: maintenance).
If the buyer holds (at least one) TREX, the fee of 2% of the stake’s price will not be charged.
Everyone helping blockchain technology evolve and proceed shall be thanked. Especially:
The REX community — for your steady stream of valuable ideas, constructive criticism, honest feedback, witty banter, and comic relief throughout the design and development process.
Richard Heart - for being Richard Heart. And for making pulsechain.com.
OpenZeppelin — for your essential Solidity smart contract interfaces and building blocks.
Find all SAFU REX links in the linktr.ee/rextoken.
Visit the REX YouTube channel to learn about the basics and details.
Risk warning
Trading cryptocurrencies involves significant risk and can result in your capital loss.
You should not invest more than you can afford to lose and you should ensure that you fully understand the risks involved. Before trading, please take into consideration your level of experience, and purchase objectives, and seek independent financial advice if necessary. It is your responsibility to ascertain whether you are permitted to use cryptocurrencies based on the legal requirements in your country of residence. Purchasing crypto assets are not covered by the Financial Ombudsman Service or subject to protection under the Financial Services Compensation Scheme. Please read the security information in section 1.1.
Blockchains, smart contracts, and cryptocurrencies are cutting edge technologies and there is a risk of total failure. Software is hard. Computers are hard. Distributed software on distributed computers is harder. It's a miracle this stuff works at all. Strong cryptography seems unlikely to be broken, but if it is, everything will probably be broken.
Volatility
Cryptocurrencies are extremely volatile. Bitcoin went from a penny to $32, then it crashed 94% to $2. Then it went from $2 to $270 then crashed 81%. Then it went from $51 to $1200 then crashed 86%. Then it went from $164 to $20,000, then crashed 84%. Then it went from $3,150 to $14,000 and crashed 72%. And that's the most liquid, oldest cryptocurrency in the world. Nearly every crypto currency drops 85% to 95% at some point. Some get back up and make new all time highs.
"REX" Smart Contracts
"REX" is the name of a public and fully decentralized software running on a blockchain, that consists of a set of smart contracts, as described in its technical description, the whitepaper. The software is immutable and will continue running on the blockchain, as long as the blockchain exists. The software does not have an owner or admin. The software is not more than immutable compiled bytecode sitting on the BSC network, that can do nothing on its own but sit there. People can run the code if they want to, or not. The source code of the software was written by "Thomas Rex", who chose to remain anonymous. The source code has been fully published so that everyone can read, understand, analyze and test it themselves. There is no such thing as 100% certainty that the blockchain and smart contracts will work flawlessly forever.
"REX" is not a legal entity, a company, enterprise, institution or other organization.
Consequently, there are no managers, no employees and no authorized representatives. Accordingly, any person who does anything related to “REX”, such as talking about, discussing, promoting, creating videos, posts or other content about REX, does not represent “REX” but rather expresses their own personal views.
If you've read this far, congratulations. You will notice the theme of all of the above text is that you should have absolutely no expectations of any sort regarding anything, and if anything goes wrong, you shouldn't look for redress anywhere, and you should receive none. Software is hard. Blockchain software is harder. We're lucky any of this stuff works at all.