© 2018 Nexy Technologies Ltd. All rights reserved.

1. What is Nexy(NXY)?

Nexy is an exchange token that can be used on the Nexybit exchange. Nexy is rewarded for any user that trades on both token trading and futures exchanges.

Also by owning Nexy, you can receive a portion of the revenue that is created on the exchange. The right to vote for new coin listings is to be added at a later date.

2. Nexy(NXY) Tokenomics

Nexy is rewarded to users for trading on either the spot or futures exchange. Additionally, up to 90% of the revenue from the exchange is returned to Nexy holders on a daily basis.

2.1 Nexy(NXY) Structure

Token Name
NXY (ERC-20)

Issued Token
10,000,000,000 NXY​

Mining Period
36 Months

Mining Method
Daily Uniform Price Auction

Revenue Sharing Ratio Maximum 90%

Daily Number of New Tokens
2,900,656 NXY​

Revenue Sharing Frequency
Daily

2.2 Nexy(NXY) Distribution
  • Mining: 65%

  • Team: 14%

  • Operation: 17%

  • Pre-mining: 3%

  • Airdrop: 1%

2.3 Nexy(NXY) Mining Rule

Nexybit mining is processed on a daily basis.

 

Each day has a fixed number of Nexy that is minable. Each user is rewarded with Nexy based on the exchange’s daily revenue contribution.

 

The mined Nexy will be paid based on the trading contribution of each trader to the total trading revenue based on 24 hours a day ago (3:00PM ~ 2:59PM, UTC).

 

Daily total Nexy mined quantity

Total Nexy mined quantity / 3 years = 2,900,656 NXY

 

The mined Nexy will be paid based on the trading contribution of each trader to the total trading revenue based on 24 hours a day ago (3:00PM ~ 2:59PM, UTC).

 

Daily Nexy mined quantity per account

Daily total Nexy mined quantity * Contribution rate per account (8 digit truncation)

 

Contribution rate per account

Daily trading fee per account / Daily total trading fee (calculated based on USD standard price)

2.4 Nexy(NXY) Airdrop Rule

* From snapshot on Feb 20th, 2019 Wed, 100% buyback policy will be limitedly carried out.
(View detailed policy updates: https://support.nexybit.com/hc/en-us/articles/360016526293)


Nexybit daily airdrop is processed on a daily basis.

 

60% of the daily revenue is airdropped to Nexy token holders depending on the percentage they hold. 30% of the daily revenue is airdropped to the Super Holder ticket holders.

 

The number of Nexy held by each user (average balance per account) is calculated as an average of 24 hours after taking a snapshot every hour. The airdrops are paid as BTC and USDT.

 

Minimum Payment Units by a Standard Coin

 - BTC : 0.00001 BTC

 - USDT : 0.1 USDT

 

Total Airdrops

Total exchange revenue * Total airdrop rate(60%)

 

Nexy Average Balance Per Account

Calculated as 24-hour average balance after taking a snapshot every hour

 

Airdrop Rate Per Account

Nexy average balance per account / Total Nexy average balance

 

Airdrop Per Account

Total airdrop * Airdrop rate per account

 

The share of Nexy is calculated by the number of circulating tokens.

 

Circulating Tokens

Mined tokens + Unlocked tokens

2.5 Lockup Policy

Non-minable tokens(Pre-mining, Operation, and Team tokens) are initially locked, meaning they cannot receive airdrops. Each will be unlocked as below :

 

1. Team:

The team takes 14% of the total Nexy supply. Team tokens will be unlocked 30% after 1 year since opening day, another 30% after 2 years, and the final 40% after 3 years.

 

2. Operation:

Operation takes 17% of the total Nexy supply. The unlock policy will be decided at the end of the first year.

 

3. Pre-mining:

Pre-mining takes 3% of the total Nexy supply, and 50% of the pre-mining supply will be paid on an opening day. The remaining 50% will be locked temporarily, and a fixed amount will be unlocked each day for 150 days. All pre-mining Nexy will be paid out within 150 days.

 

Amount of daily unlocked Pre-mining Nexy

(Total amount of pre-mining Nexy - Amount of initial Nexy payment) / 150 days = (300,000,000 NXY - 150,000,000 NXY) / 150 days = 1,000,000 NXY

2.6 End of Token Distribution

After all tokens are distributed, the airdrop becomes 50% of revenue.

3. Proof of Super Staking (PoSS)
3.1 Abstract

Nexybit introduces the Proof-of-Super Staking concept for NXY holders in addition to the Proof-of-Trading and Proof-of-Staking model in order to continuously improve the long-term sustainability of the NXY tokenomics model.

3.2 Values

The user that contributed value to the exchange should also be the person who reaps the rewards. One of the major issues with ICO-funded exchange tokens is that the person who contributes to the platform is not the same as the the person who receives the benefit from the platform.

3.3 Introduction

As an exchange, liquidity is crucial for the success of a well functioning market. This is the fundamental reason, Nexybit launched it’s token on the 10th of October 2018. Instead of depending on professional market makers to provide trading volume on the exchange, Nexybit allows any user to get rewarded for contributing to the liquidity of the exchange.

3.4 NXY Tokenomics Structure

Nexybit’s tokenomics is based on largely two concepts, trading and staking.

NXY Tokenomic Structure

Model
Proof-of-Trade

Action
Trading

Reward
NXY

Distribution Method
2.9m Daily Uniform Price Auction

Model
Proof-of-Stake

Action
Staking NXY

Reward
BTC, USDT

Distribution Method
60% of Exchange Fees

Model
Proof-of-Super Staking

Action
Super Staking NXY

Reward
BTC, USDT

Distribution Method
30% of Exchange Fees

3.5 Proof-of-Super Staking

Due to the nature of trans-fee mining tokenomics, several key elements must be kept in balance. Inflation rates are kept consistent at 2.9m NXYs per day and will continue for the duration of three years. Furthermore, due to the Uniform Price auction model for distributing NXY tokens, the trading volume is related to the market price of NXY, but much more flexible in terms of mining cost and rewards compared to fixed price model.

In order to support the long term sustainability of the token model, there are two key strategies we can implement without making changes to the core tokenomics model; one is to control the circulating supply of NXYs and the other is to create non-tangible value for holding the token.

The Proof-of-Super Staking concept will initially be implemented to additionally reward NXY holders and reduce circulating supply of NXYs. In the future Nexybit will increase non-tangible value of the token through mechanism such as voting and participating growth of the exchange.

3.6 Term

The Super Holder Event(AKA. PoSS Event) is a daily ticket-based Uniform Price auction for 30% of the revenue from the exchange.

The minimum ticket size is 150,000 NXY tokens. All users that hold more than the minimum staking amount are automatically included in the Uniform Price auction. Hourly snapshots are used to record how many NXYs are held in the account and if the account falls below the minimum ticket size, they are disqualified from the auction.

Also, once any coins are withdrawn, they are disqualified from the auction. The airdrops for the daily Super Holder Event are distributed the following day.

The Super Holder event will be continued every month and the minimum staking conditions and increase rate are adjusted on a monthly basis. NXYs on partnered exchanges currently are not counted in the Super Holder Event. (The event conditions may change or be discontinued depending on market conditions)


EG)

Assuming the daily revenue of the exchange from trading fees is USD 400,000, 60% is proportionally distributed to NXY holders and 30% is distributed to the Super Holder ticket holders. If there is one ticket holder, USD 120,000(USD 400,000 * 30%) worth of coins is distributed to the holder.

 

Assuming that the total NXY in circulation is 1,000,000 NXY, the minimum ticket size of the Super Holder event is 150,000 NXY, and the result is as below when there are three Super Holder ticket holders.

Ticket Holder
A

Total NXYs Owned
100,000 NXY

Daily Airdrop

$24,000 ($400,000*60%*10%)

Super Holder Airdrop
-

Total Airdrop
$24,000

Ticket Holder
B

Total NXYs Owned
360,000 NXY

Daily Airdrop
$86,400 ($400,000*60%*36%)

Super Holder Airdrop
$48,000 ($400,000*30%*40%)

Total Airdrop
$134,400

Ticket Holder
C

Total NXYs Owned
540,000 NXY

Daily Airdrop
$129,600 ($400,000*60%*54%)

Super Holder Airdrop
$72,000 ($400,000*30%*60%)

Total Airdrop
$201,600

As shown above, airdrop is distributed proportionally based on total NXYs owned.

3.7 Period

The Super Holder Event started on the 8th of November 2018 and the participation conditions will be updated on a monthly basis.

Update History

2019.01.07

Adjustment of ratio of Proof-of-Stake. PoS: 30% -> PoS: 60%

2019.01.04

Burn 30% of mining tokens. Daily NXY distribution 4,143,794 NXY -> 2,900,656 NXY.

2018.12.18

Adjustment of ratio of Proof-of-Stake. PoS: 60% -> PoS: 30%.

2018.12.10

Adjustment of distribution of Proof-of-Super Staking.

PoSS: 1/n -> Poss: Distributed proportionally based on total NXYs owned. 

Adjustment of the minimum ticket size.

Ticket Size: 125,000 NXY -> Ticket Size: 150,000 NXY.

2019.02.20

100% buyback policy is limitedly carried out.

2018.12.01

Adjustment of minimum ticket size. Ticket Size: 100,000 NXY -> Ticket Size: 125,000 NXY.

2018.11.22

Adjustment of ratio of Proof-of-Super Staking. PoSS: 20% -> PoSS: 30%.

Once users withdraw any coins, they are disqualified from a daily ticekt-based Uniform Price auction.

2018.11.12

Proof-of-Super Staking(PoSS) concept revealed.

Adjustment of ratios between Proof-of-Stake and Proof-of-Super Staking.

PoS: 70%, Poss: 10% -> PoS: 60%, PoSS: 20%

2018.10.30

Burn 30% of mining tokens. Daily NXY distribution 5,936,073 NXY -> 4,143,794 NXY.

2018.10.26

* All NXY policies are subject to change

* Withdrawal Rule: The withdrawal rule is applied at the time of the withdrawal

   (Effective date: Jan 12th, 2019(Sat))

* Disclaimer

 

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