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EQNOX is the first certificate of deposit token aligned with the seasons and it has just launched on Binance Smart Chain

EQNOX is the first certificate

Certificate of deposit tokens have amassed a tremendous interest from the crypto community. This is mostly due to the huge success of the HEX token, launched on the Ethereum blockchain by the controversial celebrity Richard Heart.

CoD tokens are designed to promote delayed gratification upon its investors. The way they do that is by giving token holders the opportunity to lock up their tokens for a long period of time, and earn interest, or otherwise see their investment be diluted over time due to the inflation the token suffers to pay that interest.

EQNOX was designed to provide that exact same staking experience, but with a big twist: instead of locking your tokens for multiple years, every year, during harvest season – from October to December,  stakers have the opportunity to end their stakes and cash out. During the remainder of the year, ending your stakes has a penalty attached to it, that is highest at the start of the year, and then gradually decreases until reaching zero for harvest season. As such, harvest season is a very important and celebrated time for EQNOX hodlers. They celebrate the giving of future interest from weak hands to strong ones.

 

EQNOX Main Features

 

EQNOX is an inflationary staking token, where inflation is distributed every day to active stakes through interest. Inflation will start at 1.8% per day, and will be slowly reduced every season change until it stabilizes at 4% per year, after 7 years of consistent decreases. During the first 91 days, EQNOX will be minted and distributed through daily auctions, where anyone can participate to get a slice of the tokens. The first auction day will start at 10 Million EQNOX. Every subsequent auction day will taper the auctioned EQNOX by 0.65%. These auctions will provide the base liquidity for the token.

EQNOX runs on Binance Smart Chain as an immutable smart contract, without any owners, and can’t be censored or stopped. Anyone can interact with the EQNOX smart contract. To do that, BSC is needed to pay for blockchain fees. Also, BUSD is needed to purchase EQNOX through the daily EQNOX auctions.

EQNOX has an Automatic Market Maker built in to create and grow a liquidity pool on the pair EQNOX-BUSD. More than half of all BUSD gathered through the daily auctions will be used to grow the liquidity pool, and a good amount will be returned to the auction participants through daily random rewards, where participants have 20% odds of getting their BUSD back the following day, as well as the auctioned EQNOX. This means participants have 20% odds of getting free EQNOX every single day.

Staking and Share Price

 

EQNOX is an inflationary token, where inflation is distributed to stakes through interest. When a stake is created, it will earn interest every day, and therefore, it is important to stake your tokens as soon as possible, otherwise you won’t get any interest.

When EQNOX is staked, it is converted into shares at the current share price. The amount of shares a stake has directly affects how much interest the stake will get. The more shares a stake has, the more interest it earns. One share will start at the price of 1 EQNOX, so if you stake 1 Million EQNOX at that share price, your EQNOX will be converted in to 1 Million shares.

The share price is designed to only increase over time. This means that staking EQNOX sooner is better than later, because the share price might be higher when staking later, and as such the staked EQNOX will yield a less amount of shares, and therefore earn less interest than it would have if it had been staked earlier.

This design aspect was directly inspired on the HEX token. Richard Heart has mentioned many times that the key aspect of HEX is the share price only increasing over time. This sole aspect has a tremendous force in promoting a long term holding behavior for stakers, which in turn has direct impact on since there’s interest in buying, but no immediate interest in selling.

 

Flexible Staking

 

EQNOX stakes are very flexible, and allow you to move them to other accounts, including contracts, and also to split and merge them. This makes stakes almost like a new type of token and has the potential for giving support to new types of DeFi economics on top of EQNOX that can thrive from this flexible staking model.

Since stakes can be transferred, split and merged, almost like what you are able to do with a regular cryptocurrency, it becomes really easy to design new projects, usually called second layer projects since they stand on top of a base project, that extend the token with new functionalities.

One new functionality that will be implemented on top of EQNOX is a decentralized exchange for stakes. This will allow holders of old stakes to sell those stakes to the highest bidder. And why would someone be interested in doing that? Because of the share price. Old stakes have the benefit of having more shares and hence earn more interest.

 

Learn about EQNOX

 

To learn more about EQNOX you should definitely:

 

Join our telegram channel: https://t.me/eqnox_token

 

And follow us on twitter: https://twitter.com/eqnox_token

 

And visit our website: https://eqnox-token.com

 

 

 

 

 

 

 

 

 

Hey this side Akansha, I am a Digital Marketer having more than 2 years of professional experience in the industry. Travel, Gaming, Blockchain & Cryptocurrency, Digital Marketing, Technology are some niches that I cover the most as a writer.

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