REX1 – Bitcoin backed loyalty reward for RelayX users
On March 22, 2021, RelayX, a BSV commodity earning venture is trialing a loyalty program (REX1) to share BSV earned with users and traders. REX1 is one of the first reward programs that is backed by Bitcoin itself and is Inspired by our founder Jack C. Liu’s blog post “Bitcoin backed corporate currencies are coming” from November, 2014.
The full supply of 800,000 REX1 will be issued to users and REX1 will be backed by a redeemable commodity – Bitcoin SV using 50% of RelayX Exchange trading fee income from launch to the following 20,160 blocks or roughly 20 weeks total.
How REX1 works:
A total of 550,000 REX1 will be airdropped to takers – traders who pay fees during the 20,160 blocks post RelayX Exchange launch.
Every 2016 blocks (~2 weeks) will be an airdrop of 100000 REX1 – 90000 – 80 – 70 – 60 – 50 – 40 – 30 – 20 – 10 to traders pro-rata based on fees paid to RelayX. 50% of all exchange trading fees during the 20,160 blocks will be put into the publicly auditable Bitcoin SV backed reward pool for REX1 holders. Currently RelayX charges 0.3% fees for taker trades of fungible tokens and may have different or additional fee income from non-fungible token trades. REX1 can be redeemed for BSV from pool, calculated as (Amount being redeemed / REX1 outstanding).
A total of 250,000 REX1 will be airdropped to RelayX wallet users who have supported us for the past two years. The 250K REX1 will be distributed as follows: 25% to those who registered a Relay wallet in 2019, 25% to those in 2020 and 2021 with cutoff date March 11, 2021. Only those who have made a minimum of 3 transactions qualify. An additional 50% of tokens granted to the top 10% of users by transactions made equally. Note: Please sign in to your RelayX web wallet or use the latest mobile web wallet if qualified to receive REX1 airdrop.
Please note REX1 is a trial loyalty point as part of the RelayX Exchange launch to reward our wallet users and initial traders. REX1 is not a security, the RelayX founders and team will not be awarded any REX1, and after the promotional 20,160 block period, users will have an additional 10,080 blocks to redeem REX1 for the BSV in the reward pool. Any remaining unredeemed BSV after this period will belong to RelayX. REX1 will cease to have any utility or purpose or value after.
As part of this trial program, RelayX will endeavour to build trust-less and automatic tools to help companies launch similar asset-backed loyalty reward programs in the future enabling seamless comparison and trust across a wide range of tokens.
We thank you for your support for RelayX and Bitcoin over the past two years.