Decentralized Alternate (DEX) Etherex has surpassed the $120 million complete worth lock (TVL) mark at present after launching its token on August sixth.
The Rex Token was launched 5 days in the past and traded at a completely diluted valuation of $155 million, however the token launch despatched a flight of Alternate TVL thanks to what’s referred to as “X(3,3) Tokenomics.”
Because the Token Technology occasion, Etherex TVL has been incentivized by the XREX staking mechanism, with an APR of 84.35%, up simply $23 million to $123 million. For customers to shut immediately with XREX stakes and income, a 50% penalty will likely be incurred, the place the opposite 50% will likely be redistributed to different stakers.
Etherex TVL -Defilama
The token launch comes lower than two weeks after Linea introduced a collection of bulletins, together with 75% token allocations to ecosystem growth and 10% person airdrops.
(3,3) The controversial historical past of defi
(3,3) Mechanism refers to sport principle eventualities wherein members search to cooperate in attaining the most effective monetary outcomes for all concerned. In cryptography, the mechanism was significantly standard due to Olympus Dao, however the challenge did not work.
Olympus Dao has modified its protocol, buying and selling at a market capitalization of $370 million, down 91% from its all-time excessive of market capitalization.
Defi Degens took one other crack within the (3,3) sport mechanic when Social-Fi Dapp Pal Tech grew to become extra outstanding. On this state of affairs, the person will buy by pretending to commute between different customers’ keys, and neither will promote some other keys, guaranteeing every person’s most level.
This iteration brought on mates’ technical customers to regularly purchase their keys, then agreed to (3,3) with different farmers who would then boost the unique key worth, then agreed to promote all of the shares and fleece the counterparty.
Pal’s Know-how Pal Token took an identical path to Olympus Dao’s Ohm, with 100% of the tokens launched on the opening day plummeting from their working worth of $0.1 in three months from the beginning worth. Buddies are at present buying and selling at a valuation of $4 million, down 99% from the $233 million opening worth.
