ETHtx
The native token on the weiWard platform
How ETHtx Derives its ETH Gas Price
Go Ethereum (Geth) calculates gas prices. weiWard uses Geth to establish a 1-day moving median to assign a gas price to ETHtx. Using a 1-day moving median has the effect of smoothing ETHtx gas prices, front-running certain attack vectors, providing users with ample opportunities to buy and sell at desirable times, and qualifying ETH gas prices as sustained, systemic increases/decreases in demand for blockspace on the Ethereum blockchain.
ETHtx Price Update Schedule
ETHtx prices will be updated on the weiWard platform once every 4 hours (approximately 6 times per day) on average. Because blocktime is independent of temporal time, ETHtx price updates may not always occur exactly 6 times per day, though the update schedule should follow very closely a 4-hour interval.
Theta Decay
ETHtx acquired and held is subject to a constant rate of decay in user's wallets. Once every four hours, ETHtx holdings in user's wallets will experience a 1% reduction in quantity. The motivation for this decay is to encourage ETHtx trading, discourage long-term holding of ETHtx, and more evenly distribute risk among the stakeholders on the weiWard platform.
Minting ETHtx
Because weiWard intends its native platform token - ETHtx - to be collateralized (at minimum) 1:1 with ETH, ETH must be contributed before ETHtx tokens exist.
Minters on the weiWard platform contribute ETH and receive a corresponding quantity of Minter tokens (ETHmx). Minter tokens entitle their holders to 4.5% of weiWard transaction fees collectively.
Once ETH has been contributed and Minter tokens have been minted, a corresponding quantity of ETHtx are subsequently minted at a minting price consistent with the ETHtx minting function and made available for swaps with ETH on the weiWard platform.
ETHmx tokens cannot be redeemed for ETH; contributing ETH to mint ETHmx tokens is a one-way, irrevocable process. ETHmx tokens are ERC-20 tokens, which means DEX integration will be seamless for interested parties. weiWard will not facilitate or compensate (via liquidity) DEX-based trading of ETHmx tokens.
Last updated
