Important Changes in WOXDEFI - ( 26/05/2022)
Hello Steemit community at large, a big hello to all our investors. Today we come with a big announcement, in which we will make public a big package of changes in which we have been working very hard so that we can through this project continue on track to a point where we all continue to be winners.
This will not be a short post, rather we will try to make an approach of the changes that will be implemented from this week, with a view to something bigger, where the Steem ecosystem is much more involved in the project. Let's start.
1: Rebase Adjustments
We all know that in the TRON blockchain for all transactions there is a charge in energy and bandwidth, that although it is regenerated, the truth is that it permanently requires to be recharging the energy in view of the increase of users. Therefore, it was decided to change the WOX contribution that is earned by having SWOX instead of three times a day, only once.
This also allows the TRX that is invested in keeping the sum of the SWOX running every 8 hours, to be kept in the treasury, which will allow having a greater WOX backup in the treasury. The APY of the stake has been adjusted to 15.000%, which we believe is still quite high and profitable for everyone.
Introducing woxSTEEM :
As we mentioned at the beginning, we want to focus on the possibility to connect Steem with WOXDeFi, therefore we are working on a bridge between both Blockchains.
The woxSTEEM token will be launched soon, (token TRC20) which will be linked with STEEM 1:1.
These tokens can be deposited, withdrawn and staked, and participating users will be able to earn 150% APY for staking, which will be paid daily.
- Some important details:
The Steem that is deposited will be used in the following way: 50% will be to make power upp and be delegated to the BOT that is being created and will come into operation very soon, and the other 50% will be kept in liquid for withdrawals made by users. (In case they want to change from Steem to Steem wox).
Voting Bot votes can be obtained by using Steem. Woxsteem and WOX.
All the woxSTEEM that is collected will be added to the liquidity pool, this way we will constantly increase the capital of the project.
The trx that is currently in the liquidity pool will be used to buy steem and deposit it in the wox deposit account, and start the new liquidity pool woxSTEEM -WOX LP.
The initial price will be 1 wox = 0.1 woxSTEEM.
Termination of Liquidity Mining:
We have been working on solving some problems in Liquidity Mining, but we found some errors that we prefer to terminate and move on to something else that will bring much more benefits.
As for the payments that are pending, contracts that have already expired, will be paid during the course of this week, and those that have not yet expired, will be paid in the same way on a Pro Rata basis.
Liquidity Removal:
Within the various liquidity pools, a new one will be opened, which will be WOX-WOXSTEEM LP, and will remove the current TRX-WOX LP in Just Money. Once this new pool is implemented, it will be possible to buy WOX only with woxSteem and not with TRX. As we said before, the idea is to give more uses to the native currency of the Steem blockchain.
Voting BOT:
To add more utility to WOXTEEM, we are working on creating a voting Bot, which will be able to be activated with the use of WOXDEFI, WOX and/or Steem. The amount of SteemPower that Bot will have will be determined when the system is implemented.
Soon we will be publishing the roadmap in which you will see the dates that we propose for the execution by faces of this project, hoping to continue counting on your support. We say goodbye.
As always, if you have any questions, please feel free to contact us. We invite you to join our discord channel:
Official WOX FI discord channel
@wox-exchange @xpilar @steem-supporter one more issue , auto voting bot is down can you please check and fix.
unable to log into auto steem
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All these changes are great and I am sure the team has pure intentions about the project. However I am dissapointed by the way things have been progressing in the past months:
All in all, IMHO, this is not a way to engage with your investors. The community is the backbone of your project.
regarding to your point #2 @nomad-magus the answer was clearly stated from @Xpilar like I think so see here :
...the only thing what is not so clear stated regarding the point of liquidity mining is if he means this week or (even makes more sense) the coming week because we already have thursday today so in my eyes the week is nearly over.
I hope you are correct @don-t.
I have allocated funds into the LP for 12 months. Will i get them back now? With the relative accumulated interest? How this "pro-rata" is calculated? Answers should come from the team.
hehe, yes @nomad-magus I´m on your side, you got the right thoughts, but usualy pro rata means they will split the long lasting positions in some shorter ones, maybe weekly or monthly to get rid of them.
The math behind is quite simple in my eyes, the LP-mining was calculated for a total sum at the end, so they only have to divide it by the number of days (eg. 30 / 90 / 180 / 270 360 whatever was the term for this stake), multiply it with the days what the coins lasted in the liq-mining-pot and then they have the amount what´s it worth today or tomorrow, a smple spreadsheet, its every day the same amount.
But dont expect the whole amount what was calculated until it matured like they call it.
For instance when you have a pos. in the 12 month and now you have 3 month done and they will pay it back in 14 days, you will normally it like that (promised endsum / 360*days until payout), for instance if 120,000 WOX was the target sum after 12 month we have 120,000/360=333,333 *104 (3x30+14 like given above)=34,,666.6666 Wox ;)
Im also curious.
I locked some amount of TRX in liquidity pool while WOX was worth over 10trx. I hope to receive it all back (Im concerned about impermanent loss)
normally we all might get good results, because the TRX prices are not much affected from the market turbulences, yes the WOX isn´t worth the same like the day we entered but hey I guess there might be a good chunk of money coming over as gains ;)
After reading and understanding the post above, I have come to the conclusion that this is a real project compared to the obscure project a few months ago, only a project like this can advance and sustain WOX token trading traffic.
my advice, please take more into account the APY that will be distributed so that it doesn't get out of the token's liquidity value, causing dire consequences like $LUNA tokens.
greetings from me.
@fauzandickycndra ...as we learned from @Xpilars post many of the failing issues with the staking are coming from the Tron-energy-based transactions (to be honest I´ve seen this coming from the very first day, but hey who am I) and on the other hand side in the liquidity-mining from some malicious code lines in the contract, thus both are things that happen naturally to projects (mostly all), believe me I´m involved in project based business for more than 4 decades and never, never had one project without them and it doesn´t matter that these projects aren´t crypto projects there is nothing sprecial about them, there is a plan, a roadmap, a team, a lot of math, and people who will secure the success of the project.
I really appreciate that the guys from the team act and will act further in a good and fair manner to all of their investors (at least the team also has a lot to lose if it fails).
With some corrections and a lot of effort this project will succeed at least and give good profits to all who believe in and stay or even enter when staying actually at the side lines and don´t know what to do.
I´ve seen many projects less trustworthy than that in my life !
I'd have loved the TRX-WOX pool to be retained, but this is generally an welcome development.
Hello friends, I still have my faith in this great project, that the changes made will help to improve it. You will continue to have my full support and of course I will continue to invest in it. Greetings.
I find everything that is happening around WOX interesting, I have a good feeling with the work behind it.
Successes.
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Hi @wox-exchange @don-t @xpilar and the whole team of wox FI
I’m just a modest investor with no idea about finances and my only aim When I gave up my tokens it was to support the project because I thought it would be positive for the community.
From this premise, can you tell me what I should do to continue with the support?
Any special action without getting lost in that little jungle of terms for me indecipherable?
I look forward to any advice that might be useful to me.
Thanks in advance.