A thousand or more questions on REX token answered by the community (in progress) https://rex-token.com/start
THIS FAQ IS BEING UPDATED FOR REX 2.0
Due to a smartcontract vulnerability that allowed investors to continuosly scrape their interest with the "scrape" function, Rex is being redeployed on the same blockchain, Binance Smart Chain.
The ETA is January 2022.
1) What is the date of birth of Rex Token?
REX 1.0 was deployed (and ownership renounced) on Binance Smart Chain on June 20, 2021.
2) When REX 2.0 is set to be deployed, its ownership renounced and its liquidity added?
According to the latest AMA, Rex 2.0 deployment is depending on all its codes audits. They are happening as of this date (12.14.2021) and there are indications that everything could be set to launch until middle to end of January 2022.
3) Where can I find all the frequent AMAs that are being held by the devs of Rex?
You can find them pinned on the telegram official group: https://t.me/newrextoken. Please be careful with any information provided elsewhere.
) Will REX project develop a DEX (Descentralized exchange) for selling stakes, perking stakes with TREX and MREX and so forth?
The founder gave a nod to this and it's in REX project roadmap for sure!
"THE MREX TOKEN FUTURE AND FEATURES THAT ARE STAYING"
1) Why do we need Mrex to scrape the interest? How many do we need it?
Part of REX project game theory and tokenomics comes from MREX and TREX features. Think of them like perks works in a game. Since day zero to eternity, there will be only 10.000 MREX and 1000 TREX, so they are scarce and valuable. This is because their features accelerates your earnings, overall. Since scrape is a feature that needs some kind of control, otherwise a stake (with a timelock) wouldn't make sense, MREX is needed to enable it. You just need one MREX to enable scraping.
2) Will MREX perks continue in Rex 2.0?
Yes. You can check all important information about MREX in this answer. A wallet holding a MREX enables the SCRAPE function of a stake. This means you can scrape your interest earlier than what your timelock allows you to do so without penalty. It allows you to rename your stake also, and this name is a transaction. It's useful to get information about your stake five, six years later. Finally, there are only 10.000 MREX available in the whole world. And this quantity will never change, since the contract is immutable. MREX could go up in value for the same reason. You can still buy MREX as in today. Here is the contract address: https://bscscan.com/token/0x76837D56D1105bb493CDDbEFeDDf136e7c34f0c4. The last MREX traded went for ~70 USD and it can be bought on pancakeswap.finance by adding the contract address (just the string) on one of the sections in exchange section.
3) "It's to my understanding that if you scrape interest, it lowers your over all shares as well. Does it lower it to the current share rate at the time of the scrape?"
Any scraped interest that goes above the amount of your principal DESTROYS your interest rate, permanently. So any 100% plus interest scrape will make your stake a 0% interest stake afterwards. The shares are dilluted in benefit of all other stakes.
4) "Hello all first time here, and i am about to make my first stake, but i want to ask a question about the Mrex, I read in the white paper that it allows you scrape early, but the question is does it get burned or do i lose when i scrape early or i can do more scrapes with 1 Mrex ?"
MREX token is not consumable! As long as you hold one, you can use its perks permanently.
5) "Why do some rexicans believe Mrex to be more valuable than Trex?
Community did some colective reflection on MREX valuation in comparison to TREX. In the long run, interests rates will significantly decrease (devs. mentioned from 40 to 60% APY, in Hex it's 40%). So it can get to a point where MREX functionality turns out to be more valuable then TREX one. All of this is speculation, but the rationale behind is thought provoking and should be taken into consideration.
TREX FEATURES THAT ARE PROBABLY STAYING ON REX 2.0
1) If I create a 5555 stake while I hold my TREX to get maximum interest, then transfer that stake to a friend, who doesn't have a TREX, will the interest rate go down when they receive the stake?
No. TREX staked stakes are transferable! And they don't lose their perk when you transfer them.
2) If get a TREX now will it affect my stakes that are already made?
No. Only stakes made with a TREX in the same wallet will get the perk. That being said, after a TREX being owned.
3) Will the benefits of a TREX ever disappear? Is it time limited in some way?
No and no. What will disappear (decrease) is the % of interest you get, since many TREX stakes are being made on a daily basis, and this lowers the % for every other stakes.
MISCELLANEOUS INFORMATIONS
1) Can second layer solutions be built on top of REX smart contracts?
Yes! As of now, none of them came from the same team that built REX.
2) Where can I revoke all my approved contracts on Metamask Wallet?
https://app.unrekt.net/ (a more advanced version, but on beta, can be found here: https://v2.unrekt.net/).
3) if i just staked 4 hours ago I can still unstake my whole stash to restake it right?
Yes! The option "close" will be available in the first 24 hours of your stake if you want to give up on it.
4) PCS goes for?
5) What are private keys and how important they are?
In crypto, your private keys are the most important thing in the world. They are the final and irrevocable proof that you own your tokens. If anyone has them, they can do anything with your tokens. Always write them down in a piece of paper and store it safely. In metamask they go for 12 (twelve) english random words.
6) Where can I buy BNB directly while in the US?
You can buy it on the american partner of Binance: https://www.binance.us/en/home.
7) When I withdraw my BNB coming from Binance or Binance US what network (chain) should I select, "Binance Chain" or "Smart Chain"?
Binance US does not have a withdrawal option for Smart Chain. Addresses from Binance chain (BEP) ALWAYS start with "bnb1" on it. Addresses from Binance Smart Chain (BEP20) ALWAYS start with "0x". Every transaction with REX smart contracts happens in Binance SMART Chain (BEP20). So in order to save on fees for swapping between chains you can always go for BEP20.
8)Are staked Rex tokens shown on any Market Cap site calculation?
No! This is a unique feature of Rex. When you stake all your Rex they are burnt. And only you can mint them back. You're not a "holder" of Rex anymore, you're in Ghost Mode. Privacy is one of the main features of this project and what sets it apart from other staking platforms. You can still see the total amount of Rex staked here: https://rex-token.com/dash.
9) AXION and WISE are failed clones of HEX. How is REX better than these other projects?
Rex has endured considerable setbacks and its developers maintained perspective and hard code work regardless. The community is strong and this is, of course, a community endeavour, that is, the creation of a new "Certificate of Deposit" investment on a blockchain. There is only one sucessful until today! The market is still huge, and needs to be unlocked. During all the complications that this project endured, its founder never showed any sign of quitting. And now we have in front of us a completely new opportunity to make the first entries on what could be the major project on Binance Smart Chain.
**10) Can binance due to some crypto regulations STOP the Rex project in any sense?
This is a very unusual question about Rex. Binance is not a regulator, it's a crypto exchange. The only thing Binance can do is not list Rex as one of their trading crypto assets. This won't harm Rex at all, if we take into account Hex historical precification. It never needed a single exchange to succeed, it doesn't depend on that. Because it's something else entirely, a Certificate of Deposit.
11) What happens when you break a stake?
You can either split it or revoke it. It's a contract! You made a commitment. It's written in stone since it's a smart contract. And immutable. So the penalty is from 100% of your principal to 0% calculated from day 1 to seven and a half years (when maximum staking 5555 days). If it's a 30 days stake, then it's 15 days until it has no penalty.
12) Are there any other Telegram Groups for REX?
Yes! 🇷🇺 Russian : https://t.me/rex_russia 🇨🇳 Chinese : https://t.me/rex_china 🇮🇹 Italian : https://t.me/rex_italia 🇹🇷 Turkey : https://t.me/rex_turk 🇮🇳 Indian : t.me/rex_india CA Quebec : https://t.me/Rex_Quebec 🇵🇱 Polish : https://t.me/rex_pl 🇯🇵 Japanese : https://t.me/rexjapan 🇲🇾 Malesian : https://t.me/rex_Malaysia_Indonesia 🇵🇭 philippines : https://t.me/joinchat/uiLxDGw0uW1iN2Q9
13) When does Rex get a CEX (Centralized Exchange) listing?
Rex design is not very compatible with CEX listings. It's simply not connected to that type of trade and market. Why? Because it's a financial product, a form of investment, a Certificate of Deposit. It would be strange to trade investments in a Centralized Exchanges. Imagine you are trading a contract. It doesn't make sense. The same applies to Hex, while being one of the first investment-only token at 2 years old it hasn't been listed yet. And maybe it never will. Simply because the token use case is not trade, but investment.