It’s been a busy and eventful couple of months here at Redux as we get ready to relaunch or token and introduce our brand new Web3 Accelerator and Launchpad.
For more information on the rebrand check out our previous Medium article here:
We are thrilled to announce that we will be launching on Uniswap on Wednesday, August 3rd! Mark the date in your calendar! We will set a specific time closer to the day.
We’ve spent a long time communicating with advisors, industry leaders, and select members of our community to brainstorm the best way of relaunching. One of the major issues we wanted to avoid was having too many tokens in circulation at launch due to the airdrop to previous holders of $libre, this would inevitably cause negative price swings for $RDX and would make new investors wary of buying at launch. For this reason, we are implementing a 30-day staking lockup for airdropped tokens.
This means that on launch, your $RDX tokens will be automatically staked into our staking contract for you. There will be a 30-day lockup period before you can withdraw the amount. There will be a guaranteed 24% APY on your staked tokens. You can claim the rewards every 7 days, or you can compound them whenever you would like. Once the 30 days** are over, you can choose to continue to stake or withdraw your full amount from the staking pools.
Update to token Airdrop and Release (Update Published July, 28th)
After more deliberation with our current advisors, we are switching a few things up with how airdropped tokens will be released. We will be airdropping and auto-staking 50% of tokens at launch, those tokens will earn 2% per month in rewards and will be locked for 45 days. During those 45 days, you will automatically be entered into the lottery for every IDO that takes place. After the 45-day lock-up is over, you can claim or restake those tokens. The other 50% of tokens will be vested at a rate of 10% per month for 5 months. An example is below:
Say your airdrop amount is 100 $RDX tokens. 50 $RDX will be auto staked for 45 days at launch and will earn you rewards as well as entry into IDO lotteries. After 45 days, you can claim all 50 $RDX tokens. You will then be able to claim 10% (or 10 $RDX tokens) per month for the next 5 months.
There are multiple reasons why we are implementing this system. It’s no secret that the market is shaky, and like many others, we don’t expect that to change any time soon, at least not for any extended period of time.
We want to make sure we position ourselves for when the market picks back up. The best way to do that is by managing liquidity and overall price action and preventing major price dumps.
We’re also in the final stages of inking a few partnerships with industry leaders that will raise more funds for the Redux platform, this will allow us to stockpile our treasury, and will allow us to keep building during this bear market and position ourselves nicely for when things turn around.
We’ve also got multiple IDOs lined up for the next 6 months, and we want to deliver incredible projects to our community without having to worry too much about what the market is doing and how that’s impacting price.
Now, on to the tier system and how the IDO process will work.
We wanted to avoid having complicated and unfair tiers for the whitelist process, so we’re keeping it simple. For every 500 $RDX tokens you have staked, you receive 1 entry ticket, that ticket represents an entry for a chance at the whitelist for upcoming IDOs. The more $RDX you are staking, the more entries you get, and the better your odds of getting chosen for the whitelist.
For example, if you are staking 10,000 $RDX tokens your wallet will be entered into the lottery 20 times, if you are staking 500 $RDX tokens your wallet gets entered 1 time. If your tokens are staked, you are automatically entered into the whitelist lottery for all IDOS. When you unstake your $RDX tokens, you are no longer eligible for whitelist spots. All you have to do to be entered at a chance at an IDO whitelist is have your tokens staked! Remember, the more you stake the better your odds!
We have 3 IDOS tentatively set for August, which means for all previous $LIBRE holders, you are automatically entered into our first IDOs that take place within the 45-day lockup period after launch.
All tokens will be locked or staked upon launch with the exception of the tokens we add to liquidity, this means the circulating supply will be minimal. We believe this is the best method for sustained success, especially in the current market conditions. This protects the project from big sell-offs and keeps the supply low while increasing confidence in new investors.
We thank everyone for sticking by us over the past six weeks. Your support has been greatly appreciated! We can’t wait to show you all what we’ve been working on, the future is bright!