Defibox is a professional one-stop DeFi application platform on EOS. It is initiated and managed by the Defibox Foundation, and got funding and support from Newdex. The project was launched on July 21, 2020, which is committed to becoming the DeFi application platform widely used by EOS users.
Mining generally is a process of adding transaction records to the cryptocurrency (ex. Bitcoin) public ledger, called the Blockchain. It exists so that every transaction can be confirmed, and every single user of the network can access this ledger.
In DefiBOX, mining is the processing of token release through SWAP market-making, USN Stablecoin Generation, Liquidity Provision, Decentralized Lending, Synthetic Assets and others.
Defibox issues BOX on EOS main chain with a total supply of 100 million, which are released linearly from 0 using mining method 100% with no private placement, no reservation and no pre-mining.
- Swap Market Making:
On Defibox, 20 million BOX is distributed to Swap market-making mining and the mining starts simultaneously when swap is executed on the preset pair assets. On Defibox swap market making a 0.128 BOX is released every second, and this release will end in about 5 years.
- USN Stablecoin Generation:
On Defibox, 10 million BOX is distributed to USN generation mining and the mining starts simultaneously. Wherein 0.064 BOX is released every second, and this release will end in about 5 years.
The USN you generated can be operated or transferred at will, and will not affect your BOX rewards.
- Liquidity Provision:
On Defibox, liquidity providers can get up to 100% transaction fees and BOX incentives of market-making mining pool. The smart contract releases 0.0896 BOX per second for liquidity mining, and the BOX mining rewards are distributed according to the ratio of the value of your liquidity assets to the value of the total liquidity assets. The BOX amount obtained by market-making mining per second = the proportion of the provided liquidity converted into EOS × 0.0896.
The mining weight of market-making liquidity pool that one can participate in must be above 0; otherwise the said participant will not be able to get BOX rewards.
- Decentralized Lending:
On Defibox, 10 million BOX is distributed to decentralized lending mining and the 10 million BOX is locked before mining starts.
- Synthetic Assets:
On Defibox, 10 million BOX is distributed to synthetic assets mining and the 10 million BOX is locked before mining starts.
Defibox token "BOX" is the purely governance DeFi token. The value of BOX is mainly obtained through governance. Every DeFi protocol of Defibox is open, and any individual or organization can visit and use it without any threshold including DApp users, contract developer, etc.
#BOX mining "Release every second, and settle every hour"
This article is for the Defibox article contest: https://newdex.io/events/articleContest
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