SVX Token Leasing Market LIVE
The SVX token leasing market is live. You can use the market to lend or borrow SVX token utility. Before getting started we encourage you to familiarize yourself with the platform by reading this article and asking us questions. You can also watch the video in this article to get an idea of the basics and underlying mechanics of pool markets on Chintai.
To get started leasing or borrowing SVX, visit the exchange. We look forward to watching how the new token leasing market can unlock efficiencies for the SOV community.
SOV and SVX
SOV launched in 2019 as a “Store of Value” (SOV) currency. SOV uses a deflationary burn mechanism that is activated during every transfer. Each SOV transfer also allocates SVX (i.e. SVX is mined when transferring SOV). The project launched a non-custodial DEX which services EOS tokens. The SVX token was introduced with the DEX. SVX tokens can be staked to reduce fees and increase mining allocation when transferring SOV. By using Chintai, SOV users can increase their allocation of SVX when making SOV transactions and reduce their fees on the SOV DEX.
How Does It Work?
The SVX token leasing market is a “pool market” that has price fluctuations based on a predetermined algorithmic formula (“bancor style” curve). We customized the algorithm to help ensure liquidity is available at all times to enter and exit the market.
- Lenders deposit SVX tokens into Chintai.
- Then SVX tokens can be lended on the platform by stipulating how much SVX you want to lend in the Lend Panel and pressing “Lend”.
- After you lend your tokens you will receive “CSVX” tokens in return.
- CSVX tokens can be redeemed for SVX tokens at any time.
- In return for CSVX, lenders will receive the original amount of deposited SVX tokens, plus the rewards that has accrued from borrowing fees.
- CSVX tokens will only increase in price (same as REX on EOS).
There are no fees for lenders.
- Users will borrow from the SVX token leasing pool as needed.
- Deposit SVX in Chintai to pay for fees
- Select the amount you want to borrow in the borrow panel
- Type in account you want to allocate SVX utility
- All loans will be 1 day.
- Interest is paid upfront at market rate. As more SVX is borrowed the interest rate will naturally increase.
- The price increase is based on a predetermined algorithmic formula that is designed to help maintain ample liquidity in the leasing pool.