$AuX Token Flow
Last updated
Last updated
Note : To participate in an auction - a bidder will need PLAY's. Cost of each PLAY is fixed at 10 cents. PLAYs can only be procured by exchanging $AuX tokens. And it is unidirectional. PLAYs can never be converted back to $AuX tokens. $AuX TOKEN | Underlying token of AuctionX platform. This will be traded, and its price will be determined by market forces.
PLAY | PLAYs are used to participate in any engagement activity on the AuctionX platform. The price of a PLAY is fixed and predetermined. Participants can convert their $AuX TOKENS to PLAYs anytime as needed from their account.
BIDS | A bid is what a participant places when participating in any activity on the AuctionX platform. Each bid consists of 1 or more PLAYs. Depending on the product, a single bid might consume one or more PLAYs.
WALLETS & CONTRACTS
Genesis Wallet (G) | Holds the pre-mined $AuX Tokens.
Auction House Custodian Contract (CC) | All $AuX Tokens as sold by an auction house towards PLAYs are held in a custodian contract. They are released only when the retrieval function is fired by the Auction House Admin.
Auction House Admin Wallet (AHAd) | This wallet contains the earnings of the auction house. It is a recepient of funds from the custodian contract. 94% of the $AuX token earnings are sent to this wallet.
Burn Wallet (B) | Using a smart contract, a predefined percentage 1% of $AuX Tokens as received in the 'CC' will be transferred to the 'B' wallet. From the 'B' wallet, these then will be burned periodically (every quarter through an automated process via an oracle). The burning will reduce the supply of $AuX Tokens resulting in an increase in the value of the $AuX Token.
AuctionX Platform Gas Fees Contract | 5% of all deposits in the CC will be transferred to the Gas Fees Contract by a smart contract. This happens when the auction house admin executes the retrieval function.
AuctionX Gas Fees Wallet (XGW) | 80% of all receipts in the Gas Fees contract are transferred to XGW Wallet.
Governance Contract | 20% of all receipts in the Gas Fees contract are transferred to the Governance contract. From the governance rewards contract - ProRata reward for Governance are distributed as per the %age of staking in the staking contract.
$AuX TOKENS -> PLAYs -> BIDS
Bidders will buy $AuX Tokens from an exchange and convert them from their personal wallet to PLAYs on the AuctionX platform. A bid will comprise one or more PLAYs depending on various factors such as the type of engagement and price of the asset (in an auction); for example, an iPhone bid may cost 1 PLAY while a car bid might cost 5 PLAYs.
$AuX Token stakers can also redeem their accumulated rewarded $AuX Tokens from their staking to purchase bid packages. This incentivizes our participants to stake. Also, please note that $AuX Tokens to PLAY conversion is unidirectional. PLAYs cannot be converted back to $AuX Tokens.
