CXN is the utility and grand token, which powers CXN Network. It was issued during the initial phase of funding to develop CXN Network’s products. $250,000 was raised, $50,000 was released to the team, and a large part (60%) of the fund was locked on Uniswap to provide liquidity for the participants.
CXN runs on a deflationary model, furnished by a transfer tax. A portion of the tax rewards the holders while the other portion is being burnt as every on-chain transfer and unstaking are executed. This works well on decentralized exchanges and reflects why CXN has not been listed (even though we were approached by some centralized exchanges, CEX’s) on any CEX, at least, until the deflationary model stops. However, the deflationary model has been automated to only stop when the maximum supply of CXN decreases to 100M from 300M. Our choice of the transfer tax is to reward the holders while the products are being built. That way, CXN would not just be a trading instrument on exchanges and would be a stakeable asset.
Migration from the Deflationary Model
Upon the successful launch of Coxena, the second product, wallet, of CXN will be built and released in 2021. The wallet services will be powered exclusively by CXN and the deflationary model will be stopped, either by burning CXN down to 100M or by tweaking the tokenomics via an upgraded version of CXN. Then, listings on CEX’s would follow.
Unlike the popular traditional crypto wallets, as we stand for DeFi+CeFi, the wallet aims to integrate decentralized and centralized structures, and serve millions of users.
Incentives for CXN Holders
COX is the child token of CXN Network and powers Coxena. All the services on Coxena can be better leveraged via COX. As a CXN staker, you are eligible to receive COX at a ratio of 1:4 and 1:6 = COX : CXN while regular holders are eligible to receive COX at a ratio of 1:6 and 1:8, provided that they participated in the snapshot. The primary market value of COX compensates for your entire CXN holding.
The services the wallet offers can be leveraged exclusively via CXN. This includes swapping, listing, fiat and crypto payments, promotional offers, customer ratings (loyalty reward program), governance, etc.
CXN Network is beyond Coxena and the wallet; as more products are built, they will be powered by CXN.
About CXN Network
CXN Network is a tech start-up, which aims to implement solutions in various industries in response to available and viable market opportunities. The leverage of Blockchain and other components of the fourth industrial revolution is at the core of our operations, and the implication of our operational models is we could deploy centralized and decentralized products in any industry as long as the growth potential indicator is positive.
Our mission is to build robust platforms, which can withstand any amount of influx, cast off any security threat, and stand the test of time(as regards positive users’ experience and feedback). To boot, we strive to make CXN Network one of the largest, tech-solution companies in the world in terms of safety, quality products, trust, active support system, and simplified user interface.
At the inception, the primary target is the financial-inclusion markets upon the discovery of viable market opportunities presented by this domain. As a result, our first products will be released with a tactical approach, which inherently grows its influence and is tailored to the target.