Cryptex Finance is focused on building decentralized financial instruments on Ethereum starting with the “Total MarketCap Token” or TCAP. Similar to a conventional index fund, TCAP gives its holders a real-time price exposure to the total cryptocurrency market cap.
TCAP keeps its peg to the price of the total market cap of all cryptocurrencies through a strategic partnership with Chainlink. The Cryptex team uses Chainlink oracles which enables them to aggregate multiple data points from the top crypto data providers in the world, bringing that data on-chain using Ethereum smart contract.
The TCAP token can be especially interesting for users that want to speculate in the total cryptocurrency market by buying a token that it’s the representation of the market. TCAP tokens work similarly to DAI, users must lock up collateral in a vault in order to mint TCAP. Currently, the system requires a minimum value between 150% and 200% backing collateral. While any ERC-20 asset could eventually be used as collateral, the Cryptex team has limited users to minting TCAP with only ETH & DAI for now.
Initially, there will be 5 data providers that come together to make up the official TCAP price. These include:
1. CoinMarketCap https://coinmarketcap.com/
2. CoinGecko https://www.coingecko.com/
3. Nomics https://nomics.com/
4. Coin Paprika: https://coinpaprika.com/
5. CoinLore: https://www.coinlore.com/
Early Adopter Rewards
As a way to distribute governance and award, early adopters, the TCAP protocol will reward CTX tokens to Vault owners in the first 14 days of deployment. All vault owners with outstanding TCAP will earn CTX token rewards on a per-block basis. CTX is the native governance token of Cryptex Finance.
The 500,000 CTX will be rewarded across two vaults:
· ETH Vault 250,000 CTX (Starting 4/8/21)
· DAI Vault 250,000 CTX (Starting 4/8/21)
Another 2,000,000 CTX will be divided up amongst the various liquidity providers of the protocol.
The 2,000,000 CTX will be rewarded across four LP pools:
· ETH/TCAP Pool 500,000 CTX (Starting 4/8/21)
· DAI/TCAP Pool 500,000 CTX (To be Announced via Discord & Reddit)
· ETH/CTX Pool 500,000 CTX (To be Announced via Discord & Reddit)
· Additional Pool 500,000 CTX (To be Announced via Discord & Reddit)
Cryptex Finance is co-founded by three seasoned crypto natives – Joe Sticco, Preston Von Loon, and Cristian Espinoza. There was no private round or ICO, Cryptex is aiming to be a fair launch project similar to Yearn.
The CTX token distribution is as pictured below:
Keep up with Cryptex and follow their Twitter.
Business Development and Operations at TrustToken – TUSD. Jack is a startup generalist and DeFi enthusiast. Stay connected with him by following @HHJackSun on Twitter.
