Recently entered in the crypto-world, I've decided to give it a try to the numerous contests launched by developers. This is one of the best ways, in my opinion, to learn more about cryptocurrencies, tokens and so on. I'm doing also research on my own, but without having a purpose, a theme, a subject to follow, it is a bit hard to keep track of all the new information that I find on the Internet.
I'm a big fan of artificial intelligence and I know for sure that this innovation will have tremendous benefits for the human race, in many domains. But when I heard that AI can be easily combined with crypto, I pricked up my ears and I got even deeper in my research. That's how I came across with Flowchain and IoT.
So, as I said, I've decided to participate in the #DEXTokenDeFined Writing Contest. Actually, I was convinced that I will write a post immediately after the contest was announced and launched, but it wasn't so simple as I thought.
I started to read the contest's instructions, very carefully. Actually, I read them ten times. That was last week. Total darkness!! I think I would better understand Chinese than all the specific terms and definitions. Anyway, I did not want to give up, so I've started to study. It reminded me when I was a student.
The adventure began on DEXToken Protocol official website where I was struck by three key terms: Dextoken Protocol, Speculative AMM and Offchain Minting. All I knew were the words "Protocol" and "Minting", the rest were just gibberish.
On a more serious note, I found out that Dextoken protocol is
a DeFi infrastructure that implements the brand-new Speculative AMM in order to ensure token pool liquidity and benefit DEXG token holders by rewarding them a portion of the transaction fee.
On top of that, I've realized that
the purpose of the Dextoken protocol is to enable the blockchain network to calculate the theoretical token price.
The official DEXToken Protocol website helped me to further understand that a Speculative AMM
is a priceless automated market maker. It determines the token price based on the volatility. Speculative AMM is a Universal Price Model that can evaluate the price of tokens.
The last term is Offchain Minting which actually describes the mechanism by which DEXToken Protocol works.
Now, in my words, the DEXToken Protocol is like a bank account (this is the closest word that I find to describe this) where you deposit cryptocurrencies. Afterwards, we have the Balancer Pool Token where we get some interests, like banks offer for deposits (the crypto-term for this is staking). Nice!! It only took me 10 days to get the idea.
How to earn money using DEXToken?
The second pool will be launched on the 23rd. This is a Balancer pool and it is called Luna. Users can deposit and earn interest reward for seven days until the 30th of the month, when both the reward and assets can be claimed.
Instead of a conclusion, I understood the process, but still it looks complicated for a beginner. Too many steps and the terminology used for the tutorial sounds like rocket science.
Basically is another pool where you delegate assets for staking Reward
My successful faucets!