FAANG

In traditional finance, “FAANG” is an acronym that refers to the stocks of five prominent American technology companies: Facebook (FB), Amazon (AMZN), Apple (AAPL), Netflix (NFLX); and Alphabet (GOOGL). 

In addition to being widely known among consumers, the five FAANG stocks are among the largest companies in the world. Their substantial growth has been buoyed recently by high-profile purchases made by large and influential investors such as Berkshire Hathaway (BRK), Soros Fund Management, and Renaissance Technologies. These are just a few of the many large investors who have added FAANG stocks to their portfolios because of their perceived strength, growth, or momentum. 
After the initial staking and farming phase, we will introduce FAANG as a reward for tEXO community. To incentivise early tEXO community, users will be able to stake tEXO before the synthetic assets platform launch and will receive FAANG tokens as reward. After the launch of synthetic assets platform, users will be able to redeem tFB, tAAPL, tAMZN, tNFLX and tGOOGL.
These synthetic assets will be minted as tASSETs based on our synthetic infrastructure. More details can be found in this document. 
Details for redemption ratio will be announced in a detail articles after launch. Figures are determined by launch figures and number of holders within the ecosystem. 
* Do note that FAANG will be the tEXO seed pool yield token for a limited period of time only. tEXO will remain as the core yield token within the ecosystem. 
FAANG token holder will be able to redeem their FAANG tokens after tASSET launch in return for a portion of: 
tFB
tAAPL
tAMZN
tNFLX
tGOOGL
This rewards will come from ExoniumDEX team wallet (both tEXO in DEV wallet and other assets from Fee wallet). 
As mentioned in the earlier part of this document, tEXO will be used as collateral for tDOLLAR, our native stablecoin. ExoniumDEX team will utilise fees receive from staking contract and mint the first batch of synthetic assets for FAANG token redemption. 
This adds an additional incentive for early tEXO token holders who believes in ExoniumDEX long term vision and be rewarded with synthetic assets (tASSETS) tied to real stock price in TradFi. 
FAANG staking contract will last for 30 DAYS and will launch after initial seed staking phase (in aligned with tEXO LP farming phase). 
Emission Rate: 1 FAANG/block (BSC) & 0.7 FAANG/block (POLYGON) 
Emission reduction: Nil
Harvest Lock: Nil
Deposit lock: Nil
Deposit Fee: Nil
After tASSET launch, ExoniumDEX team will contribute fees as collateral to mint tASSETs. 
Of all the tASSETs accumulated for FAANG redemption, it will be divided according to the total supply of FAANG after the 30 days period. 
If there are US$1m worth of tASSETs minted and there are 864,000 FAANG total supply, each FAANG will have a share of 5 different tASSETS (tFB, tAAPL, tAMZN, tNFLX, tGOOGL) that will be worth around US$1.16. If you have 100 FAANG, you will receive $116. 
Your share of FAANG in the staking pool is determined by
User tEXO staked
vs 
Total tEXO staked in Pool
This is dynamic as the numbers will change every time another user stake or un-stake. 
The concept here is to encourage consistent staking of tEXO in pool over the 30 days to get the most FAANG. 
Once redemption is ready, users just needs to redeem the tASSETs with their FAANG tokens in wallet. 
Do note that valuation of tASSETs minted will be determined by market value of tEXO and FEE wallet assets (if any). 

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Last modified 1yr ago