Wayki-X Tough Questions and Answers 02: ROG and xUSD Rewards
Download #WaykiTimes
For Android: https://bit.ly/3jZmr67
For IOS AppStore: https://apple.co/2H7doSo
TestFlight: https://apple.co/3jYS7IO
Q1: Why do I need to pledge ROG and mint xUSD? Are there any rewards?
A1: When you pledge ROG and mint xUSD, you can get two types of rewards. 1. Rewards by inflation. The economic model of Wayki-X has been designed as inflationary from its start to incentivize ROG holders to pledge. After users mint xUSD and generate debt, the system allocates ROG rewards by inflation weekly according to their xUSD debt ratio. The higher your debt, the higher your rewards. If you don’t mint xUSD, your assets will depreciate due to continuous issuance of additional ROG. 2. Rewards by trading. A 0.3% fee is collected in each transaction between synths. A half of these fees goes to the reward pool. Users with xUSD debt can claim xUSD from the reward pool as rewards by trading weekly as per their debt ratio.
Q2: How do I get ROG rewards by inflation and xUSD rewards by trading?
A2: To get ROG rewards by inflation and xUSD rewards by trading, you need to fulfil two conditions. 1. Mint xUSD in Wayki-X. 2. Your C-Ratio must be 800% or more.
Also note the following: 1. If you just pledge ROG and do not mint xUSD, you cannot get rewards by inflation and rewards by trading. 2. The ROG you earn in WICC/WGRT Yield Farming does not qualify for rewards by inflation and rewards by trading.
Q3: Do I get rewards if I burn xUSD debt?
A3: When you burn all xUSD, you have no debt. Therefore, you cannot get ROG rewards by inflation and a part of Wayki-X trading fees. If you burn only a part of xUSD and keep your C-Ratio at 800% or above, you can get the respective rewards.
Q4: Can I get rewards if I mint xUSD close to the reward distribution time?
A4: Yes. The more xUSD you mint, the more rewards you can get. However, please note the following: 1. The smart contract normally distributes rewards at 18:10 HKT on Saturdays. Therefore, you need to mint xUSD in advance to get the rewards for the current week. We recommend doing so at least 30 minutes ahead of the above time to allow the smart contract enough time for debt calculation. 2. You must keep the C-Ratio at 800% or above to be able to collect the rewards.
Q5: What do I do If I forget to claim the rewards?
A5: Currently, Wayki-X smart contract starts the reward distribution at 18:10 HKT on Saturdays. The interval between distributions is seven days. You can claim your rewards anytime within the seven days.
If you didn’t claim the rewards one week, the rewards are gone. The missed rewards go to the next week’s pool and the smart contract will distribute xUSD to debtors as per their new xUSD debt ratios.
Q6: When do the ROG rewards by inflation release?
A6: ROG rewards by inflation release one year after you claim them. For instance, you claimed it on October 3, 2020, and one year after, on October 3, 2021, it will release. Then, you can withdraw the released rewards from Wayki-X to your wallet and use it freely.
Actually, when you mint xUSD, you get two types of rewards. One is rewards by inflation, the other is a part of Wayki-X xUSD trading fees. The xUSD rewards by trading have no lock-up. They arrive immediately after you claim them and you can use them freely.
Q7: How do I maximize my ROG rewards by inflation when ROG quantity is limited?
A7: The amount of rewards you can claim weekly directly depends on the amount of xUSD you minted. If you want to get higher rewards by inflation, you need to cast more xUSD and ensure that your ROG C-Ratio is slightly above 800%.
Q8: What are the ROG inflation rules? Is the inflated ROG included in the 21 million? How many new ROG is issued weekly?
A8: ROG inflation rules are: week 1 to 52: 1.5% of 12,600,000 or 189,000 new ROG is issued. Starting week 53, the weekly issue will decrease by 0.01% and will finish on week 201. ROG total supply after week 201: 12,600,000 of Genesis Yield Farming + 8,400,000 of Ecosystem Yield Farming + the inflated 23,908,500 = 44,908,500. Please note that the base number for weekly inflation does not include the previously issued inflated ROG and remains the same, 12,600,000. This number originates from ROG Genesis Yield Farming (10,080,000 in the WICC pool + 2,520,000 in the WGRT pool = 12,600,000).
Therefore, the inflated ROG is not included in the 21 million. Besides, among the 189,000 ROG issued weekly, 20 tokens are given to the address of the task reminder contract that calculates the rewards. It can be deemed the miner fee. At the early stage, a designated system address triggers the contract. Later, competing users will trigger it. Whoever gets the trigger opportunity first will get a 20 ROG reward. The remaining 188,980 ROG will be distributed to ROG pledgers as per the xUSD debt ratio every Saturday night.
Q9: How is the xUSD debt ratio calculated?
A9: xUSD debt ratio is the relation of debt created by a pledger to the total debt. It changes each time xUSD is minted or burned in the system. This is like a joint-stock company. Entry and exit of shareholders change the company’s total equity and the proportion of shares for each shareholder accordingly. When the system finds new minting or burn, it changes the overall debt and the personal xUSD debt ratio. The system first calculates the number of shares represented by the new minted and burned xUSD, re-calculates the total number of shares in relation to the shares of each pledger, the debt, and finally distributes debt to each debtor. Reference formula: personal xUSD debt ratio = personal debt / total debt.
See the example below. Assume that ROG and xUSD price is USD 1, the current total debt is 900 xUSD, and the target C-Ratio is 800%. User A pledges 800 ROG and mints 100 xUSD. Thus, the total debt is 900 + 100 = 1,000. A’s xUSD debt ratio is 100 ÷ 1,000 = 10%. User B pledges 1,600 ROG and mints 200 xUSD. The total debt is 1,000 + 200 = 1,200. B’s xUSD debt ratio is 200 ÷ 1,200 ≈ 16.67%. User C burns 500 xUSD. The total debt is 1,200–500 = 700. At this time, xUSD debt ratio of A and B changes: A’s is 100 ÷ 700 ≈ 14.29%, B’s is 200 ÷ 700 ≈ 28.57%.
Download #WaykiTimes
For Android: https://bit.ly/3jZmr67
For IOS AppStore: https://apple.co/2H7doSo
TestFlight: https://apple.co/3jYS7IO
Official web: www.waykichain.com
Twitter: https://twitter.com/wayki_chain
WaykiChain CEO Gordon’s Twitter: https://twitter.com/GordonGao11
Telegram: https://t.me/wiccofficial
LinkedIn: https://www.linkedin.com/company/waykichain%E7%BB%B4%E5%9F%BA%E9%93%BE/?viewAsMember=true
