Wayki-X Difficult Questions and Answers Phase 2 - Receive ROG and xUSD Rewards
Q1: Why do you need to mortgage ROG to mint xUSD? Is there any reward?
A1: Mortgage ROG to mint xUSD can get two rewards:
(1) Additional rewards. Wayki-X's economic model has been designed from the very beginning to use the inflation model to motivate users who hold ROG to mortgage. After users mint xUSD to generate debt, the system will distribute ROG additional issuance rewards every week according to the xUSD debt ratio. The more debt you have, the more rewards you will receive. If you do not mint xUSD, your assets will also depreciate due to the continuous issuance of ROG.
(2) Transaction fee rewards. Whenever a user converts one synthetic asset into another synthetic asset, a 0.3% transaction fee will be generated, and half of the transaction fee will be deposited in the reward pool. xUSD debtors can claim rewards according to the xUSD debt ratio every week The xUSD in the pool is used as transaction rewards.
Q2: How can I get ROG and transaction rewards xUSD?
A2: Two conditions must be met at the same time to receive ROG additional issuance rewards and transaction rewards xUSD: ① Mint xUSD in Wayki-X; ② Mortgage rate reaches 800% or above.
Two things need to be paid attention to: ① If you only mortgage ROG without minting xUSD, you cannot receive additional issuance rewards and transaction rewards. ②Pledging WICC/WGRT to mine ROG does not involve additional issuance rewards and transaction rewards, so these two parts of rewards cannot be received.
Q3: Can I still receive rewards for burning xUSD debts?
A3: Destroy all xUSD, then personal debts will be gone, so you will not be able to get ROG additional issuance rewards and part of Wayki-X transaction fee rewards. If only part of the xUSD is destroyed, and the mortgage rate remains at 800% or above, you can still receive the corresponding rewards.
Q4: Can I still get rewards by minting xUSD when the rewards are about to be distributed?
A4: You can get rewards, the more xUSD you mint, the more rewards you can get. But you need to pay attention to two issues:
(1) Smart contracts generally distribute rewards at 18:10 every Saturday, so you must mint xUSD before that to get the rewards of the week, preferably half an hour or more in advance to prevent missing the smart contract’s debt calculation time.
(2) It is necessary to ensure that the mortgage rate is above 800% in order to receive rewards.
Q5: What should I do if I forget to claim the reward?
A5: Currently, the Wayki-X smart contract starts to distribute rewards at around 18:10 every Saturday. There will be a total of seven days between this point in time and the distribution of rewards in the next week. You can collect rewards at any time during these seven days.
If the reward is not claimed within one week, the reward will expire. The expired rewards will be rolled to the reward pool of the next period, and the smart contract will be distributed to all xUSD debtors according to the new xUSD debt ratio.
Q6: When will the ROG additional issuance reward be unlocked after receiving it?
A6: ROG additional rewards will be unlocked one year after receiving them. For example, if the additional rewards received on October 3, 2020, this part of the rewards will be unlocked one year later, on October 3, 2021. At that time, you can enter Wayki-X to withdraw this unlocked reward to your wallet, and you can use it freely after the account arrives.
In fact, minting xUSD gets two parts of income, one of which is additional issuance rewards, and the other part is the reward xUSD of Wayki-X’s transaction fees. The received xUSD trading rewards are not locked, and can be used in the account immediately after claiming.
Q7: The number of ROG is limited, what should I do if I want to receive ROG additional rewards to the greatest extent?
A7: The amount of rewards you can receive every week is directly related to the amount of xUSD you minted. Therefore, if you want to receive more rewards for additional issuance, you need to mint more xUSD, and at the same time ensure that the ROG mortgage rate is slightly higher than 800%. To get as many rewards as possible.
Q8: What are the rules for additional issuance of ROG? Is the newly issued ROG within or outside of 21 million? How many additional ROG rewards are issued every week?
A8: ROG’s additional issuance rules are as follows: from the first week to the 52nd week, the additional issuance will be 1.5% of 12.6 million or 189,000 per week. After the 53rd week, the weekly increase rate will decrease by 0.01% until the end of the 201st week. After 201 weeks, the total amount of ROG: Genesis Mine 12.6 million + Ecological Mine 8.4 million + additional issuance 23.9085 million = 44.9085 million. It should be emphasized that the weekly additional issuance base does not include the additional issued ROG, which is always 12.6 million. 12.6 million, this value is obtained by referring to the number of Genesis Mining ROG (WICC pool 10.08 million + WGRT pool 2.52 million = 12.6 million).
Therefore, the additional ROG is out of 21 million. In addition, 189,000 ROGs are issued every week, 20 of which are for the address of the weekly timing task reminder contract to calculate rewards, which can be simply understood as rewarding miners. In the early stage, it will be triggered by the address specified by the system, and in the later stage, it will be triggered by user competition. Whoever grabs the trigger opportunity first will get 20 ROG rewards. The remaining 188,980 ROGs will be distributed to all ROG stakers every Saturday night according to the xUSD debt ratio.
Q9: How is the xUSD debt ratio calculated?
A9: The ratio of the debt created by the mortgagor to the total debt is the personal xUSD debt ratio. Every time the system mints and destroys xUSD, the personal xUSD debt ratio will change. This is a bit like a joint-stock company in reality. The addition or withdrawal of shareholders will cause the total share capital of the company to change, and the proportion of shares of each shareholder will also change accordingly. Therefore, when the system discovers that there is a new minting or burning, the ratio of overall debt to personal xUSD debt has changed. The system will first calculate the number of shares represented by the minted and destroyed xUSD, and then calculate the overall number of shares And the share ratio of each mortgagor, and finally apportion the debt to each debtor. Reference formula: personal xUSD debt ratio = personal debt / total debt.
To give a few examples, assume that the prices of ROG and xUSD are both equal to US$1, the current total debt is 900xUSD, and the target mortgage rate is 800%.
A mortgages 800ROG and mints 100xUSD. Then, the total debt: 900+100=1000, A’s personal xUSD debt ratio: 100÷1000=10%;
B mortgages 1600ROG and mints 200xUSD. Then, total debt: 1000+200=1200, B’s personal xUSD debt ratio: 200÷1200≈16.67%;
C destroys 500xUSD, then the total debt: 1200-500=700, at this time the personal xUSD debt ratio of A and B will also change, A’s personal xUSD debt ratio: 100÷700≈14.29%, B’s personal xUSD debt ratio: 200÷700≈28.57%.
