REI Token
Learn more about the Friendly Market token.
The native digital cryptographically-secured fungible token of Friendly Markets (ticker symbol REI) is a transferable representation of utility functions and potential attributed governance to be specified in the protocol/code of Friendly Markets, and is designed to be used solely as an interoperable utility token on the platform.
REI is a non-refundable functional utility token which will be used as the medium of exchange between participants on Friendly Markets’ DEX, Launchpad and NFT Marketplace in a decentralised manner. The goal of introducing REI is to provide a convenient and secure mode of payment and settlement between participants who interact within the ecosystem on REI, and it is not, and not intended to be, a medium of exchange accepted by the public (or a section of the public) as payment for goods or services or for the discharge of a debt; nor is it designed or intended to be used by any person as payment for any goods or services whatsoever that are not exclusively provided by the issuer. REI does not in any way represent any shareholding, participation, right, title, or interest in the company, any distributor or vendor of REI Tokens (“Distributor”), their respective affiliates, or any other company, enterprise or undertaking, nor will REI entitle token holders to any promise of fees, dividends, revenue, profits or investment returns, and are not intended to constitute securities in the United States or any relevant jurisdiction. REI may only be utilised on the Friendly Markets network, and ownership of REI carries no rights, express or implied, other than the right to use REI as a means to enable usage of and interaction within the Friendly Markets network.
In particular, Friendly Markets’ native token REI has the following use cases:
DEX
The Friendly Market DEX allows users to swap cryptocurrencies on the Casper Network.
In order for the protocol to perform its core function, users would need to be encouraged to provide liquidity to the Friendly Market DEX. As compensation for providing liquidity, REI rewards will be distributed to liquidity providers that stake their LP tokens.
Launchpad
The Friendly Markets launchpad on the Casper Network offers promising and innovative projects a fast, secure, and efficient platform for acceleration of their project development.
Apart from this, projects that utilize the Friendly Markets launchpad gain exposure as they are brought to the spotlight in front of our community of crypto enthusiasts.
Token holders of REI will be able to stake the REI token onto the platform to earn the superREI token.
Based on the amount of superREI held by each participant, holders will be able to gain early access to token launch events on the Friendly Markets launchpad.
This makes staking REI and holding superREI important for individuals who want to support promising early-stage projects in the Casper ecosystem.
Moreover, superREI Token holders will be able to vote on various aspects of the protocol such as which projects get to be featured by Friendly Markets and other substantial protocol changes.
NFT Marketplace
The Friendly Markets NFT Marketplace makes it possible for users to explore, mint, buy and sell NFTs on the Casper Network.
If you use our platform, you may be charged a small service fee when the NFT is sold to subsequent third party buyers.
Token Utility of REI
One of the primary utilities of the REI token is its access to the Friendly Markets NFT marketplace where users can enjoy discounted fees when they choose to sell their NFTs in REI when compared to any other token.
Furthermore, there may be exclusive NFT drops in which only REI tokens can be used to purchase such exclusive NFTs.
Governance
In the future, when the protocol has matured enough, there may be plans to introduce decentralized governance of the protocol.
The first phase of governance will be a mix between a centralized solution and blockchain voting.
There will be a centralized app, where users can sign with their wallet and cast a vote. The votes will be saved in the database of the application.
We will slowly convert this to a decentralized application with on-chain voting. The reason behind releasing a semi-decentralized solution first, is because we want to capture community engagement as soon as possible.
The application will be open to other Casper Network projects that are able to create their own environment there.
The vote-weight of a user is based on the amount of superREI tokens the user has at the time of casting the vote.
In summary, REI would allow holders to extract the most value from the Friendly Market protocol in its initial stages with reduced fees, early access and various additional benefits. In the future, there may be plans to use REI in a governance setting which would allow holders to propose and vote on on-chain governance proposals to determine future features and/or parameters of the Friendly Markets platform, with voting weight calculated in proportion to the REI tokens staked and the amount of superREI tokens (the right to vote is restricted solely to voting on features of the Friendly Markets platform; it does not entitle REI holders to vote on the operation and management of the company, its affiliates, or their assets or the disposition of such assets to token holders, or select the board of directors of these entities, or determine the development direction of these entities, does not constitute any equity interest in any of these entities or any collective investment scheme; the arrangement is not intended to be any form of joint venture or partnership). It is the community members which would maintain and drive development of the Friendly Markets platform, so REI incentives would need to be distributed to compensate such community members for their time, expertise and effort.
superREI Token
superREI is Friendly Markets’ platform and governance token that makes holders eligible for a wide range of benefits.
All fees collected from the platform will be periodically swapped to REI and distributed pro-rata to superREI holders. To claim REI rewards, you need to burn your superREI.
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