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esASX, also known as "escrowed ASX," is an ERC-20 token. It's essentially the same as ASX, with the value of 1 esASX equal to 1 ASX. The only difference is that esASX is a non-tradeable token. This decision was made by the team to create a long-term project with a promising token. It helps to reduce selling pressure in the early stages. For those who believe in the project (and we're working hard to increase this number), this shouldn't be a concern, as most understand that holding the token is the best strategy.
ASX remains the main token of Asymetrix, with functionalities like voting power and liquidity still tied to it.
To convert your esASX into ASX, you'll need to send them into a 100-day vesting period. Your esASX tokens will be transformed into ASX at a 1:1 ratio.
As you may know, from its inception, Asymetrix has been rewarding early adopters by distributing its native token, ASX, for protocol use (those who depositing stETH and participating in weekly DRAWs). The distribution has been carried out in phases. In the first phase, 5 million out of the allocated 10 million tokens were distributed. These tokens were unlocked and available to users immediately, without any vesting or cliff requirements.
10,000,000 ASX has been allocated as an incentive for early adopters
With the launch of Asymetrix v2, the team is rolling out the second phase of the distribution. Users will now be rewarded with a new protocol token: esASX (escrowed ASX).
For the second phase, another 4,000,000 esASX/ASX tokens in total have been allocated and will be distributed over 200 days. This phase aims to give users more flexibility and options for interaction with the Asymetrix protocol.
This time, the tokens intended for early user incentives will be split into two parts.
The first part, consisting of 1,000,000 esASX/ASX, will be distributed among all users with a deposit in Asymetrix, just as before.
The second part, with 3,000,000 esASX/ASX, is designated for users who have a BOOST in the esASX/ASX distribution. From this particular fraction, users will receive their esASX/ASX tokens at an accelerated rate due to the activated BOOST.
Mechanics of Distribution
Each user is allocated a specific number of tokens per second based on their TVL (Total Value Locked) at a given point in time. Users can claim their esASX tokens once every 24 hours.
Here's the math:
- 200 days equals 17,280,000 seconds.
- 1,000,000 esASX divided by 17,280,000 seconds results in approximately ~0.05787 esASX per second being distributed among all users (~5000 esASX per 24 hours)
- The rest of esASX will be distributed in accordance to users BOOSTS.
The number of tokens you can claim is recalculated every second and depends on your share of the total TVL at that moment.