REP Points
REP, an acronym for Rights, Earnings, and Privileges, serves as the protocol's native points issued to traders, LPs, and DXTR token stakers based on their "Proof of Economic Activity" within the protocol.
Token Specification:
| Parameters | Details |
|---|---|
Token Standard | ERC-20 |
Transferability | Transferable |
Supply Type | Dynamic; Supply not Fixed |
Secondary Market | Not Tradeable |
Staking | For LP Rank |
Base Earning Rate | 1 USD = 1 REP |
Decimal Places | Zero (0) |
Token Burn | Upon Claiming DXTR Rewards |
REP Points Multiplier: Earning More Based on Role and Assets
Dextr utilizes a concept called the REP Points Multiplier to influence how users earn REP points. This multiplier essentially acts as a booster on the base earning rate.
User Role:
Whether the user is a Taker (trader), a Maker (liquidity provider) or DXTR Token Staker.
Takers (Traders):
Earn REP points based on the asset they are buying in a trade.
The multiplier associated with that specific asset determines the reward amount.
Makers (Liquidity Providers):
Earn REP points based on the asset with the higher REP point multiplier in the trading pair they are providing liquidity for.
This applies regardless of whether they are buying or selling the asset.
The Reputation Oracle: Powering REP Points
A smart contract called the Reputation Oracle is responsible for overseeing the creation (minting) and destruction (burning) of REP points. It also sets the REP points multiplier based on the user role and the asset involved:
| Asset | Taker (Inbound Asset) | Maker |
|---|---|---|
Stablecoins | 1X REP | 2X REP |
Altcoins | 2X REP | 3X REP |
3X REP | 4X REP | |
Bitcoin | 4X REP | 5X REP |
DXTR | 5X REP | 8X REP |
Taker and Maker REP points are accrued 48 hours after trade settlement to provide a window for challenges to potential front-running.
Maximizing REP Multiplier with DXTR Staking:
Staking DXTR tokens unlocks the highest multiplier for REP points—a substantial 13x boost!
This multiplier is applied both at the time of depositing DXTR tokens in the staking smart contract and daily, based on the USD value of your staked DXTR calculated at 00:00 UTC.
**Early investors (token sale) will have their tokens locked in a vested staking smart contract. They too will accrue a 13x REP multiplier based on the dollar value of their DXTR tokens, calculated at 00:00 UTC each day. REP points are granted daily in advance. Investors can claim these REP points at any time. Upon vesting unlock, they can withdraw their DXTR tokens. The adjusted balance will continue to apply the 13x multiplier until the next epoch (next vesting unlock). The price used for calculation is determined daily at 00:00 UTC.
Claiming REP points in Dextr:
Standard Claiming: Users can claim their accumulated REP points at any time by paying the associated gas fees. Once claimed, the protocol credits the REP points directly to the users EOA/ Smart Account.
DXTR Staking and REP Point Accrual: DXTR stakers accrue their REP points in two phases:
Initial Accrual: Upon staking, users receive a 13x multiplier on the USD value of their staked DXTR tokens, dynamically calculated by the Price Oracle.
Daily Accrual: At 00:00 UTC every day, stakers can claim REP points based on the current market value of DXTR tokens. This daily claim is based on the DXTR token value at the UTC timestamp, rather than the specific moment of initiating the claim process.
Automating REP Points Claim: Dextr enables users to leverage account abstraction for streamlined REP point claiming, customized to their preferences:
Instant Claim: Users can automate REP point claims as soon as they are available.
24-Hour Batch Claim: Users can schedule a daily batch claim to collect all accumulated REP points within 24 hours.
It's important to consider gas fees when employing automated claiming. The frequency of claims will directly impact the total gas fees incurred. Finding the right balance between automation and cost-effectiveness is key.
In addition to converting REP into DXTR Tokens, REP points holders have the option to exchange REP Points for other ERC-20 Tokens using a conversion smart contract with dynamic pricing.
1. Setting Conversion Parameters: REP holders opting to sell REP Points instead of redeeming them for DXTR Tokens must transfer their REP Points to the Conversion smart contract and specify the following:
Offer Expiry: The deadline by which REP Points must be sold; unsold REP Points are returned to the user's wallet or smart account.
Acceptable Token: The ERC-20 token desired in exchange for REP Points, excluding DXTR Token.
Swap Markup: The additional percentage charged to buyers for purchasing REP Points.
Conversion Steps:
Deposit REP Points: REP holders transfer their REP Points into the Conversion smart contract along with the designated parameters.
Buyer Swap: Interested buyers can then initiate the exchange process by depositing the required ERC-20 tokens into the Conversion smart contract.
Pricing Mechanism: The Conversion smart contract calculates the real-time base price of REP Points using Price Oracles. This calculation considers factors such as the amount of DXTR Tokens obtainable with the REP Points and the current market price of DXTR Tokens. When a buyer requests the price of REP Points based on their desired quantity, the protocol retrieves the USD price from the Oracle. The conversion price includes the base price plus any premium percentage set by the REP holder
REP Points cannot be directly converted to DXTR tokens. This is due to the distinct process required for redeeming REP points into DXTR tokens, which involves the burning of REP points.
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