You can now trade any RUN token via REX
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As of today, April 9, 2021, you can trade any token created with the RUN protocol on the RelayX decentralized exchange (REX).
“Starting at 12:00 pm UTC on 9th April 2021, all RelayX users can trade any token just by pasting the token contract address onto the end of RelayX.com/market/[contract address here],” said RelayX in its official announcement.
RelayX also announced that the REX would begin selling ticker symbols beginning at 12:00 pm UTC on 9th April 2021.
“Sale prices begin at 10 BSV per ticker plus a 10% fee which will go entirely to REX1 BTC backing wallet,” said RelayX in the announcement.
“For any unsold ticker symbols, prices will drop to 9 BSV + 10% fee per ticker symbol on Wednesday 14th April at 12:00 PM UTC or earlier. This is similar to a Dutch Auction. The price drops again every 24 hours, to 8 BSV, 7 BSV, 6 BSV, etc. until each ticker is priced at 1 BSV. Further price drops will be by 0.1 BSV increments….Ticker symbol sales afterwards on the secondary market will incur a 3% fee where 50% goes to the REX1 address.”
REX1 is the loyalty reward coin that gets distributed to REX users; REX1 is backed by BSV and in the future will be redeemable for BSV.
Ticker symbol vs. contract address
The REX provides many benefits to tokens that have a ticker symbol opposed to tokens that only have a token address. When you own a ticker symbol, it is easier for market participants to find your token. Instead of requesting the contract address where the token trades and then bookmarking it because it will most likely be impossible to remember your contract address off the top of your head, a market participant can simply type in your three-letter ticker symbol and arrive at the marketplace for your token (i.e. RelayX.com/market/[123]).
In addition, tokens tied to a ticker symbol have an accompanying trading fee of 0.3% fee while contract linked tokens without a ticker symbol have a trading fee of 1%. Contracts tied to a ticker symbol also appear on the front page of the RelayX market while contract address-only tokens must be searched for in your web browser’s address bar.
What else can I do with a ticker symbol?
Ticker symbols are NFTs in themselves, no two individuals can have the same ticker symbol. Beyond tying a ticker symbol to a RUN token contract to allow it to trade under the symbol at a reduced trading fee, individuals can sell the ticker symbols they own as well as gift them to others.
Interested in acquiring a ticker symbol? You can find all of the ticker symbols that are currently for sale by heading over to https://relayx.com/market/TIC.
New to BTC? Check out CoinGeek’s BTC for Beginners section, the ultimate resource guide to learn more about BTC—as originally envisioned by Satoshi Nakamoto—and blockchain.
