These days I’ve been very preoccupied with the topic of token leasing on EOS, for one as the Chintai launch was imminent. And as you might have heard, their platform launched just yesterday, adding a central piece of infrastructure to the EOS ecosystem:

https://medium.com/@eos42/chintai-token-leasing-officially-launches-3bb13df968a7

On the other end, allegations about vote selling and voting rings between whales highlighted the importance of passive income and putting eos tokens to utility getting them off exchanges and using them for voting. In a recent analysis i demonstrated that his approach would be quite feasible:

https://trybe.one/collusion-on-chain-is-rex-going-to-save-eos-updated-oct-1/

Yet, REX is currently just a proposal by Dan, and aren’t we all waiting for a lot of these, hardware wallet, Steemit 2.0, interblockchain communication, just to name a few. But Chintai is already live, and working! So can it deliver what REX promises?

If you compare the two solutions, or at least what is known about them it is evident, that both options are extremely different, so in theory there could well be some coexistence. A huge benefit from REX would be to also include RAM fees and premium name sales, which Chintai just can’t offer. On the other hand to come into effect, REX likely requires a positive referendum, which might not be that easy to achieve.

Let’s take a look at the different leasing options Chintai and REX provide:

Chintai

REX

Win

Status MVP live Proposal C
Leasing period 7, 14, 21, 28 days 30 days C
Tokens EOS REX, SEOS
Pricing Individually set rates, free market Rate determined by Bancor algorithm C
Rewards Interest Interest, RAM fees, premium name fees R
Payment at Filling of order At return of tokens C
Voting Set proxy (indivudual voting planned) Proxies
Airdrops Planned ?
Security Multisig contract System contracct R

The essential of both solutions would be to offer a passive income for token holdings, combined with those tokens being used for voting, thus raising the bar for successful vote selling, alongside with a disincentivation by creating “legal” returns. REX would require stakers to appoint a proxy.

With Chintai’s MVP all tokens sent to the contract, will be used to vote with the chintai proxy, that currently votes for the 11 sponsors of the dapp. To be honest this solution is far from ideal. Whereas i wouldn’t hesitate to vote for any of those sponsors myself, as these bps are certainly among the best, taking away the decision from the holders is not in line with the EOS policies. Still, their approach is completely transparent, you do know beforehand how the tokens are being used, and likely most important of all, this is only temporary (and only due to the RAM bug that was reveiled and solved in August). They are working on a solution.

I think the Chintai team should really concentrate all efforts on enabling individual voting or at least the possibility to select different proxies asap for stakers. If they can achieve this, this platform is not only only a financial cornerstone of the ecosystem, but help to make EOS better as a whole.

The different set-up of both solutions might well offer a productive coexistence of both platforms. Although if REX could indeed will offer shares from fees, it could turn out as the more powerful platform, if it ever comes into existence as proposed.

Do you think both platforms can coexist? Will REX ever be implemented, and if will it supersede Chintai?

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Responses

  1. Workin2005

    Love your posts. I have no idea if both can coexist. I’m still wrapping my mind around the possibly of being able to lend EOS while still retaining the ability to vote. REX seems like the better option, but as you say, it’s just a proposal right now. Chintai is live and first. Should be interesting to see how it works out. Man these are exciting times we live in!

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    1. Conceptskip Post author

      Thx man! i guess – if it ever comes – REX might be the stronger platforms, as folks just love computers to be in control nowadays, and they also get additional fees. I personally like the old school approach, where i can set my limits myself and adapt to the market as i see fit.

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    1. Phillip

      I gave it a try with a small amount of EOS. I think I got 2 days left on the 7 day lease. We will see how it all pans out.
      The biggest drawback is that you lose the potential for airdrops by holding your EOS. I can’t see myself using large amounts of EOS in Chintai for that very reason.

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  2. Phillip

    I think both platforms can exist; however, the platforms may be fluid and absorb one another. They can simply implement the others benefits with a code change. Eventually someone will create a platform that offers the best of each… and the winner will be???

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  3. njappboy

    @conceptskip I would suggest discussing the current state of affairs with some community members and then making approach updates to your post.

    The are quite a few inaccurate statements in this post.

    Firstly, SEOS does not exist.
    Secondly, REX lease expiration period doesn’t impact lenders ability to claim rewards or redraw resources at anytime.
    Thirdly, REX requires the user account to vote for a proxy or vote for 21 producers. Some of us in the community are not in agreement about the proxy voting aspect as it would allow proxy to vote for less than 21 BPs and narrow the voting distribution.

    I would recommend these resources.
    – rex-2 branch of eos contains code proposals
    https://github.com/EOSIO/eosio.contracts/tree/rex-2
    – EOS REX telegram to discuss the direction of REX with the community.
    https://t.me/eosrex

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