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:
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:
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:
|Leasing period||7, 14, 21, 28 days||30 days||C|
|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||–|
|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?