What is FinNexus (FNX) | What is FNX token

What is FinNexus?

FinNexus is the new open finance protocol currently live on Ethereum and Wanchain blockchain. It is a hub for connecting different decentralized ledgers to each other and users, and also for connecting with traditional finance applications. The first iteration of FinNexus will be a marketplace for hybrid decentralized/traditional financial products.

FinNexus is pioneering a cross-chain DeFi protocol for writing options exposure for multiple assets from within collateral pools. This groundbreaking Multi-Asset Single Pool (MASP) methodology for decentralized peer-to-pool options platforms enables anyone anywhere to leverage or hedge their positions in a variety of cryptoassets. Currently live on Ethereum and Wanchain, FinNexus intends to bring its blockchain-agnostic FinNexus Protocol for Options (FPO) to other chains.

FNX Token

The FNX token is the network token for the entire suite of FinNexus protocol clusters. It serves a variety of purposes including payment medium, settlement medium, collateral, liquidity mining, governance, voting and more.

An open subscription event for the FinNexus platform token FNX was held in May of 2020 using FinNexus’s innovative ICTO token offering model. 44 million tokens were made available during the subscription event. The subscription rate at the end of the event was ~95%.

More details on the distribution of FNX tokens can be found on the dashboard and tokenomics.

Initial Token Offering Model (ICTO)

ICTO stands for “Initial Convertible Token Offering”. The ICTO model was created for the fund-raising process of FinNexus with FNX — the FinNexus Token, combined with the launch of its first tokenized product — UM1S.

The ICTO model gives FNX holders the right to convert the token (FNX) into some an asset-backed token (the UM1S token). The whole process is controlled by the investors’ choices and implemented by smart contracts.

Convertible FNX bears some resemblance to convertible bonds, however, instead of converting bonds into shares of stocks, they can be converted into bond-like tokens which have a fixed rate of return.

The conversion period ended on 26th August 2020.

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