What is Grace Period Token (GPT)

GPT (Grace Period Token) is a token used to delay the settlement of mortgage assets. It can also be mined by using EFG mortgages that comply with the ECRC-20 standard. GPT is designed through the ECRC-20 standard smart contract and provides a total of 10,000 tokens. GPT provides the need for contract clearing extension because it can be used to increase the grace period for margin call notifications. It has become the main factor in the protection of investors’ risk extension benefits in EFG’s lending behavior.

ECOC Financial Growth

EFG

(EFG) dApp is created based on smart contracts architecture. The basic logic is the system to be fully decentralized. The dApp goal is decentralized finance (DeFi) and it has fixed total supply (of 1, 000, 000 tokens). All the tokens, including the basic system tokens (EFG and GPT) and collateral assets, are ECRC-20 standard which is similar with ERC-20 (Ethereum) standard. They are freely transferable by users, and they can be even delegate handling(allowance). Additionally, the system can also accept ECOC (the native coin).

The EFG dApp can be cross-platform. This can be done with ‘wrapped tokens.’ Any assets (native coins or tokens) on any blockchain can be swapped in a decentralized way (atomic swaps), with wrapped tokens moving back and forth between Ecochain and the other blockchains. Wrapped tokens follow ECRC-20 standard so that they can join the dApp without problems.

EFG dApp also includes an Oracle system and open source client for user interface and interaction with the blockchains. Oracle system obtains real-time exchange rates from many different trusted sources and injects them into smart contracts. All these mean that the system stays decentralized.

EFG token details EFG has a total and fixed supply of one million tokens. That means that tokens can’t be created, minted, or burned. The token shares the same interface as the ERC-20 (Ethereum) standard, as already mentioned. The interface standard provides the owner’s functionality to transfer, allow some other entity to act for him, or even act on behalf of the other owner (if he gets an allowance from him). In short, it is easy even for third parties to build tools or clients to interact with EFG token.

GPT

Why EFG and GPT

EFG is a lending token in the ECOC ecosystem. Its design purpose is to promote the development of the ECOC ecosystem and improve the construction of the ECOC financial ecosystem. At the same time, EFG adopts hedging financial logic to achieve a high degree of balance and trust between the relationship between the borrower and the lender and the transaction market. Coin holders can use ECOC coins as collateral to withdraw. It solves the problem of holding cryptocurrency and those who need liquidity to invest in the cryptocurrency market without selling their assets. If he wants to maintain a long position in assets because investors believe that these assets will increase in value. In addition,

EFG token is about to launch GPT (Grace Period Token), which provides a more solid credit channel for borrowers to hedge. Hedging refers to investors placing bets on positions opposite to current positions in order to reduce the cycle risk of portfolio value fluctuations. Hedging is a strategy followed by rational investors (low risk and low expected profit). Currently, hedging (also called hedging) can only be done with a pair of cryptocurrencies. But in the future, when more currencies are introduced into the system, the combination of mortgage assets can be applied to hedging strategies. Because GPT was created to support EFG loans, GPT is used to delay the settlement of mortgage assets. Therefore, no matter what the exchange rate is, these innovative tokens are designed to support investors’ asset investment strategies.

INTRODUCTION

Collateral - In order to borrow the EFG Token from dApp, users need to firstly supply ECOC coins as collateral. Meanwhile, users cannot redeem or transfer collateral while it is locked.

Account Liquidity - How can you know what is your maximum allowed borrowing in EFG token. It depends on how much ECOC have you deposited as collateral. In EFG dApp the user must repay in EFG token the loan. Repay amount is based on calculations depending on the maximum borrowed collateral amount in ratio of 60%. The function calculates your account’s liquidity, which is based on EFG current value of the maximum allowed borrowing amount. But you would never borrow this much at once because your account may instantly be liquidated if the price moves in the wrong direction.

Total Debt - This is the user’s current borrowed amount plus the total interest that needs to be repaid. The maximum EFG token that users can borrow is the 60% of the total collateral value of ECOC. This is calculated with a simple to use function of the EFG dApp.

The Borrow Rate - Borrowers owe the prevailing interest rate of the asset they are borrowing. The borrowed loan and interest do not have to be repaid daily unless the amount of the collateral plus the borrower’s interest equal or more than 60% of the total deposited collateral amount. On this occasion, the EFG dApp system can liquidate the collateral.

Withdrawal - The borrower can reclaim the collateral back. To do this he must first repay the loan and pay the borrower’s total interest. The total debt is calculated by using the repay function in the EFG dApp at the time that the debtor repays back the loan.

Liquidation - A borrowing account becomes insolvent when the Borrow Balance exceeds the amount allowed by calculating as a ratio of 60% of the collateral amount. Having your account liquidated is bad because you lose all of your collateral.

Free Market - The EFG token that is supplied to the user can also be used as speculation in the cryptocurrency or financial markets.

Oracles - Oracles are the only entities that are authorized to inject real-world data into the smart contract. Specifically, they inject the exchange rates for each second(timestamp) of each pair of EFG (asset / USDT).