What is ARCx (ARC) | What is ARCx token | What is ARC token | ARCx (ARC) ICO

What is ARCx (ARC) | What is ARCx token | What is ARC token | ARCx (ARC) ICO

ARC as a network has levels that need to be completed by all the players. Each level helps the network advance in a meaningful way which should directly increase the price of the ARC token itself. What is ARCx (ARC) | What is ARCx token | What is ARC token | ARCx (ARC) ICO

Background

ARCx is a synthetic asset protocol that unlocks the liquidity of your interest earning assets through our native stable-coin STABLEx.

Current stable coin designs generally fall within a couple of broad categories:

  • Centralised Services such as USDC and USDT offer strong protection to users as tokens are backed 1:1 by USD. However risks include centralisation risk and intervention from governments or central governing bodies
  • Elastic Supply Coins usually involve some form of rebasing mechanism (ESD, Ampleforth) however aren't collateral backed. There is the potential scenario for loss in confidence which means that peg is unable to be maintained.
  • Over-collateralised Coins such as MakerDAO and SNX create confidence in the coin however isn't a perfect scenario given it's inability to maintain a stable peg. Additionally over-collateralised coins are highly capital inefficient

STABLEx

STABLEx is a stable coin that takes the learnings from all of the various projects listed above to create a more efficient stable coin product that is able to maintain a tight peg. It has the following characteristics:

  1. Partial Collateral: the system as a whole will be partially collateralised which will improve on the deficiencies of Elastic Supply Coins and provide confidence in maintaining the peg
  2. Governance Controlled Variables: from algorithm stable coin experiments we have seen that a fully algorithmic coin does not maintain a tight peg yet. As such the design currently allows for governance to control and update the various levers. This will allow for faster learnings on how to maintain the peg

Key Levers

More details will be outlined in the Core Concepts however at a high level the following are the levers governance has control over

  1. Savings Rate: the amount of STABLEx that is created and sent to holders of STABLEx (seignorage concept taken from ESD, Basis Cash etc)
  2. Interest Rate: the interest rate is how much minters will be paying on their debt (concept from MakerDAO)
  3. Collateral Ratio: this is the amount of collateral that is required in the vault. The lower the number the higher leverage

Does the ARCx platform have a token?

The ARCx platform will have protocol token called $ARCX. The ERC-20 contract for this token will be deployed at a later time from the ARCx platform contracts, likely at some point in the next month. Details regarding ARC issuance and supply are still being considered. We will post updates to the ARC token page as decisions are made. You may also subscribe to receive updates regarding both the ARC token and the ARCx platform.

Have the ARCx smart contracts been audited?

The ARCx smart contracts have been audited by Quantstamp and received multiple independent reviews.

Are the contracts open source?

Currently the contract repos are not open to public access.

Is the ARCx platform permissioned?

The team will retain ownership of the contracts during ARCx’s infancy. This will eliminate the possibility of a governance attack early on, and will allow for quick updates if necessary.

Will there be usage limits (e.g. asset caps) when ARC is launched?

Yes. The ARCx platform will begin with limitations on the amount of capital that can be deposited, and therefore the amount of synthetics that can be minted.  

TOKEN SALE

Phase 1 Sale

Users who have participated in KYF (know your farmer) in the past are eligible to participate in the KYF sale. This includes farm 1-4 (doesn't include the current farm).

There are a total of 200 ARCx tokens that have been allocated to this round, with a price of 2,500 USDC per ARCx token.

The sale will start on the 15th Feb 2021 (UTC 12:00) and end on the 17th Feb 2021

Users who are eligible should check the app and see what their allocation is at https://app.arcx.money​

Details:

  • February 15th to 17th, 2021 (unless sold out sooner)
  • Price: $2,500 per token, representing a $25m fully diluted valuation. All buyers will pay the same price.
  • Exclusively available to all KYF verified users (Know Your Farmer v1 & v2) who participated in Farm 1, 2, 3 or 4
  • Maximum of 200 ARCx ($500k) available, representing 2% of total supply
  • Maximum per buyer: from Farm 1 to Farm 4, depending on the amount of each buyer’s KYF participation
  • Locked until end of Phase 2
  • Any unsold tokens will be rolled over into Phase 2 or be further resold to existing KYF users

Click here to confirm your allocation

Calculations

The following outlines how we did the calculations for each user. For each of the farms we allocated a number of tokens that could be purchased:

  • Farm 1: 110
  • Farm 2: 60
  • Farm 3: 40
  • Farm 4: 190

Then we took the number of participants per farm which gives us a distribution per wallet (e.g. if 10 people participated in Farm 1 then it would be 110 / 10 = 11 ArcX per wallet)

Finally we simply add up the allocations on a per wallet basis. This means that those who participated in all 4 farms would have more rewards than those who participated in only a single farm.

Important Notes

  • Do NOT use a wallet that is not approved. Funds will not be refunded
  • Do NOT send more than you are allocated. Funds will not be refunded
  • If you send less than your allocation, you will be allocated ARCx pro rata

Phase 2 Sale

Users who have participated in minting StableX and who have provided liquidity to Uniswap or Curve are able to participate in the second phase of the sale.

There are a total of 1200 ARCx tokens as well as any tokens left over from the Phase 1 sale that have been allocated to this round, with a price of 6,500 USDC per ARCx token.

The sale will start on the 4th March 2021 and end on the 5th March 2021

The Curve pool itself is hosted on https://app.arcx.money/exchange not on https://curve.fi

Details:

  • Eligibility period: January 20th to March 3rd, 2021 (UTC)
  • Sale: March 4 to March 5, 2021
  • Exclusively available to users who have minted STABLEx and provided liquidity for STABLEx on Uniswap or Curve for since the launch of Farm #5 (19th Jan).
  • Price: $6,500 per token, representing a $65m fully diluted valuation.
  • ARCx available for purchase: 1200 tokens, plus any remaining tokens from Phase 1 (12% + roll over from phase 1)
  • Maximum per buyer: Calculated based on time spent providing liquidity * $ value of liquidity provided.
  • ⅓ of the purchased tokens will be unlocked upfront and the remaining ⅔ will be unlocked after 6 months
  • If there are any unclaimed allocations, they will be sold at the discretion of the ARCx team at no less than $6,500 per token

Calculation

For simplicity we will assume that 1 USDC = 1 STABLEx = 1 USD

To calculate the number of ARCx tokens you are eligible for you first take the total amount of liquidity on a per second basis, where the total amount of liquidity is the sum of all of your USDC and STABLEx.

You then take this number and calculate it as a percentage across all wallets to get your weight (i.e. your liquidity / total liquidity)

Finally, you multiply this percentage by the total amount of ARCx available to purchase

Example:

  1. You deposit 10 USDC and 10 STABLEx for 10 seconds. In this instance you will have 10 * (10 + 10) = 200
  2. You then remove 5 USDC and 5 STABLEx for another 10 seconds. For this time period you have 10 * (5+5) = 100
  3. You finally remove all liquidity and wait until the pool to end. In this example you simply take the sum of the two so 200 + 100 = 300
  4. Let's say there was another 3000 in liquidity over time. Your weight is then 300 / 3000 = 0.1
  5. Say there are 1200 ARCx tokens, you will be eligible for 1200 * 0.1 = 120

TOKEN SALE: 4 MAR – 5 MAR Ticker: ARCX Token type: ERC20 ICO Token Price: 1 ARCX = 6500 USD Fundraising Goal: $7,800,000 Total Tokens: 10,000

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