As you are aware, the EXP team just airdropped a new token to the Expanse and Tokenlab community. In case you are new, or just unfamiliar with the terminology, an Airdrop is when an entity like the Expanse team identifies a set of people and sends them tokens. Airdrops are a straightforward way to bootstrap a user base for a new product. The new product in this case is the suite of Expanse decentralized exchanges.
A decentralized exchange is a type of cryptocurrency or digital asset exchange that facilitates trades between one or more actors without the need for a trusted intermediary. All of the orders and order matching are done via smart contracts or applications stored on some sort of shared ledger, in this case the Expanse blockchain.
The leading decentralized exchanges use the 0x protocol. 0x uses a token called ZRX to pay for 0x trade fees. In our research we found that this method, although great for monetization, falls short on user experience.New users have to acquire ETH to pay gas, then acquire ZRX to trade on a 0x relayer. ZRX is basically an additional step that can be safely removed..
The PEX token differs from the ZRX token in that its not necessary to trade on the EXPEX.io dex suite. Instead we have created a better alternative. PEX tokens on EXPEX are a voluntary way to upgrade one’s account level to receive market-making perks.
Market Maker Account Levels
Account levels in the EXPEX dex suite are a system for providing rebates for traders and market makers. All users start out as level 0 and can progress to level 3, as well as possible new levels in the future.
| Level | Maker Fee | Taker Fee | Rebate | Earn Fees | Pex Cost |
| 0 | yes | yes | no | no | 0 |
| 1 | yes | yes | 50% | no | 10,000 |
| 2 | no | yes | 100% | no | 100,000 |
| 3 | no | yes | no | yes | 1,000,000 |
*Note*
The level-up cost is cost-LastLevelCost. So if you want to level up from level 1 to level 2, the cost is 100,000 – 10,000 or 90,000 PEX.
How to Upgrade Your Account
Level-up Contract Address
0x041695b3f349109ee766aa3b0f089535a494c640
Level-up ABI (Application Binary Interface)
https://gist.github.com/chrisfranko/687b7bf0ef9118424e6314652d9e23b5
Level-up Steps
- Open up Mist Expanse Wallet.
- Go to Contracts tab.
- Click “Watch Contract.”
- Enter Contract address and ABI.
- Click on newly available contract “Level Up.”
- Select “Level Up” From the drop down menu.
- Select an address with adequate enough PEX to level up.
- Create transaction.
Conclusion
We created a new decentralized exchange experience that takes platform tokenization in a new frictionless direction. We aim to preserve the ethos of cryptocurrency, that is, to eliminate intermediaries wherever possible, while at the same time maintain integrity and security for everyone who uses our software. We feel that the EXPEX does just that and we look forward to your feedback so that we can grow together.