This is a self-assessment, meaning, it is information that the issuer has written themselves. The XRP Ledger Foundation does not recommend or endorse any individual token. Read more.
Basic information
Project name: Monerex
Currency: XMX (XMX)
Issuing account: r47Xk5Q2RB3YtBGMiSG8LYhguWG7TonVQ4
Distribution accounts: rET4wdhpNKJQMP1RPKf6TiN27QugwE5qyX, rEZfif4y8Nnmxiid3AXj8X5xGoZ7CfZeuW, r99L7C1a77uyEZL1kMbtTcx9nmbd4Zjjnv, rJa8PpYCATzgxSqDsFQ8Gd5ghLfSGjVBaR, rs82FZdee1MS1RWka2o7VYYVFKs4Y6Sg3u, rwgbePmS3a4wRLubnA7yEh2yDseGZuNxKq
This is revision number 1, signed December 12, 2023 by r47Xk5Q2RB3YtBGMiSG8LYhguWG7TonVQ4
Description: XMX is the native utility token used for rewards and peer-to-peer transfers within the Monerex suite. Users will gain Monerex tokens for participating within the system and can earn additional rewards by participating in Monerex staking pools and decentralized finance protocols available across the marketplace.
Unique selling points: What makes this token unique, compared to the broader landscape of tokens?
Seamless Payments:
The Monerex native utility token, XMX, ensures swift, efficient, and secure transactions with the advantage of low fees.
Defi Integration:
Monerex's XMX token facilitates a variety of financial activities, including staking, liquidity provision, yield farming, and peer-to-peer (P2P) lending, enabling users to maximize their earnings potential.
Rewards & Incentives:
The XMX token enables holders to generate passive income, spend using debit cards, receive cash back rewards, and take part in governance, offering a comprehensive suite of benefits that enhance the user experience.
Token Burning:
The XMX token burning mechanism is designed to ensure scarcity, drive value appreciation, contribute to long-term stability, and foster consistent growth within the ecosystem.
Purpose: What is the reason for issuing a new token, rather than using an existing? What purpose does this token serve, that is not possible with the native XRP token or other already existing tokens?
The creation of the XMX token within the Monerex ecosystem serves a specific purpose that distinguishes it from existing tokens like XRP. XMX offers seamless payments, DeFi integration, rewards, and a token burning mechanism tailored to enhance transaction efficiency, financial activities, user benefits, scarcity, and long-term stability, providing a unique set of advantages not readily available with other existing tokens.
Whitepaper/sales material: https://monerex.io/wp-content/uploads/2023/11/Monerex-Digital-Finance.pdf
The whitepaper includes concepts of how and when are the tokens created, total supply and if applicable the distribution models and total amount of allocation.
Risk reminder: The issuer has disclosed a warning or a reminder of the risks associated with crypto/tokens.
Bug bounty program: This is not applicable for this token.
Legal Entity
The self-assessment is made on behalf of a legal entity (for example the issuer is a general partnership, limited partnership, private limited company, public limited company, corporation, commercial association or other).
Website: https://monerex.io/
Website information: The website should disclose the following information:- Details of the legal entity: official name and registry code, company headquarters mailing address
- Contact information: e-mail and other contact information
- Core team members
- Whitepaper if available
The website contains relevant information.
Business plan: A business plan should entail:
- the amount of revenue and expenditure by area of activity
- obligations related to the issuing of the token
- the technical administration of the company
- operational strategy
- the intended activities related to the token
- general principles of risk management and strategy of risk management
- policy for the financing of activities.
The issuer has developed a business plan for the next 3 years.
Risk assessment: A risk assessment should include identification of, assessment of impact and likelihood and mitigation measures and status of implementation for applicable risk scenarios.
The issuer has conducted risk assessment and implemented risk management activities.
Internal policies: Critical internal policies are necessary to manage risks.
The issuer has adopted and implemented appropriate internal policies and procedures in the areas of information security, business continuity, risk management and accounting.
Legal requirements: Legal requirements may vary per country and project. It is the responsibility of the legal entity to ensure legal compliance.
The issuer has assessed whether and what legal requirements apply to the project (licenses, jurisdictions, anti-money laundering regulations etc).
Self-assessment revisions
| Revision | Date |
|---|---|
| Revision 1 | December 12, 2023 |