Most EOS resources rented, what will happen now?

About 20M EOS have been rented via REX from a single account in favour to bid.eos, paying a fee of about 8,000 EOS. Apparently the operation was conducted by DeFis Network, a new DeFi project that is about to launch a CPU Mining token on EOS.

The huge purchase of resources has dramatically increased the Resource Exchange (REX) APR to 4%. At the moment the liquid availability of REX is an additional 20M of EOS, and the recent loan to bid.eos results to be the largest loan since the release of REX.

DeFis Network is the first DeFi project funded by Newdex through the Newdex DeFi Special Development Fund.

The DeFis team claimed that their platform is a combination of Compound, Uniswap, Balancer and Synthetix, but all developed and released on EOS without ICO or IEO. Indeed, it seems that the distribution of their DFS token will have to be done via CPU Mining on the EOS mainnet starting tomorrow, Monday, July 20, 2020.

This has caused some perplexities among the community, concerning the possible advent of a new surge of network congestion. In that case, it would be interesting to see how the situation would unfold with multiple CPU mining projects apart from EIDOS.

Details for DFS CPU mining have already been published in the DeFis Network white paper released on Github.

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Mining Rules

• Maximal Mining Supply Number: 1 Billion.

• Initial Circulation Number: 0.

• Features: 100% tokens will be released through“Mining by Trade".

• Mining Starting Time: 2020-07-20.

• Releasing Principle: 10 tokens will be released in one second. Among them, two will be distributed to the DeFis team to support the project development; eight will be allocated to the bonus pool. All tokens will be mined in three years.

• Mining Principle: to trade in DeFis Swap by more than 1 EOS could earn a chance to participate the mining. Bigger the trade amount, bigger the mining weight.

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Also, it seems that by staking DFS tokens users will be able to receive an amount of EOS as a daily bonus from the trading contract fees.

Currently the team seems to have already released a new stablecoin protocol for the USDD token, which will be used in the mining process. From the roadmap it seems that the next projects to be developed will be an Asset Lending protocol and an Asset Synthesis protocol.

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Sources:

• half of all available EOS resources now belongs to one account
• DeFis Network
• DeFis Network: an open financial network connecting DeFi protocols

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