Airdrops are now flocking in on EOS mainchain. One of the latest is CET (Chaince Token), dropped a few days ago.
Behind this is the Chaince Exchange, which focuses on EOS and related airdrops, and as this seems to be the first airdrop with immediate use for me i decided to take a closer look.
Currently they list EOS/BTC, EOS/ETH and EOS/CET pairs, with CET at some 0,05$ so not bad in sort of dividend income.
1) What is Chaince?
First of all, it's a centralised exchange like so many, with an explicit focus on EOS. It is registered on Cayman islands, but offices, or at least the core team, seems to be in somewhere in China, maybe Hong Kong or Beijing.
For any trading or portfolio actions, they require the standard KYC procedure, with registration of ones identity card. I can't say much else, as this seems pretty new, and the only real source of information about their activities is their own website:
https://chaince.zendesk.com/hc/en-us
2) What is the CET token?
As you might have seen, the airdrop is based on the genesis snapshot, and has a conversion rate of 1:1. The token is used for trading fees, similar to Binance where it is 50%.
Trading fees are 0.2% which is okay, but still above the 0.1% charged by Binance. Using the CET token, this should drop to 0.1%. For withdrawals there are extra fees. See here for the full overview:
https://chaince.zendesk.com/hc/en-us/articles/360004450333-Service-fees
Additionally it is possible to freeze CET tokens, and withdraw EOS for the corresponding amount:
Every holder of CET Tokens can freeze the CET tokens on the Chaince trading platform and withdraw the corresponding EOS from the Foundation address. The EOS withdrawn can be normally withdrawn or traded while the frozen CET tokens cannot. When the amount of EOS in the foundation address increases due to the continuous injection of transaction fees by the trading platform, the holders of the frozen CET tokens can also continue to withdraw the corresponding growing EOS from the foundation address. If a user returns the extracted EOS to the Chaince platform, the corresponding frozen CET tokens will be unlocked, and the user can instantly withdraw or trade the CET tokens normally.
Not sure what this means exactly, but it seems you can generate a revenue stream by locking CET. I have no idea about the sense of this mechanism, and what the exchange's gain would be from frozen CET. I asked at their telegram channel, but at the time of writing the admin there wasn't able to explain that further. So looking forward to an update.
I haven't done thee kyc so no trading or deposits possible atm, i still would like to learn more about those guys, and the safety of their exchange, before handing my personal documents over to them, and then they are hacked.
The freezing of CET looks like it could be a way of securitizing debt for use in margin trading? The translation from Chinese doesn't make it clear.
It sounds a little similar to what is done in Maker/Dai.
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Thanks this is a good trace! Yet it seems to work differently, as you freeze CET and get EOS out, so this is the opposite of the Maker/DAO system, at least according to this: https://medium.com/cryptolinks/maker-for-dummies-a-plain-english-explanation-of-the-dai-stablecoin-e4481d79b90
The Chaince guy on telegram promised to explain it better, but has been quiet for 3 days
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Oh yeah, for sure it will work differently as there are only two coins in the mix rather than three. That Medium article is the "simple" version, believe it or not and focuses on creating a stablecoin. This YouTube video focuses on creating a collateralized debt position, a CDP:
I'd advise you to get a big jug of coffee or a a few beers as it takes a bit of effort to wrap your head around.
I'm guessing, and it is a guess, is that CET is functioning as both the collateral (the Ether) and the payment coin (the Maker). The concept could well be applicable for an exchange though.
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Nice report pal, I was going to look into Chiance but no need to now, steeled.
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Thx a lot for the resteem! Do you consider trying out chaince?
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I am looking to it now mate, I am still trading RAM atm, there is a great new tool for trading. I am posting it now and writing a bot to trade for me :-)
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Upvote from @manimba also check out my links https://candycn.imperialstar.io/candy?code=5198336a & https://steemit.com/airdrop/@manimba/jse-coin-mine-from-your-browser
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Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://airdropsforeos.com/portfolio-items/2018-06-01-chaince/
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BOING! You got a 33.33% upvote from @boinger courtesy of @conceptskip!
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