Utility of token
- As a currency for P2P transaction on the decentralised exchange(trading of items)
- 2. To pay for transaction fees (discounted fees using TRIX)
3. Staking by game companies to enter into the TriumphX ecosystem for a share of profits made from the transactions occurring on TriumphX marketplace
4. Staking by Sole-X users who wishes to trade NFTs on the cross-chain NFT marketplace
5. Governance — signalling and voting for changes to the TriumphX blockchain Sole-X: TRIX Staking All Sole-X users can stake TRIX tokens already deposited in Sole-X.
Staking refers to the act of “locking” the cryptocurrencies (coins / tokens) in the blockchain network.
These actions are utilized for the operation of the blockchain network, and users are rewarded in return.
Sole-X has similar staking structure. A 5% transaction fee is incurred per transaction for all that occurred on the Sole-X marketplace, and all such fees are accumulated in real-time.
The cumulated fee is rewarded in different cryptocurrencies and in proportion to the staked amount.
Rewards are distributed in total of 4 different types of cryptocurrencies: Ethereum (ETH), Tether (USDT), TriumphX (TRIX), and Klaytn (KLAY).
For example, if user A stakes 500 TRIX tokens and user B stakes 1,000 TRIX tokens, user B receives more reward tokens.
Furthermore, if the cryptocurrencies used for the transaction are Ethereum and Tether, the user can only claim staking rewards for Ethereum and Tether.
For example, if ETH is used for 10 transactions, only ETH will be rewarded as the staking reward (USDT, TRIX, and KLAY not applicable).
If TRIX is used for 10 transactions, only TRIX will be rewarded as the staking reward (ETH, USDT, and KLAY not applicable).
If both USDT and KLAY are used for 10 transactions, USDT and KLAY will be rewarded as the staking reward (ETH and TRIX not applicable).
Users can claim rewards once an hour and batch claim for all 4 cryptocurrencies with one click (claiming individual cryptocurrency is not possible).
After completion of the claim, the amount of the Unclaimed Rewards will be reset to 0, whereas the Earned Rewards to date will continue to increase by the amount claimed.
Trading on Sole-X
To trade on Sole-X, users need to connect their wallets to Sole-X and deposit their assets to Sole-X.
Through this process and bridge function, other chain-based NFTs or coins are converted into Klaytn-based assets.
Sole-X eliminates the inconvenience of purchasing various wallets and coins when trading NFTs on various chains. Any chain-based NFT transaction is possible even if you only own one of the available coins.
The second reason users should switch to Klaytn-based assets is to save on transfer fees. Currently, the transfer fee is free in the beta version of Sole-X.
However, the platform fees and payment fees in the existing Ethereum chain-based large NFT market are quite expensive.
Klaytn-based Sole-X beta version supports fast and free payments compared to the expensive Ethereum gas fees and relatively relaxed payment speeds.
Sole-X also provides a secure auction system that allows users to escrow the desired auction price when participating in an auction and deposit money directly to the seller if the bid is successful.
By default, the highest priced participant bid is escrowed. These escrowed tokens are transferred to the seller’s Sole-X account if the bid is successful.
This prevents unreliable transactions, such as the seller not receiving tokens despite the success of the auction.
