We’ve already let you know about our updated KYC policy - or rather, our decision to implement no KYC checks at all. We anticipate that this move along with a fast-approaching mainnet launch will cause a surge in demand for DGTX tokens from the Treasury. So, what happens when the Digitex Treasury sells out before the quarter ends? What if traders sign up and want to get started but no DGTX is available? Don’t worry, we have a plan. Here’s how it will work.
What Happens When You Sign Up
Regardless of the level of tokens in the Treasury smart contract, all users will always be able to purchase DGTX hassle-free. After all, what’s the point of facilitating the onboarding process by removing the need for strenuous KYC checks if users immediately have to leave the site to buy DGTX from another exchange?
Therefore, until we have our own spot markets up and running, all new users can simply buy DGTX in one simple ETH payment - from the Digitex Treasury - facilitated through our DGTX buy-back system. They get a frictionless trustless transaction with our Treasury smart contract and can start trading right away.
How will we ensure the Treasury is topped up after it has sold out of the 10mn DGTX released every three months? We will purchase DGTX from the open market from our exchange partners including HitBTC and Mercatox. This way, we will ensure that the Treasury never runs too low.
We will fund this DGTX buy-back from the ETH deposited into the Treasury to buy DGTX. If it sounds a little complicated, fear not. All this will be happening under the hood. The user won’t have to be aware of these circular transactions neither will they have to wait any time while it is happening. The conversion from ETH to DGTX will be almost instant.
However, for those users and community members who want to see the transactions, the great news is that the whole process will be fully transparent. While we can onboard new users with a seamless experience, anyone can see the Digitex transactions with the exchanges by following the blockchain TXs.
Whenever the balance of the Treasury goes below 1mn DGTX, the process of using the ETH to buy back DGTX and keep our supply topped up will begin.
A Seamless User Experience with No Barriers
Topping up the Treasury before it reaches a near sell-out is our way of ensuring a seamless user experience until we launch our spot markets. As one of our community members pointed out in Adam’s latest AMA, sending new users off to Mercatox to buy DGTX immediately after signup would make for a “horrible” user experience.
We simply could not allow this situation to arise. If you’ve been following the project and are trading on the testnet you’ll know just how important the UI is to our team and the time and resources that have been channeled into ensuring it truly is the best in the crypto derivatives space.
Wrapping It Up
So, let’s just take a quick moment to recap. The user experience will be super simple and the ETH to DGTX conversions near-instant. The Digitex team will make no profit from these transactions. We fund our operations through the 10mn DGTX tokens released every quarter. The DGTX buy-back will occur exclusively to ensure the best onboarding experience for traders and will only be in place until our spot markets are ready.
With no KYC, no friction to purchase the DGTX they need to trade, full transparency, and the only trading ladder interface in the industry, Digitex means business. If you have any further questions about the DGTX buy-back, be sure to send us a message on Telegram and if you want to take advantage of its undervalued price with zero KYC, hop on over to the Treasury page now.