Finrex Token Case Study

Introduction

The client set us the task of issuing a Finrex Token for a crypto exchange that our team had previously developed.

Before starting development, our team analyzed various options for solving this problem, taking into account the needs of the client and the purpose of the token itself.

We changed the brand name and blurred out any references in the screenshots so as not to violate the NDA for our client.

Peculiarities

• The FinRex Token is intended to be used within an ecosystem that consists of several of the company’s products, including an exchange, a mobile wallet, and a launchpad.
• There should be a strict limit on the number of issued coins.
• The token must work on two blockchains.
• The distribution of tokens in two blockchains should be thought out as part of the development of tokenomics.
• The token and its purpose should harmoniously fit into the overall concept of the client’s ecosystem.

Development

The client did not have a clear understanding of how to implement Finrex Token in each of its products so that it would be in demand among ecosystem users. Therefore, our team began to fulfill the task in the form of issuing a token from the development of the concept of the token.

At the first stage, we audited each product — a cryptocurrency exchange, a mobile crypto wallet, a launchpad. As part of the audit and the information collected during it, the analysis carried out, we were able to identify the possible needs of users that the FinRex Token token can close and, in addition, will be in demand.

The second stage, after the completion of the audit, we, within the framework of the generated document, offered the client several possible options for using the token in each of its products.

Having agreed with the client on the final options for using the token in the ecosystem, we came to the conclusion that the Finrex Token token will be used as follows:

1. Cryptocurrency exchange. The token will be used to cover the fee. In addition, with the help of it it will be possible to participate in voting. For example, voting to select new tokens for listing or adding new functionality.
2. Mobile wallet. The token will be used as payment for AML address verifications or transactions.
3. Launchpad. The token will be used to receive limits on the purchase of various coins within the Launchpad.

In addition, we also offered the client and, in the future, as part of the agreement, approved the issuance of a token in two networks:

1. Ethereum mainnet (ERC-20).
2. BNB Chain mainnet (BEP-20).

With a distribution of 60% on ETH and, accordingly, 40% on the BNB mainnet.

This decision to issue a token in two networks is connected with convenience and providing a choice for the user, so that everyone can choose which network he wants to use FinRex Token on.

After agreement, in the third stage, our team set about developing tokenomics.

Tokenomics is a key component of crypto project analysis. An important concept to keep in mind when making an investment decision because in the long run, a project that has reasonable and well thought out incentives to buy and hold tokens for a long time is more likely to survive and succeed than a project that has not created an ecosystem and an active community around your token.

As part of the development of tokenomics, we worked out such points as:

1. the total amount of issued tokens;
2. distribution of tokens within the team, for marketing, development, public access and other purposes;
3. the procedure for burning tokens, their number, at what time;
4. possible options to stimulate users to increase the volume of use of the token within the ecosystem;
   and etc.

The fourth and final stage, after the approval of the tokenomics by the client, we developed and released two smart contracts in the ETH mainnet and BNB mainnet networks, which contain the token logic worked out and agreed with the client.

The result of the work was the successful release of the Finrex Token token and also a properly developed tokenomics, thanks to which the token is actively in demand among platform users at the current time.