Qx: Qubic's Decentralized Exchange
Qx is the first decentralized exchange within the Qubic ecosystem. Its development was initiated after selling 676 shares to the community in epoch 65. Shareholders of Qx will earn passive income generated from trading fees.
Qx is currently in development and more information will be provided once it's ready to be launched. Stay tuned to our updates for more information about Qx and the future trading of QUs.
Qx in a Nutshell
Qx (what shareholders will "own") is a smart contract, which will be used to trade anything on the Qubic network (comparing this to a commodity exchange as well as crypto dex):
- shares Qx will (most likely) not be the only trading platform, the only access restriction is the Quorum, which takes the decision if a certain smart contract is allowed on the platform or not (though, it might have big advantage due to being first mover). There is no frontend for trading or the ability to exercise voting rights included by default. The community will come up with such solutions.
The operation of Qx is made possible through a series of service fees. Here is a brief explanation of each:
- Execution Fee: The computors individually set this fee. The quorum's decision is then applied, similar to how the original revenue algorithm worked.
- Trading Service Fee: This fee is expressed as a percentage and is set by Qx shareholders. This fee is only charged to the party holding QU during a trade (e.g., BTC/QU, Qx/QU).
- Asset Transfer Fee: This fee is a fixed amount in QU (for example, 1 million QU) and is charged when Qx shares are transferred from one ID to another. This fee is also set by the shareholders.
- Storage Fees: Each asset in Qx takes up some space for its balance. The more space is taken, the more storage fees are paid. These fees are paid by the smart contract (SC) itself, not the users, at every tick. It ensures that transfers, ownership of assets, and invocation of smart contracts remain free for users.
- Additional Service Fees: More service fees can be introduced based on the use case. These could include asset issuance fees, among others.
This information provides a fundamental understanding of Qx's functionality and fee structure. As Qx continues to develop and more features are introduced, this will be updated to reflect the changes.