NMX Token

What is the NMX token?

NMX token is an ERC20 token that NuMoney Exchange minted as a token for fee discounts for future transactions on NuMoney Exchange.

These tokens are then sold on NuMoney Exchange token to bootstrap the exchange's liquidity.

What can I do with NMX tokens?

You can use them as a substitute for transactional fees on NuMoney Exchange.

For example, should you make an buy order for Monero on the ETH-XMR (Ethereum / Monero) market. You can choose to pay it in NMX tokens at a huge discount instead of paying a hypothetical 0.2% fees in ETH.

When the tokens are used, they are consumed and taken out of circulation from the open-market (and burnt).

How do the discounts work?

NMX token lets you pay for 3x of its own value in fees.

For example, if 1 NMX token costs 1 ETH, you can choose to use NMX token to pay off 3ETH worth of fees.

The equivalent value of the token can be found in the [coin] / NMX market. For example, we will use the last order in the ETH-NMX market to get the equivalent value for NMX in ETH.

Here's a full example:

  • User creates a sell order of 100,000 ETH to SGD, and it costs 200 ETH in fees
  • User chooses to pay with NMX tokens
  • 1 NMX token is worth 1 ETH (in the ETH-NMX market)
  • Around 66.6 NMX tokens will be consumed to finish the order

Can I transfer it out of NuMoney Exchange?

You can transfer your NMX tokens out of NuMoney Exchange after your account is verified.

You can trade it externally on Etherdelta, or any 3rd party exchange that lists NMX tokens.