Bonding
Bonding $EGAX for $EGOD
Bonding is the process of exchanging $EGAX share to the protocol for EgoDollar $EGOD. The protocol quotes the exchange rate using the current market price from exchanges and and instantly facilitate the exchange. It is important to know: when you create your bond, you are giving up your $EGAX coin which is burnt forever.
Initiating a bond
To initiate a bond, user must ensure they have the right amount of $EGAX in their wallet on Egomart portal. You’ll then navigate to our wallet and click on the tab “Bond” as shown in the image below:
The protocol will quote a price for you based on the market price as shown in the image below.
If you review and proceed to click BOND, then your $EGAX get debited from your wallet, get burnt and you'll receive the equivalent of the burnt $EGAX in $EGOD to your wallet.
I’ve bonded…Now What?
You can proceed to use your $EGOD for your necessary action! When you bond, you received $EGOD which can be seen in your wallet right on the wallet section You can either use them to purchase the rNFT, sell them OTC, or you can stake them to earn more.
Note that $EGOD is the protocol’s premium stablecoin and a profit capturing token. $EGOD is basically used to purchase products.
Last updated
