CROKTx — Everything you need to know

… So you came back to read more? Thank you ;)

Prelude: The CROKT Ecosystem

The CROKT ecosystem was designed to enable value creation, and redistribution of value to all holders of its primary ecosystem token CROKT through burning, reflection and ongoing ecosystem utility. ✅

In all ecosystems there is a need for innovation or evolution to stay ahead, and to continue driving value as it expands into new markets or aspires to continue bringing its community new opportunities… introducing CROKTx

CROKTx Introduction

CROKTx, the second CROKT Ecosystem Token, was born out of the need to bring more flexibility, lower fees and more intrinsic stable-value back to primary ecosystem token (CROKT) holders; and expand the CROKT ecosystem into more DeFi, NFTfi and GAMEfi environments.

IMPORTANT NOTE: CROKT itself is certainly able to achieve most of the above, however as we are focused on enabling consistent and stable ecosystem value, the unchangeable fee structures (due to renounced contract) force holders to reluctantly engage with utilities that we build as the taxes reduce the value received… and, as we want to make CROKT GREAT AGAIN we are bringing [X] (unlimited) value back to CROKT holders with CROKTx, and for CROKT to become your store of value and value generation that we set out for it to become.

Why CROKTx and not CROKT?

CROKT, the primary token, was forced by community consensus to have its token contract’s ownership renounced, leaving it unable to be managed effectively to enable SCALE OF INNOVATION as well as SCALE OF VALUE.

There is an 8% transaction fee (for Burning, Redistribution, LP, etc.), on every single transaction that cannot be turned off and we unable to whitelist any addresses to avoid that tax due to the renouncing of ownership. This means that every single time you engage with any DeFi utility such as staking, earning vaults, liquidity provision, deposit or withdraw into exchanges, or any other transfers of CROKT whatsoever, would incur this fee (in and out).

Example: CROKTsterchef v1.0; If you stake your CROKT for AGR, you pay 8% to deposit your CROKT, and then when you are done with your staking you pay another 8% to withdraw it. Essentially 16% CROKT value lost in the transaction.

For this reason we are enabling CROKT’s ability to become the ecosystem STORE OF VALUE, and CROKTx as the fluid / tax-less utility token used to engage with DeFi, NFTfi and GAMEfi instruments and pass the value back to CROKT itself.

CROKTx in a nutshell?

CROKTx is a new token within the CROKT ecosystem that is designed to open channels to further utility, and further value creation/growth for CROKT holders.

It will be traded as a normal token, and will be stored as a normal token, it will have its own token price, but it will drive a % of its trading value back to holders of CROKT where applicable.

CROKTx itself will not have a renounced contract, and will allow for ‘practical’ and reasonable maintenance, and will have zero utility fees built into it, which means that unless the utility/DeFi contract itself has a fee structure, no CROKTx will be lost in the process of growing value through these instruments.

Further to that, CROKTx will be used in all external environments to alleviate the decay of value in the primary ecosystem token, CROKT, for engagements with third-party environments including Non-fungile environments, gaming, mixed reality and the metaverse.

However, a portion of value created through ‘transactional’ activities in all envirnments will always be passed back to respective CROKT holders satisfying the ecosystem consolidation that we desire to achieve.

But how?

CROKTx value for CROKT holders

As mentioned in the previous article CROKTx’s inherent function is to drive value back into the CROKT ecosystem, and its primary token CROKT.

CROKTx is the next-generation of yield-generating contracts: you get rewarded in ETH (or a designated primary currency) instead of tokens. The token contract has a static reward system where 15% of every transaction is split and distributed accordingly:

- 10% ETH is redistributed to holders of CROKT

- 5% is used to fuel the liquidity pool for exchange growth (this is fundamentally important)

Once this pool hits a threshhold, based on the price and volume at the time, all of the crypto in the pool will be distributed proportionately to CROKT holders who hold an eligible ratio of both CROKT and CROKTx. We are trialing out threshholds, and have evaluated a 60–120 minute distribution period based on our projections of market velocity.

These transactions could be DEX trading, metaverse bartering, purchase of NFTs, reflections from additional DeFi pooling, etc.

So, just by holding your CROKT not only do you get CROKT redistribution from CROKT trading, but you will have reflection from CROKTx AND no loss of CROKT value by ‘taxes’ (unless you trade yourself ;)). #MAKECROKTGREAT

REFERENCE: ETH redistribution explained

‍A transaction fee is applied to every single buy /sell order, as well as liquidity mining/pool rewards, tokens are then swapped in realtime for ETH and added to a POOL (similar to how liquidity pools work). The ETH redistributed is based on your token holdings % in CROKTx and CROKT, and the current ETH pool size. TL;DR: You hold, then go to CROKT.fi, and request your ETHs; magic….

Redistribution Behind the Scenes:

What does the contract do?

- The contract keeps track in an array of all token holders

- The contract keeps an index into the array for processing

- Every transaction processes a certain number of users, depending on the transaction size (bigger token transfers can process more, since the gas will still be proportionally less than the value of the tokens)

- The token is based on a Reflection-Paying Token Standard, which means all ETH the contract gains will be split equally proportionally to the CROKT:CROKTx token holders.

- When a user is processed, the contract checks how many withdrawable dividends they have, and if it is above the minimum threshold it will allocate the ETH to that user.

The number of holders processed through each transaction is dynamic and based on transaction size. Holders will receive reflection from the queue based on their position in the array. It’s a fair system, fully automated.

Minimum token balance for redistribution is +-50,000 CROKTx and +-500,000,000 CROKT — the specific volume ratio will adjust according to price, and updated on the live dashboard on a regular basis to accommodate. Your allocation of the pool will be in accordance with your holdings (CROKT:CROKTx volume) + the pool size at the time.