Contrax September 2023 Update

The Contrax Team
3 min readSep 1, 2023

Hey Contrax crowd! We are excited to say that TRAX token is officially launched and can be earned right now! Alongside that, Contrax has a full name now: Contrax DAO LLC, an officially registered Wyoming DAO!With this, TRAX tokens are now available for anyone to earn and become an owner of the platform!

With token earning live, we are ready to shift our attention to partnerships and co-marketing, starting with CapX.fi, the platform that helped Contrax with our smart contract and initial token model as we move toward our full tokenomics model, currently in the works. CapX will also be the platform we launch initial TRAX bounties on, which is the other way of earning TRAX alongside staking on the platform.

Contrax DAO Registration

Certificate modified for publication

Contrax is now a registered Wyoming DAO, and has an EIN from the IRS. This is significant for a few reasons: Contrax can now have a bank account, and conduct business with other entities, including entering into contracts, making agreements, opening accounts, and really doing anything formal a business needs to do. It also means that token holders of the Contrax DAO now have limited liability and the debts of the DAO are only the DAO’s, without ever falling to the token holders. With a bit more paperwork, we can also have Contrax taxed as a corporation, meaning, token holders don’t have to worry about assets and liabilities of the DAO carrying over to their personal taxes.

TRAX Token & Earning is now Live

The TRAX token is here! You can earn TRAX tokens on Contrax simply by agreeing to earn, and then staking into any farm. The earning is based on how much you stake, and how much APY you earn. The more you earn in ETH or USDC, the more you will earn in TRAX! Referrals are also live, and you will see a referral link to share around when you log in. You will earn 10% of whatever your referrals earn from staking.

Currently, TRAX tokens are non-transferable. We are going to implement voting with them soon, likely with Snapshot, and then move onto launching further utilities for the benefit of Contrax platform & the TRAX ecosystem. Contrax aims to simplify the DAO and utility token usage experience just as we did with staking & farming!

CapX Partnership & Bounties

CapX.fi is a platform that launches IOU tokens to allow projects time to build users and traction before the actual token is launched. The TRAX token is not an IOU, since it can be used for governance via voting, but shares similarities that we wanted for our token: a period of non-tranferability as we discover our core users, a way to allow certain contracts to interact with the token to allow voting and other token actions over time, and a bounty platform where users can go and do additional tasks for the DAO to earn token. Contrax and CapX will now be working toward a marketing campaign that we hope to provide more information on soon.

The Next Steps for the Contrax DAO 🎯

The token live which means the growth stage of the project has just begun. Here are the next things to look out for:

  • CapX Partnership & Bounties Launch
  • Full Tokenomics Announcement
  • Voting with TRAX launch

The best way to keep track of these tasks is to check out the project board in our public notion, which can be found here.

Join Our Community 🔗

Join our Discord and contribute your ideas.

Follow us on Twitter to hear updates right away.

Check out our app for yourself, here.

--

--

The Contrax Team

Contrax provides DeFi scaling tools to new and existing projects. Check it out at www.contrax.finance