GXChain Token Up Over 100% Overnight Amid REICOsystem Grant Distribution

December 18, 2021, 10:45 AM AEST - 4 weeks ago

The REI Network, formerly GXChain, has recently put its growth fund in place, making 150,000,000 $REI available for the ecosystem. After the release of the news, the GXC token spiked over 100 per cent.

GXC Price Pump

On December 16, the GXChain released plans for its new growth fund to help build the ecosystem. Shortly after the news broke the token shot up from US$1.2 to $2.86 at its highest, a near 140 percent gain. At the time of writing the price had settled to $2.02.

GXC price. Source: Coinmarketcap

GXC Changes to REI Network

GXChain 2.0 is not only a technological upgrade but also a new migration of public chains. The proposal released by GXChain Official shows that it has restructured from the underlying architecture to a brand-new blockchain structure, based on lighter code construction, compatible with EVM and Ethereum RPC. GXChain 2.0 also stated that it will be renamed REI Network.

Grants to Help Build the Ecosystem

GXC is in the process of converting the native tokens of the mainnet from GXC to REI; the 1:10 split rule will be followed, in order that the maximum supply of REI will reach 1 billion.

REIcosystem Grants will be gradually released with the development of the ecology, and will not be directly circulated in the market for a fixed period and will not cause an increase in market circulation in the short term, so as not to exert undue pressure on the price of the token.

The new token distribution

The team provides all the 25 million unlocked tokens as Ecology Grants, of which 5 million is used for node rewards, 5 million for marketing, and 15 million to incentivise developers. This will be done by decreasing the team’s token holdings from 25 percent to 0 percent.

By doing this the team hopes to rebuild the ecosystem by incentivising ecological contributors and developers in the REI Network with rewards, investment in high-quality projects, and user rewards for major contributors to the ecology.

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