ECO Utility
Name: Cloudax Escrowed Token Ticker: ECO
CLOUDAX ECO token is a web 2 token that will be used to reward subscribers of 3rd party partner platforms. It is a non-transferable escrowed governance token, corresponding to staked CLDX. It can be earned from yield-generating staking positions, or through direct CLDX conversion.
The central use case for ECO is to pay for services on the Cloudax platform and the ability to allocate it for deeper access into the Cloudax Ecosystem. The operation consists of staking ECO into the token contract and assign the deposited amount to a module in exchange for various benefits.
Cloudax (ECO) can be acquired by:
• Redeeming it from third party services
• Transferring it from another cloudax user
The Cloudax (ECO) token is governed by the following rules:
• It must not be transferrable outside the cloudax ecosystem
• It must be pegged to the Cloudax Web3 token
• It must only be redeemable by approved third party services
• It can only be redeemed for an equivalent amount of Cloudax Web3 token
Additional use case and utility is under constant development by the Cloudax team
ECO > CLDX redeem
The redeem process to convert ECO to CLDX utilizes proportional linear vesting, the duration of which is selected by the user.
Time
15 days
6 months
Ratio
50%
100%
** If the selected vesting duration is lower than the maximum ratio, the unclaimed excess CLDX is burned or redistributed to ECO stakers.
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