CanaryX

CanaryX DAO is a decentralized reserve currency protocol on the Songbird Network.

Each DAO token is backed by a basket of assets (e.g. CAND, CNYX) in the CanaryX treasury, giving it an intrinsic value that it cannot fall below.

CanaryX also introduces economic and game-theoretic dynamics into the market through staking and minting, where participants can expect rebase rewards that can range to and above 100000% APY.

What are the features of the CNYX token?

• There is a 10% fee on every transfer of CNYX tokens.
• Auto Rewards: 7% of the fees are distributed proportionally to all CNYX holders based on the amount of tokens they hold.
• Deflationary: 3% of the fees will be burnt.
• Anti-Whale feature: No more than .2% of total supply can be moved in a single transfer.

What is the purpose of CanaryX DAO?

Our purpose is to build a decentralized reserve currency protocol on the

Songbird network, Each CanaryX DAO token is backed by a basket of assets (CAND,

CNYX, Liquidity Pool Tokens etc.) in the CanaryX DAO treasury, giving it an intrinsic value that it cannot fall below.

It tries to achieve this by backing every CanaryX DAO token with one CAND (=1 USD) but not pegging it. This means that the value of CanaryX DAO token although backed by at least $1 is free to increase above this "1 CAND floor price". The price the token rises to above the floor price is determined by the market.

How can I benefit from CanaryX DAO?

The main benefit for stakers comes from supply growth.

The protocol mints new CanaryX DAO tokens from the treasury, the majority of which are distributed to the

stakers. Thus, the gain for stakers will come from their auto-compounding balances, though price exposure remains an important consideration. That is, if the increase in token balance outpaces the potential drop in price (due to

inflation), stakers would make a profit.

The main benefit for minters comes from price consistency.

Minters commit a capital upfront and are promised a fixed return at a set point in time; that return is in CanaryX DAO tokens and thus the minter's profit would depend on price

of CanaryX DAO tokens when the tokens are released to the minter after the vesting

period. Minters benefit from a rising or static CanaryX DAO price.

How do I participate in CanaryX DAO?

There are two main strategies for market participants: Staking and Minting. Stakers can stake their CanaryX DAO tokens in return for more CanaryX DAO tokens, while those who mint provide Liquidity Pool or CAND tokens in exchange for discounted CanaryX

DAO tokens after a fixed period of time before they are released to and owned by the minter (this is referred to as the vesting period).

Who created CanaryX DAO?

CanaryX DAO is a fork of Olympus on the Songbird Network. Our team is mostly anonymous, born from the XRP and Flare Community. We aim at becoming a Decentralized Autonomous Organization.

CanaryX introduces economic and game-theoretic dynamics into the market through staking and minting, where participants can expect rebase rewards that can range to and above 100000% APY.