GBOND Utility Token & Tokenomics

GBOND is the token designed to manage the transferred credit rights from Gemforex.

Post-acquisition, former traders of Gemforex will receive GBOND (GEMFOREX Bond) tokens from Galaxy DAO proportional to their funds held within Gemforex.

At the time of credit transfer, 1 GBOND will be valued at 1 US dollar, and former Gemforex users will receive as many GBOND tokens as their credit rights in Gemforex are worth in US dollars.

Example: a user with a balance of 10,000 USD in their Gemforex account at the time of transfer will receive 10,000 GBOND in Galaxy DAO to represent their credit rights.

GBOND tokens are Galaxy DAO specific which only Gemforex traders will receive and are issued based on user identity.

GBOND is a database token, not a public cryptocurrency token, and is not available for purchase, resale or transfer on public or private markets. GBOND will have utility for interest accumulation, liquid staking to earn publicly tradable cryptocurrency tokens and other utilities, and all trader utilities within Galaxy DAO for former Gemforex traders will be mediated through the GBOND token.

After Galaxy DAO’s acquisition of Gemtrade LLC, GBOND tokens will represent the entirety of Gemforex traders’ credit rights within Galaxy DAO after the Gemforex exchange is shut down.

Locked and Unlocked GBOND

All GBOND will be issued in a fully locked state and will be referred to as ‘Locked GBOND’.

GBOND can be unlocked at any time. GBOND can only be unlocked once, and once unlocked cannot be relocked. GBOND can only be unlocked in its full amount, and not in any portion of a user’s GBOND holding.

Unlocking GBOND means that the user is exchanging the full amount of their credit rights held with Galaxy DAO for the unlocked GBOND granted at the time of unlocking. This exchange effectively settles and cancels the credit rights.

Benefits, implications and advantages of locked and unlocked states of GBOND are detailed in the headings below.