On May 1st REX, or Resource Exchange, has finally gone live. We wrote this article about the launch yesterday explaining in detail what REX actually entails. In short, REX is an EOS-based marketplace that permits risk-free leasing of CPU & Network resources.

The rollout event created quite a buzz in the EOS community as users rushed to test it by lending their EOS tokens. However, despite the excitement following the launch of a long-awaited project, a few people scratched their heads trying to figure out how it actually works.

how does EOS REX actually work?
How does EOS REX actually work?

List of Platforms Offering REX Is Growing

There is already a multitude of platforms offering their users access to lending/borrowing EOS tokens thru REX. Here’s a list that we have compiled so far. It’s pretty certain that this list will only continue growing:

EOS Authority https://eosauthority.com/rex
EOSDAQ : https://eosdaq.com/exchange/REX_EOS
EOSREX : https://eosrex.io
Bloks.io : https://bloks.io/rex
Chintai : https://eos.chintai.io/
TokenPocket : https://rex.tokenpocket.pro/#
EOS Titan : https://eostitan.com/rex
EOS Inbox : https://eosinbox.io/

EOS Authority and EOSREX

Our team member MaxDapp did a good video explaining how these two platforms work in this video. Check it out:

EOSDAQ REX Platform

I personally tried lending some EOS on three platforms: EOS Authority, TokenPocket and EOSDAQ. I found the last one to be the most intuitive and simple to use.

EOSDAQ is a a platform based on the South Korean decentralized exchange EOSDAQ. If you are a trader, you will definitely be drawn to their REX interface. Buying and selling REX on this platform is made to look exactly like trading any other token:

Trading REX on EOSDAQ looks just like trading any other token

You sign in with the Scatter wallet, select the amount of REX you want to buy or sell and hit the respective button.

Caveat Emptor – Buyers Beware

While choosing a REX platform you have to remember that none of the entities behind them actually make any money off of REX transactions. Or at least they shouldn’t be! So you have to think about potential reasons why so many projects flocked to have REX as one of their offerings.

We believe that one of the reasons is proxy voting. You see, the rule is that if you personally don’t vote for at least 21 BPs with your EOS or use a proxy, then you are forced to use a proxy offered by that platform in order to buy REX. As you might guess it, in a lot of instances projects tend to at least partially vote for themselves in that proxy they offer to you.

So before using a REX platform and if you don’t do your own voting/proxy voting, always check how that platform votes their proxies. You can find a list of all proxies and votes here: https://www.alohaeos.com/vote/proxy


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