press release
PRESS RELEASE. WATERPORT PLACE, GIB., March 20th, 2023 – Digital Asset Management Limited and the Damex group (“Damex” or “Damex.io”)), a Distributed Ledger Technology provider based in Gibraltar, recently announced its utility token IEO, the Damex Token ($DAMEX), which can be used within the Damex App along with other non-fungible tokens (NFTs), to earn rewards for adopting a healthier and more active lifestyle.
Damex announced its token IEO for 19th April. Its utility went live and was tested during the Q1 of 2023, with future developments for both the Damex Token and the Damex App slated throughout the year. The total supply is 370 million Damex Tokens.
The goal of these new offerings by Damex is to encourage users to become healthier individuals while, at the same time, educating them about cryptocurrency and promoting environmental sustainability.
What can users gain in exchange for staking Damex Tokens?
For instance, when a user stakes 5,000 Damex Tokens, they can get access to a VIP Premium membership, as well as enjoy zero exchange fees while using the Damex App. Premium Subscription members can enjoy benefits such as:
- Access to top-tier exercise challenges
- Get a premium member card
- Unlock cash-back incentives on all tiers
- Get early access to new Damex features
During its first round of private sales (Q4 2022) for the Damex Tokens, Damex raised $3 million. During its second private sale (Q1 2023), Damex raised $1 million.
The core Damex Tokens will be created on Ethereum and will then be bridged to other blockchain protocols such as Solana and BSC. Aside from being used for staking and rewards, the Damex Token will allow users to vote on key features within the Damex ecosystem and key features, including Damex Token listing and Damex App features.
Damex also introduces its Buy Back and Burn Programme, where 20% of the profits will be used to purchase the Damex native tokens off the market. The tokens will either be burned or used as incentives for users.
Users can earn rewards when they complete challenges, which will change every three months. Furthermore, the NFT rewards will vary monthly. For example, if a user completes the Marathon challenge with a step goal of 60,000 steps, which is equivalent to the London Marathon, they can receive standard rewards such as 0.10% cash back and 10% off exchange fees. Premium Members can receive 0.15% cash back, while VIP Premium members (5,000 Damex Tokens) can receive…
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