Source Protocol – an up-and-coming smartchain and interoperable DeFi ecosystem – has set out to lower the barriers to entry in this new financial landscape through its products and automated protocols that enable users from all walks of life. Allows you to easily participate in DeFi. , In this effort, Source is preparing to launch its first utility-based reward token, the Source Token (SRCX); A smart contract token that enables users to participate passively in DeFi markets.
SRCX Yield Echos and Dynamic Compound Liquidity Pool (DCLP)
Launching on the Binance Smart Chain, the world’s largest crypto network by volume, Source Token uses a built-in automation fee that generates a basket of stablecoin liquidity positions within Source’s decentralized money, Source’s Dynamic Compounds. Sends a percentage of each transaction to the Liquidity Pool (DCLP). Marketplace, the source marketplace where users can lend, borrow, bet and yield with their crypto assets. Rewards, called “yield echoes”, derived from these interest-bearing liquidity positions are then automatically redistributed to the holders of the source tokens and network participants, enabling them to reap all the benefits of DeFi without having to participate themselves. .
SRCX loyalty echos
In addition to Yield Echos, SRCX holders and users also benefit from “Loyalty Echoes”, which are generated block-by-block with each transaction that takes place on the Source token network. Enabled by equal automation fees, a percentage of each transaction is redistributed directly to all SRCX holders and network participants with every purchase, sale or transfer that occurs on the network. The higher the transaction volume, the more loyalty resonances are generated for all holders. Loyalty Echoes are designed to encourage long-term partnerships with SRCX and its Source ecosystem counterparts, and also help compensate holders for automation fees.
SRCX Burn Feature
To offset any inflationary measures caused by loyalty echoes and yield echoes, SRCX has a large burn wallet that will be deployed at Genesis. Burn wallet is a “black hole” wallet address with no private keys, and tokens sent to it are gone forever. Since this wallet is the largest holder on the network, it receives the largest share of loyalty echo and is blacklisted from receiving yielding echo. Incentive programs will be introduced where this wallet will be blacklisted occasionally during the promotional period, increasing the rewards for all SRCX holders and participants. It is also possible to blacklist burnt wallets indefinitely as the network grows. This creates a balanced network and promotes long-term stability of the protocol, benefiting everyone.
Importantly, SRCX’s passive automation fees will be reduced as adoption and transaction volumes increase over time. It’s also worth noting that all of the above is accomplished with non-custodial and peer-to-peer-initiated smart contracts, so there is no middleman involved, and users are given full access to their SRCX holdings. Freedom is.
looking to the future
With its upcoming launch of SRCX, Source Protocol will soon become a leader in the DeFi space by implementing its vision of making blockchain and Web3-based financial services more easily accessible, less complex and more efficient, giving Source users full ownership. and gain control. on their finances.
The source token – SRCX – will be one of the main factors driving this growth and development, enabling users to have access to all DeFi via a single token, regardless of their experience with the cryptocurrency. SRCX is going to help break down the barrier of entry to DeFi for retail and enterprise users alike, and open the floodgates for anyone to easily participate, regardless of technical know-how. With its dual-reward Echos structure, SRCX is an excellent choice for PoW (Proof of Work) mining networks without having to afford the necessary hardware and resources required to mine cryptocurrencies.
The launch date of the source token SRCX will be announced soon. To stay up to date on the source protocols and their plans, visit the website and follow the project Twitter and Instagram. For a chance to enter the whitelist for the SRCX launch, please join The Source’s Discord channel. For more detailed information about the Source Token (SRCX), visit the documentation for the Source Protocol.