All the benefits of DeFi in one token
Source Protocol – an emerging smartchain and interoperable DeFi ecosystem – aims to lower barriers to entry into this new financial landscape through its suite of products and automated protocols that allow users from all walks of life to easily participate in DeFi. In this pursuit, Source is preparing to launch its first utility-based reward token, Source Token (SRCX); a smart contract token that allows users to passively participate in DeFi markets.
SRCX Yield Echoes and the Dynamic Compound Liquidity Pool (DCLP)
Launched on Binance Smart Chain, the world’s largest crypto network by volume, Source Token uses a built-in automation fee that sends a percentage of every transaction to Source’s Dynamic Compound Liquidity Pool (DCLP), a basket of stablecoin liquidity positions within the decentralized money. from Source market, Source Marketplace, where users can borrow, lend, stake and yield a farm with their crypto assets. Rewards, called “Yield Echoes”, derived from these interest-bearing liquidity positions are then automatically redistributed to Source Token holders and network participants, allowing them to reap all the benefits of DeFi without having to participate themselves.
SRCX Loyalty Echoes
In addition to Yield Echoes, SRCX holders and users also benefit from ‘Loyalty Echoes’, which are generated block by block with every transaction that occurs on the Source Token network. Thanks to the same automation fee, 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 echoes are generated for all holders. Loyalty Echoes is designed to encourage long-term participation with SRCX and its Source ecosystem counterparts, as well as help the holder compensate for the automation fee.
SRCX burning function
To offset any inflationary measures caused by Loyalty Echoes and Yield Echoes, SRCX includes a large burn wallet that will be deployed upon its inception. The 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 bulk of Loyalty Echoes and is blacklisted for receiving Yielding Echoes. Incentive programs will be launched where this wallet will be blacklisted from time to time during promotional periods, which will increase the rewards for all SRCX holders and participants. As the network grows, it is also possible that the burn wallet will be blacklisted indefinitely. This creates a balanced network and promotes long-term sustainability of the protocol, benefiting everyone.
Importantly, SRCX’s passive automation fee will decrease as the underwriting and transaction volume increases over time. It’s also worth noting that all of the above is accomplished with no hold and peer-to-peer initiated smart contracts, so no middlemen are involved and users have complete independence with their SRCX ownership.
Looking to the future
With the upcoming launch of SRCX, Source Protocol will soon become a leader in the DeFi space by executing its vision to make blockchain and web3-based financial services easier to access, less complicated and more efficient, giving Source users full ownership and control. about their finances.
Source Token – SRCX – will be one of the key factors driving this growth and development, allowing users regardless of their cryptocurrency experience to access everything DeFi has to offer through a single token. SRCX will help break the barrier to entry to DeFi for both retail and business users, opening the floodgates for anyone, regardless of technical know-how, to easily participate. With its dual-reward Echoes structure, SRCX is also an excellent alternative to PoW (proof-of-work) mining networks, without having to afford the necessary hardware and resources to mine cryptocurrencies.
The launch dates of the Source Token SRCX will be announced shortly. To keep up to date with Source Protocol and their plans, visit the website and follow the project Twitter and Instagram† For a chance to be whitelisted for the SRCX launch, join Source’s disagreement channel. For more detailed information about Source Token (SRCX) visit Source Protocols documentation.