Phoswap has landed on the Binance Smart Chain (BSC), offering their Decentralized Exchange (DEX) using Automated Market Maker (AMM) technology to facilitate seamless swaps.
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AMM and More…
Phoswap is already offering their DEX on the BSC (HERE) and has launched its staking for $PHO tokens. This unique system rewards users for staking one of four different tokens. This reward is created by allocating a portion of $PHO block rewards to users who stake.
Users who stake one or more of the following tokens will be eligible to earn $PHO rewards: $BNB, $PHO, $CAKE, and $BUSD. The highest APY (annual percentage yield) is for staking $PHO tokens with 349%. The other tokens also boast high yields considering that there is no impermanent loss; $BNB and $CAKE tokens have a respective APY of 219% and 249%. Even the $BUSD pool boasts an APY of 135%, which is pretty high for a stable coin.
Users can stake to earn $PHO using the Phoswap staking page.
According to bscscan the $PHO token will have a maximum supply of 10 Million tokens. When asked, the team responded that there are no tokenomics for the token. This means that $PHO token will be emitted at a constant block reward until the total supply is reached. On top of this, the team is working to incorporate deflationary mechanisms such as the lottery.
The Phoswap team has many more things coming in the upcoming weeks; the team is currently polishing developments for both the liquidity incentives/yield farming and a deflationary lottery system to help curb inflation. The introduction of liquidity pools allows Phoswap to host its own liquidity while simultaneously rewarding liquidity providers. On top of this, the analytics page, displaying charts and liquidity data, will be launched alongside the other developments.
The $PHO token will be listed on Hotbit exchange starting February 1st 2021. A centralized exchange listing will significantly increase exposure, so this will be benificial for the project and the community as a whole.
The PhoSwap project is relatively new to the BSC, and they are in ongoing development stages; information and innovations will be subject to change. The team aims to create a fully-functional DEX, and once delivered, it will be an excellent De-Fi project. Currently, the team is off to a solid start with the AMM and staking live and functional.
The team has launched explicitly on the BSC to capitalize on all the benefits the network has to offer alongside the network’s rapid growth. The most apparent services are the excellent BSC community, cheap tx fees, and the network’s speed. Overall, the PhoSwap protocol is forward-looking and focused on expanding its project and user-base.
Source : bsc.news
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