What Is POLYX (PXT)?
POLYX is the prime Polygon (MATIC) rewards token on Binance Smart Chain (BSC). Polygon (MATIC) is an Ethereum token that powers the Polygon Network. POLYX is designed to become the significant polygon rewards token on BSC and aims to enhance the decentralization technology by being the governance token on PolyXSwap. A governance token is a token that empowers its owners to participate in the voting to shape the future of a protocol. PolyXSwap is a decentralized exchange (DEX) platform with farms, pools, and lottery.
According to the whitepaper, POLYX aims to create a DeFi ecosystem that enables users to manage their crypto assets with reliable security backing. The platform has created POLYX token (PXT) and PolyXSwap DeFi platform to achieve the goal. The ecosystem combines POLYX and PolyXSwap to reward traders and contribute to decentralization advancement. The PolyXSwap platform aims to allow traders to stake PXT tokens and earn PXT on the network.
PolyXSwap intends to allow users to swap crypto coins from wallet DApps instantly. Users do not have to register themselves or use separate applications for trading. The advanced speed of the BSC and low fees makes trading on PolyXSwap instant and affordable.
According to the whitepaper, PXT is a token that can become an extensive yield farming token in decentralized finance on Binance Smart Chain (BSC). PXT token has a unique taxation system that offers lifetime passive income to the traders in the form of a reward in Polygon (MATIC). The Polygon MATIC automatically occurs to the wallets of PXT traders through the unique taxation system on every PXT transaction.
According to Tokenomics, the ecosystem of POLYX applies 15% of tax on every transaction, with 4% dedicated to supporting the liquidity pool. Further, the platform distributes 7% of the tax as a reward in Polygon (MATIC) to the token holders and 4% for the global marketing of POLYX.
History of POLYX (PXT)
The POLYX token was released on September 3, 2021, as per the smart contract address available on the audit paper of the asset.