Global DeFinTech firm Source Protocol will have its native token, the Source Token (SRCX) listed on the global digital assets trading platform LBank Exchange on June 10, 2022. Trading of the SRCX/USDT pair will commence on the same date at 20:00 (UTC+8).
Source Protocol, a multi-chain ecosystem, is focused on Web3 and future economies provision for both institutional and retail clients. Its “Toolbox” provides DeFi services such as lending, borrowing, staking and liquidity pool earning, alongside several Enterprise Integration Solutions. Source Protocol offers all these in a secure environment assured of solvency and sustainability.
The team at Source consists of finance experts, developers, and DeFinTech professionals. They boast a combined 35 years of experience in cryptocurrency and the blockchain industry, while Source’s founders have engaged with the sector since 2013. The whole team is committed to making traditional financial services sovereign, accessible, efficient, and private for everyone.
To achieve these goals, Source Protocol has invested in state-of-the-art technology that is all-inclusive and adaptable to the evolving DeFinTech landscape. With such abilities, Source is sure to attract a vast DeFi customer base and achieve its aforementioned objectives.
Notably, SRCX – a BEP-20 utility token – is the protocol’s first product in 2022. The token has an inherent automation fee (exclusive to decentralized exchanges) that facilitates passive participation in Source’s Marketplace through two types of automated rewards.
The first is Loyalty Echoes, which are generated following transactions. Yield Echoes are the second, and they are generated by a DeFi process on the Source Marketplace. Another type of reward is the transaction echo which is produced when users initiate transactions (transaction fees are self-adjustable). Users eligible to echo rewards are those that hold the SRCX token on Binance Smart Chain (BSC).
To ensure solvency, a portion of the automation fee is sent to a live and auditable liquidity pool made of credible stablecoins like USDC.
On the other hand, the Source Marketplace is a smart contract-enabled peer-to-peer platform offering self-custodial DeFi services. Getting access to these services only requires one to hold the SRCX token.
To curb the threat of inflation, SRCX Echo rewards will be tapered algorithmically as the network’s transaction volumes grow. The platform will also conduct deflationary burning of SRCX tokens.
Of note, the token burning function is turned off during promotions to increase rewards for all holders. Additionally, holders of the token will be eligible for future SRCX airdrops. SRCX has a total supply of 500 million units, of which 40% will be burned at genesis. Listing on LBank will aid the achievement of Source’s global coverage vision.