Source Protocol – an up-and-coming smartchain and interoperable DeFi ecosystem – has set out to lower the barriers of entry to this new financial landscape through its suite of products and automated protocols that allows users from all walks of life to easily participate in DeFi. Source Protocol is currently preparing to release its first utility-based reward token Source Token (SRCX), a smart contract token that allows users passively to participate in DeFi markets.
SRCX Yield Echoes & the Dynamic Compound Liquidity Pool – DCLP
Launching on Binance Smart Chain, the world’s largest crypto network by volume, Source Token utilizes 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 Source’s decentralized money market, Source Marketplace, where users can lend, borrow, stake, and yield 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, enabling them to reap all of DeFi’s benefits 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 takes place on the Source Token network. A percentage of every transaction, which is enabled by the same automation fees, is distributed directly to all SRCX owners and participants. Loyalty Echoes can be generated by increasing transaction volumes. Loyalty Echoes can be used to reward the holder and encourage long-term participation in SRCX or its Source ecosystem counterparts.
SRCX Burn
SRCX includes a large burn wallet to counter inflationary actions caused by Loyalty Echoes/Yield Echoes. It will be deployed at Genesis. The burn wallet is a “black hole” wallet address with no private keys, and tokens sent to it are gone forever. It is the biggest holder of the network and receives the highest amount of Loyalty Echoes. However, the wallet cannot be eligible for Yielding Echoes because it has been blacklisted. Incentive programs, where wallets are occasionally blacklisted in promotional periods, will be created. This will allow for increased rewards for SRCX users and participants. The network will grow and the possibility exists for the wallet to become permanently blacklisted. It creates balance and encourages sustainability over time, which is a win-win situation for everyone.
Importantly, SRCX’s passive automation fee will be reduced as adoption and transaction volume increases over time. It’s also worth noting that all of the above is accomplished non-custodially and with peer-to-peer initiated smart contracts, so there are no middlemen involved, and users have full independence with their SRCX holdings.
Looking towards the Future
Source Protocol is poised to launch SRCX with its imminent launch. This will allow it to become a leading player in the DeFi market. Its vision is for blockchain-based financial services that are more accessible and less complex, and empowers users to take full control of their finances.
Source Token – SRCX – will be one of the main factors driving this growth and development, helping users regardless of their experience with cryptocurrency gain access to all DeFi has to offer via one token. SRCX can help break through the barriers of DeFi entry for enterprise and retail users. This token will allow anyone to join, no matter their technical skills. SRCX, with its dual-reward Echoes structure is an alternative to PoW mining networks. However, it does not have to be able to purchase the hardware and resources necessary to mine cryptos.
We will soon announce launch dates for the Source Token SRCX. Follow the Source Protocol project to stay informed about their plans and the latest news from Source Protocol. TwitterInstagram. For a chance to be entered into the whitelist for the SRCX launch, please join Source’s Discord channel. For more detailed information about Source Token (SRCX), visit Source Protocol’s documentation.