Carole LloydBANGALORE, INDIA / ACCESSWIRE /October 21, 2022 / Paxo Finance, a decentralized money market protocol that eliminates the inhibiting barriers in Defi, allowing users to invest MORE with LESS, launches its Alpha Mainnet on Polygon.
This is a huge milestone and a defining moment for Paxo Finance and crypto verse.
Even at the depth of a biting crypto winter that has seen most digital assets drop by over 90 percent from their Q4 2021 peaks, Paxo Finance’s protocol provides an unprecedented opportunity to buy crypto at the dip.
Paxo Finance currently has one lending pool for liquidity providers to supply USDT. Lenders who provide liquidity will earn a variable annual percentage yield (APY). This APR will fluctuate depending on the market forces of supply and demand and the utilization of funds. New supply markets are also in the pipeline so users can supply other assets and earn yield.
Nirmal S. Rathore, CMO says:
” Paxo is the world’s first investment loan protocol that allows users to invest in tokens such as BTC, ETH, or Matic by just putting up 20% of the value and take a long position upto 5x of the invested value. This protocol is an opportunity for a lot of DeFi users who do not have enough capital to buy and hold when the assets are currently at their lows.”
By opening up access to only a group of authorized users who got whitelisted, Paxo Finance is preparing for the grand mainnet launch of the final product. The phase 2 whitelisting campaign is still running on Paxo finance. The phase 2 whitelisted users will soon be given access in a few days after they register.
This limited version is a grand chance for whitelisted users to explore the protocol’s full functionality and identify ways to maximize returns on their investment. As they invest in crypto, users would be indirectly boosting the sphere’s liquidity and security.
A Discord Server has been created for alpha mainnet users to provide suggestions and feedback. A new ticketing solution has also been setup on discord to alpha users who face issues while using the protocol.
Users can connect to the protocol using their favorite compatible non-custodial wallets like MetaMask, coinbase wallet or other wallets through WalletConnect, an open source protocol for connecting dApps to mobile wallets using QR Codes or deep linking. Users can toggle between the light and dark themes depending on their preference.
Paxo states that the first cohort of approved users who will test all the features of the Paxo Finance protocol in Alpha will enjoy several benefits. For example, besides qualifying as the first OGs, that is, adopters of the platform, they will also influence the path taken in feature development, creation of new markets, how the platform can best integrate security measures, and more.
In the beginning, the protocol shall only support a limited number of high-value blue-chip coins in Bitcoin (BTC), Ethereum (ETH), and Polygon (MATIC). These are utility assets that are currently undervalued during the bear market.
Paxo Finance is launching specifically on Polygon, aiming to take advantage of what the high throughput and performant Ethereum sidechain brings to the table. Most importantly, Polygon is compatible with Ethereum, the most active smart contracting platform. Accordingly, users can seamlessly bridge their assets from the vibrant Ethereum ecosystem and use the low-cost Polygon to meet their investment goals.
A distinguishing feature is that leverage Paxo Finance loans are perpetual contracts. This means that there are no limits on when a borrower should pay. Loans can be repaid anytime, provided borrowers are not liquidated. Liquidation is a factor of asset volatility, which constantly changes depending on market forces.
The Paxo Finance Alpha mainnet launch is launched after the successful conclusion of the Incentivized Testnet program on Polygon. For 30 days, the program ran and saw around 30,000 users participate, submitting 6,000 feedback which helped refine the development of the protocol.
About Paxo Finance
Paxo Finance is an undercollateralized investment loan protocol that allows users to borrow up to 5X of their capital to invest in crypto assets, NFTs, or in the metaverse. The protocol also allows liquidity providers to earn high APY by providing liquidity in multiple available pools. The protocol is permissionless and trustless; anyone can use the protocol without KYC or credit check. Paxo is audited and uses a wall-guarded approach to safeguard lenders’ funds.
Website: https://paxo.finance/
Contact: [email protected]
Twitter : https://twitter.com/paxofinance
Telegram: https://t.me/paxofinance
Discord: https://discord.gg/SE83EhG7m
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