BlockDesk Ventures are delighted to announce their latest Tier 1 strategic investment — Pegasys!
Pegasys is a protocol for creating liquidity and trading on the EVM-compatible Syscoin blockchain. It is a decentralised exchange (DEX) with the same automated market-making model as Uniswap and it offers three key beneficial traits: fast and cheap transactions, high quality development and market-compatible token distribution.
The project will be governed by the PSYS token. The community will have opportunities to vote on and propose developments within the protocol. The Pegasys Team are passionate about creating a protocol for the community that will be run by the community!
The idea behind the Pegasys protocol is to create a DEX that features all the benefits of similar exchanges but eliminates their downfalls. Users will be familiar with decentralised exchanges such as Uniswap, Quickswap and Sushiswap; Pegasys will operate in a similar manner, the proven algorithm of Uniswap will be utilised (If it isn’t broken, don’t fix it!) but it will be moulded to suit Syscoin and the Pegasys community.
Similar to other well known decentralised exchanges, users can list any ERC20 token on the platform, provide liquidity and earn fees from the trades of others. Liquidity providers will earn both a percentage of the projects trading fees and the PSYS token for their participation. There is a 24-month liquidity mining strategy ready to go live in March 2022, rewarding early adopters based on the volume brought to the protocol. There will be six pools available initially:
Further earnings can be made via yield farming. You can visit the portal now to check out all the available staking and farming opporunities!
The user experience is a priority for the Pegasys Team. The latest ERC20 extensions and Layer 2 technology will be implemented to optimise scalability and efficiency on the DEX.
The vision behind the tokenomics for Pegasys is to ensure the protocol can react to market conditions, the community governance requests and provide long-term sustainable revenue. The simple breakdown of the tokenomics is as follows:
· 50% — Liquidity Mining
· 18% — Community
· 16% — Team & Operations
· 16% — Investors
This can be further broken down into subcategories as shown in the image below. Note the team members will have 16 months vesting, strategic partnerships will have vesting for 6 months and seed sales vesting for 4 months. Pegasys have secured skilled investors at every stage which will help the project grow rapidly in its infancy! A total of 100 million PSYS have been minted and will become available over the course of the next two years!
Two airdrops will take place on March 16th! One will reward Syscoin community members and early adopters via their New Enhanced Virtual Machine (NEVM) the other will reward early users of the Pegasys DEX (Those who have provided liquidity and performed swaps between February 10th to March 16th)! The exact details on the distributed PSYS tokens will be revealed closer to the airdrop date.
The Pegasys protocol brings an opportunity to passionate crypto communities to shape the future of their product and push the protocol in a positive direction. It is this aspect of the project that resounds with BlockDesk Ventures, a community of avid crypto enthusiasts. Everyone at BDV look forward to working closely with the Pegasys community to produce the hottest DEX in the cryptospace! For everything you need to know about Pegasys, check out the links below.