LBank Exchange, a global digital asset trading platform, will list Source Token (SRCX) on June 10, 2022. For all users of LBank Exchange, the SRCX/USDT trading pair will be officially available for trading at 20:00 (UTC+8) on June 10, 2022.
As a global DeFinTech firm, Source Protocol’s ecosystem has been developed to play an integral role in powering the Web3 economy and beyond. Equipped with a full DeFi Suite for lending, borrowing, earning, and staking, various Enterprise Integration Solutions, and more, Source provides its users and institutional clients with seamless access to next-generation finance. Its native utility token Source Token (SRCX) will be listed on LBank Exchange at 20:00 (UTC+8) on June 10, 2022, to further expand Source Protocol’s global reach and help achieve its vision.
Introducing Source Protocol
Source Protocol is a multi-chain and interoperable DeFinTech ecosystem designed for retail users and enterprises alike to easily adopt and implement the latest advancements in Web3 financial technology. The protocol is composed of a “Toolbox” where users can conveniently access the best that DeFi has to offer – like borrowing, lending, staking, liquidity pooling, and more – in one seamless hub committed to security, solvency and sustainability.
The Source team has a combined 35 years of experience in blockchain technology and cryptocurrency markets and its founders have been active in the space since 2013. With a team of seasoned finance professionals, developers and DeFinTech experts, Source is dedicated to fostering financial sovereignty by making traditional financial services accessible, efficient and private.
Source commits to building on, integrating with and implementing the most efficient, compatible, and adaptable tech as the space evolves over time. With a vision of creating a continuously evolving and all-encompassing DeFinTech solution, Source is creating an ecosystem to fuel unlimited DeFi participation from all corners of the market.
About SRCX Token
SRCX is the first product of many that will be released by Source Protocol throughout 2022. It is a smart contract utility token with a built-in automation fee that is used for passive participation in DeFi within the Source Marketplace. The automation fee is used to produce two types of rewards, Loyalty Echoes and Yield Echoes. Loyalty Echoes are generated with every transaction on the network. A transaction Echo occurs whenever a buy, sell, or transfer is initiated. Yield Echoes are produced by an automated Defi process that is integrated into the Source Marketplace.
The Source Marketplace is a peer to peer lending and borrowing platform that allows users to participate in multi-level defi processes, using smart contracts that allow them to retain full custody of their assets. The automation convenience SRCX token allows makes it easy to access DeFi yields of the Source Marketplace by simply holding. This allows for anyone regardless of crypto expertise to benefit from complex DeFi processes.
The automation fee that makes SRCX Echo Rewards possible will be reduced algorithmically as transaction volume on the network increases and hits various milestones. SRCX also has a deflationary burn mechanism that sends tokens to a dead wallet (no private keys) every transaction. The burn function can be turned off during promotions which then increases Echo Rewards for all holders. Echo Rewards are only supported for wallets holding SRCX on the Binance Smart Chain. Centralized exchanges will not have support of the automation fee and therefore cannot contribute or benefit from the automated DeFi processes.
Since SRCX is the first utility token to launch from the Source Protocol ecosystem, it will allow all holders the opportunity to be positioned for future Source Airdrops.
One of the most innovative aspects of SRCX is that it has been designed to accumulate solvent value backing. A portion of every automation fee is sent to a self compounding liquidity pool within the Source Marketplace that continuously grows in trusted stablecoin assets like USDC. This results in a constant accumulation of solvent value backing of SRCX that is live audited and can be verified on the blockchain.
Overall SRCX is a highly rewarding and dynamic automated DeFi token, the first of its kind to have multi rewards from automated DeFi processes, a deflationary burn mechanism, solvent growth backing, and a self adjusting transaction fee.
Based on BEP-20, SRCX has a total supply of 500 million (i.e. 500,000,000) tokens. 40% of the total supply was burned at genesis, making the remaining circulating supply 300,000,000. It will be listed on LBank Exchange at 20:00 (UTC+8) on June 10, 2022, investors who are interested in Source Protocol investment can easily buy and sell SRCX on LBank Exchange by then. The listing of SRCX token on LBank Exchange will undoubtedly help it further expand its business and draw more attention in the market.
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About LBank Exchange
LBank Exchange, founded in 2015, is an innovative global trading platform for various crypto assets. LBank Exchange provides its users with safe crypto trading, specialized financial derivatives, and professional asset management services. It has become one of the most popular and trusted crypto trading platforms with over 7 million users from now more than 210 regions around the world.
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Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.