DeFi project passive Income Distributes INC Token to PSIDEX Users
MALAGA, Spain, May 17, 2021 (GLOBE NEWSWIRE) — Passive Income, the decentralized yield generation protocol on Binance Smart Chain and Ethereum, is launching the Income (INC) token with a fair launch distribution model designed to provide governance utility to INC holders and attract liquidity to the new platform.
The INC token launch comes shortly after the release of Passive Income’s own decentralized exchange PSIDEX, a key element in the PSI DeFi ecosystem. The INC token acts as the governance and revenue sharing token for Passive Income, allowing holders to make decisions on the future of Passive Income while benefiting from its success.
Income token holders have complete control over the development of the Passive Income ecosystem and all of its existing and future products. Governance can also decide on specific features to add or make changes to key protocol parameters. Anyone can create a governance proposal, though only INC token holders can cast their vote. Proposals have a two-step acceptance process, where an initial voting threshold is required to put the proposal up to vote to the entire INC community. Once the voting process is activated, the proposal will pass if it collects the necessary number of votes based on a quorum and a majority of yes votes. Each proposal will have its own acceptance parameters based on its importance.
At launch, the Passive Income team submitted three proposals that will determine the fate of the project. These include details on the distribution, with the community required to vote on which pools will be eligible for liquidity mining and for how many tokens; the swap fee on PSIDEX, which can be set between 0.1% and 0.5%; and the burn percentage on token transfers, which would see 0.5% to 3% of tokens destroyed in each transaction.
The community can vote on the team’s governance proposals and submit their own, including the ability to redirect a portion of PSIDEX swap fees to INC token holders. This feature distinguishes PSIDEX from competitors like Uniswap, where token holders have little say in the project and receive no fees from the protocol’s activity. Passive Income is a grassroots community project, with no allocations reserved for private investors, unlike Uniswap’s 50% pre-mine.
“There are a lot of teams launching questionable projects with major pre-mines while hiding behind the protection of anonymity,” said Bjorn Mattens, Founder of Passive Income. “Passive Income is a grassroots project launched by well-known people, and we’re excited to be launching INC to give a voice to our community.”
The INC token launch will also serve to incentivize liquidity in the innovative PSIDEX exchange. The INC will be used to collect LP tokens for the PSIDEX router, distributing rewards to farmers who stake their LP tokens on the dedicated page.
About Passive Income
Passive Income is the cross-chain DeFi ecosystem for earning yield. With deployments on Binance Smart Chain and Ethereum, Passive Income offers a DeFi suite to easily earn money on assets thanks to its liquidity mining and yield farming products. Passive Income recently launched the PSIDEX, an audited DEX set to revolutionize passive yield generation from liquidity.
Company: Passive Income
Contact: Bjorn Mattens, CEO
E-mail: [email protected]
CEO Twitter: https://twitter.com/lucky_daltons