MAHE, Seychelles, July 13, 2021 (GLOBE NEWSWIRE) — Decentralized cross-chain synthetic issuance and derivative exchange protocol PERI Finance (developed by Pynths Limited) is now listed on XT.com, the trading commences on 07:00 UTC on July 13, 2021. PERI Finance has also launched the staking dApp, allowing users to stake PERI tokens.
PERI Finance is a decentralized cross-chain synthetic issuance and derivative exchange protocol. It’s designed to replace liquidity providers with a debt pool funded by stakeholders.
PERI Finance is designed to build on Polkadot network that reduces the cost and time of transactions exponentially by harnessing WASM and Substrate. Using optimistic rollups and Polkadot’s relaychain will enable PERI Finance users access to a wide breadth of both traditional finance and crypto assets in the form of leveraged and unleveraged synthetics products. Added benefits of using Polkadot’s parachain are quick transaction speeds at low cost without the risk of flash loans and front running.
PERI Finance’s synthetic assets on the accompanying PERI.Exchange are labeled as “Pynths.” Pynths are synthetic assets whose price follows the price of an underlying asset. Pynths offer users a way to buy and sell financial instruments without owning the physical underlying asset.
Staking dApp is Now Opened
PERI Finance just launched the staking dApp and now the participants can stake their PERI in staking dAPP.
On this staking dApp mainly has three following functions: Staking, Burn and Claim.
Staking: Users can mint PERI’s basic Pynth (PERI Synthetic Asset) pUSD through the staking process.
Burn: By burning pUSD, users can refund the staked tokens by selecting PERI, USDC, both PERI and USDC.
Claim: Users can claim staking rewards on the PERI dApp.Users can participate staking dApp by connecting their wallets on Matic Mainnet. The utility token, pUSD, will be used to create a liquidity pool in the process of staking, generating the most basic Pynth, pUSD. Additionally, pUSD will be used as a governance token within PERI DAO, which will play a crucial role in steering the ship for PERI Finance’s ecosystem.
Holders can earn rewards in three different ways for their participation in PERI Finance. The first is skimmed from trading fees and pooled whenever leveraged or spot Pynths are bought or sold. The second type is PERI inflation rewards, designed to pay users for staking their PERI and USDC, rewarded in pUSD. The last type of reward is PERI.Asset’s AI arbitrage finder. Profits earned using this technique will go to stakers and to further benefit the ecosystem as a whole.
Listing on XT.com
PERI Finance (PERI) has listed on the XT.com’s Innovation Zone and open trading for the PERI/USDT pair. The official trading start at 07:00 UTC on July 13, 2021. 1,400,000 PERIs are going to be provided to the XT.com and the price will be started at 4.5 USDT.
XT Exchange is the world’s first socialised digital asset trading platform. The platform has a global top-level domain name XT.com, with more than 2 million registered users, more than 200,000 active users monthly, and more than 7 million users in the ecosystem. XT provides a wide range of services such as exchange trading, OTC trading, margin trading, contract trading, etc.; XT.com has a comprehensive transaction platform with more than 100 high-quality currencies and 300 trading pairs.
PERI will deploy its multi-chained bridges for all networks including BSC, Polygon, Polkadot and more.
Once PERI is successfully added to the multi ecosystems, the team will focus on development of their leveraged Pynths and other risk management solutions.
Having a high optimal collateral rate (400%) is a troublesome issue that the team will continually address. In order to make staking even more lucrative, collateral will need to drop to 100% or below. Rising risk from lopsided synthetic asset positions will be mitigated by implementing liquidation pynths, loss insurance funds and hedging both on and off-chain markets.
PERI Finance will look after its clients by keeping investment less costly, more transparent and simpler by creating a best-in-class synthetic DEX trading platform.