PSI February Update 2021

Passive Income PSI
Feb 26 · 5 min read

Hello to everyone in our great community, this is the first of our planned monthly community updates. Transparency and communication is something the team here at PSI are striving for and we would like to start making regular, detailed progress reports to give to our investors. Over the past couple of months we have noticed an amazing, organic growth in our community. We have a strong foundation of excellent investors who regularly contribute to the development and progression of the project, helping newcomers to get started and answering every question with integrity. The team would like to thank all of you for joining us on our journey to create a safe haven in the wild west that is DeFi.

Recent progress

The past few weeks have been very busy for the team, we have opened new partnerships, launched successfully, and migrated a large portion of our investors to the groundbreaking BSC chain and made some great progress towards our roadmap. As a team we have decided to not give specific dates for upcoming platforms as to not give false promises and under-deliver. We want our platforms to be innovative and to change the DeFi space to a better, more forgiving space to be a part of. If you are a regular in our telegram groups you’ll know about the upcoming launches of both the PSI DEX and PSI Launchpad. Let’s have a run-down of what we plan to achieve with these platforms and how they will benefit our ecosystem.

PSI DEX

The PSI DEX is something that has already been launched on the Ethereum blockchain. Unfortunately due to the huge network traffic on this chain, we have been unable to fully optimise and develop the DEX to its full potential. Since our launch on the BSC chain, we have opened doors to endless innovation. Initially we intended to make a swap-like DEX that we could launch but with community feedback we have slightly changed our plans. In the DeFi space, there are a ton of clones and forks that use the same underlying code, with no innovation. Although this method would work to increase prices, it would be unsustainable and would attract a crowd who have different motives to what we are trying to achieve here at PSI. The PSI DEX will grow to become a market first with some of our upcoming planned features.

Here are a few features we plan to add to our DEX that will make it stand out from the crowd:

  • Reflection on every transaction that is paired with BNB/ETH. PSI holders will receive dividends from all transactions that are paired with BNB/ETH. This will bring great rewards once the DEX TVL starts to grow and liquidity starts to get added.
  • Cross-Chain swap. We launched a swap program that ran for two days for users to migrate from the ETH to the BSC chain but we recognise that this may not have been enough time for our users to make a decision and migrate their assets to the chain of their choosing. We will add functionality for users to swap their PSI from either chain whenever they wish. In future we would like to make an ERC20-BSC bridge that projects can use to offer cross-chain functionality.
  • Limit-Orders and Stop-Loss. This functionality has not yet been achieved at scale on a DEX and we will work to achieve this. Giving an investor a chance to set an order to buy at a certain price, or sell at a certain price will allow traders to plan their entries and exits and will bring volume to the DEX — rewarding PSI holders with dividends.

These points are our main visions for our PSI DEX, initially the DEX will launch with reflection and we will further develop the platform to support the rest of our goals with time.

PSI Launchpad

The PSI Launchpad will be a platform for projects to launch their pre-sales/ICO’s. There are plenty of these platforms out there but here at PSI we have noticed a lack in quality with some of the projects that get launched on them. PSI aims to be a safe haven in the DeFi space and we intend to add multiple layers of security for investors and project owners when launching their pre-sales.

We discussed with the community regarding some ideas for the launchpad platform and received some excellent suggestions. Here are some of our plans:

  • KYC: We will be offering a third party KYC program for project owners to KYC with us and boost investor confidence. We will strongly push for all ICO’s to have a non-anon team and projects will get a trust score based on how secure PSI deems them to be.
  • Reflection: Our launchpad, being a part of the PSI ecosystem, will reward PSI holders in multiple ways. In order to participate or launch a presale, a user will need to hold a certain amount of PSI, increasing volume for PSI holders. Furthermore, all ICO’s held on our platform will have a fixed percentage of tokens distributed to PSI holders. PSI holders will receive new tokens — diversifying their portfolios and bringing more awareness to projects launching with us. This benefits not only PSI holders but anyone launching a presale with us.
  • Vetting Process: Most launchpad platforms allow anyone to launch an ICO, allowing for scams to be easily done. We will have a two stage process for anyone launching an ICO and will require project leads to communicate with the PSI team before we allow them to launch on our platform. PSI intends to only launch the best projects on our launchpad and a manual vetting process will be taking place for all pre-sales.
  • Services Marketplace: After our initial launch, we will develop a space on our launchpad where users will be able to KYC with the PSI team and offer their skills to upcoming projects. Marketers, developers, community managers and more, will be able to list on our launchpad for projects to use to discover new talent to help them with their ideas.
  • Token Templates: Once we have successfully launched our launchpad we will build a service that allows projects to create template contracts, following all industry standard protocols. This will allow new projects to get started quickly and increase investor confidence knowing that they are using correct protocols.

Initially, our launchpad will be launched with enough features for projects to begin listing and we will develop over time to become the most secure, trusted launchpad platform in the DeFi space.

Moving Forward

We hope this gives a small insight into our progress over the last few weeks and clears up some of the questions you may have. These two platforms are only a small part of the overall ecosystem and we intend to develop every part of our roadmap, innovating in ways that will be world first. Development on such projects takes time and we strive to make things work well, the first time around. We as a team appreciate the patience from our investors and look forward to our journey together to make the most welcoming, easy going DeFi project. Thank you all for contributing to our project and believing in our team. Together we will achieve greatness!

Disclaimer

We would like to add a small note that things may be subject to change based on technical implications and we can’t give exact dates for anything just yet. A Lot of our team are working full time jobs alongside working on PSI and we don’t want to let any one of our investors down. As always, any questions you may have, ask any of our team members or pop a message in the telegram chats and we will be sure to help with your queries.

Quick Links:

Telegram

Telegram Chill Lounge / Price Channel

Website

BSC Contract

ETH Contract

Setup BSC-Metamask

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