Next Plan of Position Exchange’s ecosystem — New token introduction
Succeeding the successful introduction of POSI, after months of building and planning, today Position Exchange is extremely delighted to announce our new plan for the ecosystem from September 2022.
As you might already know, our first native token — POSI has the maximum supply fixed at 100,000,000 tokens. Unlike most of the recent tokens created by other exchanges mainly for crowdfunding purposes and for reducing trading fees, POSI comes with a different and unique approach. All the fees and revenues from the protocol will be distributed back to all POSI holders by a mechanism called Buy-Back and Burn fully on-chain. This would mean that just by holding POSI you’re a stakeholder and will be able to receive a share of the revenue.
In the beginning, POSI is used as a reward in Farms and Pools. The tokenomics of POSI were planned to be distributed as below:
1,000,000 POSI tokens were distributed on the Airdrop as a first step. Participants registered in the whitelist lottery took part in the exclusive public sale.
5% Public Sale
5,000,000 POSI tokens were available for the Whitelist sale. The generated funds will be deployed to add Liquidity and support the development of Position Exchange.
10% Team and Advisors
The tokens will NOT be available to the team immediately but will instead be minted over time. Position Exchange’s team will retain a position of 10% of any newly minted token ensuring a community-driven and fair launch.
The team token is currently locked in this contract address:
Contract Address 0x849b333f2235819719a40c71bae150fe9afb4e99 | BscScan
The withdrawal time is September 14th, 2023
The tokens will be immediately available for the general functioning of the platform.
80% For the Community
The vast majority of the POSI tokens will be dedicated to the community through staking and farming rewards. This is one of the highest shares addressed to the community in the existing protocols!
Currently, since 80% For the Community is nearly reached, a new token is needed to help grow our Position Exchange ecosystem and Posination community forward while reassuring our users that the project is going on as planned and can be trusted.
To keep our commitment, we would like to introduce a new tokenomics: the Dual-token model that creates the ecosystem. The main idea is to divide the project’s ecosystem into two tokens for better usability.
With the new reward token, we will stop minting POSI on BNB Chain and only mint for validators on POSI Chain until it reaches the maximum 100,000,000 supply.
As outlined in Position Exchange’s plan, we target to convert 100% of POSI tokens on BNB Chain to POSI coins on POSI Chain. One of the utilities of POSI is to pay the gas fee which fuels every specific transaction on the POSI Chain’s network. This conversion is significant in ensuring network stability by staking to validators while reinforcing the long run of POSI in the blockchain industry. It also guarantees users’ acquisition of Derivatives Trading revenue through Buy-Back and Burn mechanism.
Buyback and Burn plan
In the next five years, our vision is to buy back and burn 50,000,000 POSI while reducing and maintaining the total supply at around 50,000,000.
At the moment, since we need to manually buy POSI on POSI Chain and burn, the transaction id will be published once the Buy-Back and Burn happened. In the near future, we will implement an on-chain Buyback-and-burn as previously planned.
New Token Plan
Realizing the potential of the new token, we expected Position Token X to be a multi-chain token.
In the future, the new token might be used to receive fees from the DEX. Furthermore, it will possess a low inflation rate and is supported by the POSI coin.
New token holders can enjoy more real-world utilities and multiple benefits from the POSI Chain ecosystem.
Adopting the dual-token economy model, we aim to offer the end-users a better incentive structure, features, upgrades, and functionalities.
The new token information:
- Name: Position Token X
- Symbol: PTX
- Contract Address (BEP20): 0x3C7142552250B10252A214ecccA332368D66c350
- Decimal: 18
Also, PTX will be immediately listed on Position Exchange DEX as follows:
- Pair Symbol: PTX/POSI
- Initial Price: 5 POSI
- Liquidity: ~1,000,000 POSI
- Tick size: 0.001
Previously, POSI token holders could generate passive income by simply staking in the staking pools and farms.
Yield farming facilitates users to gain POSI while supporting the exchange of positions by betting on LP tokens. The incentives received for supplying liquidity and the rewards received for staking LP Tokens in the Farm are both factored into the Yield Farm APR calculation. Similarly, Pools allows users to earn POSI by simply staking their tokens.
However, in consequence of the new token’s introduction, all farms and pools whose reward is in POSI will be closed.
For this reason, All Farms and Pools (including the NFT pool) users will need to migrate to new farms to continue receiving rewards in Position Token X.
Harvest vesting schedule:
Harvest lockup is a creative farming rewards lockup mechanism to help limit the frequency of harvesting to prevent farming arbitrage bots from constantly harvesting and dumping.
To reduce the control of the new token’s inflation rate, all farms and pools rewards will be locked on the following harvest plan:
- 5%: received immediately
- 5%: locked for 24 hours
- 10%: locked for 7 days
- 10%: locked for 30 days
- 20%: locked for 60 days
- 20%: locked for 90 days
- 30%: locked for 6 months
A few hours after this announcement is published. Please wait for our next announcement.
Migration is very simple following steps.
- Unstake the old farms/pools
- Stake to the new ones
To know how to migrate, please follow the under-listed guideline: Coming soon