ParaSwap decentralized exchange aggregator launches its own token

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Aggregator of decentralized exchanges ParaSwap Foundation announced the imminent launch of its own PSP token based on Ethereum. Part of the tokens will be distributed among users.

ParaSwap plans to distribute 150 million PSPs to early adopters, which is 7.5% of the total token supply. About 20,000 users will take part in the PSP distribution, with more than 1.3 million addresses interacting with the project.

How stressed ParaSwap founder Mounir Benchemled, the team selected only really active users. The “snapshot” was taken on October 8, and tokens will be received only by those who “have repeatedly used ParaSwap over the past six months.” Algorithms also analyze user behavior and, if the wallet interacted only with ParaSwap, then these users will not receive tokens.

PSP will be used for several purposes – it is both a control token and a utility token. It will be used as a reward for users of the site who provide liquidity.

“This is the first time that the DeFi protocol will reward an off-net delivery of liquidity with on-net settlements. Just like centralized exchanges and blockchains with the Proof-of-Stake algorithm do, ”Benchemled emphasized.

A total of 2 billion PSPs will be released, of which 150 million will be handed out to users. Another 17.6% will be received by the main development team, 5% will be left for future team members, 16.4% will be distributed among investors. Another 10% of tokens will remain in reserve, and the remaining 51% will be used to develop the community.

ConsenSys CEO Joseph Lubin recently acknowledged the possibility of issuing a $ MASK token and distributing it to MetaMask wallet users.

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