Functions of PRXY
The core functions of PRXY Token are divided into three. They include:
- 1.Voting: In the future PRXY or sPRXY can be used as a staking and voting mechanism with Snapshot (an off chain governance mechanism) to determine the future direction of the underlying protocols and the roadmap.
- 2.Bitcoin Farming: The only protocol that allows you to farm Bitcoin. Stake PRXY for a share of the transaction fees from the minting and redeeming of BTCpx or the BTCpx within the Treasury. These fees are paid in BTCpx and redeemable for Bitcoin. The management team will manage the treasury of the fees generated by the underlying protocol of the BTCpx platform and will share fees earned from minting and redeeming with PRXY farmers periodically.
- 3.Liquidity Mining: One of the core functions of PRXY is to grow the circulation supply to its Max of 21M. PRXY is used as an incentive to provide BTC liquidity to the protocol to increse the value of the network.