The official launch of Parex, a new decentralized exchange with an integrated PRX token unique to the mining production mechanism is announced. Developed in response to the costly and often ethically questionable state of centralized finance, Parex promises to offer a secure, smooth and accessible platform like no other.
Prior to Parex, teams had to develop and operate proprietary index servers, which required significant engineering and hardware resources, while breaking important security properties necessary for decentralization. The opportunities of decentralized networks like Parex offer solutions to these problems. So what sets Parex apart? Increased interoperability, a community-driven philosophy, and an environmentally friendly mining method.
The Parex production network is processed with the DRC-16 protocol and designed to build bridges with many networks through proof of interoperability. Indeed, the interoperability proof mechanism ensures that the PRX token is an interoperable token in every network. All inter-network transfers are possible thanks to Parex Market. Switching between networks can be performed at low cost and with high efficiency, facilitating forwarding routes for PRX. There is a balance between all the networks, including Polygon, BEP20, Ethereum, Polkadot, and Avax, among others.
Tokens and transfers are produced directly and autonomously by all PRX users: unlike other decentralized exchanges, this one is community driven. It operates as a WEB3 project, modernizing more traditional tokenization, transfer and mining systems. Speaking of mining: PRX is the most valuable long-term method because it’s environmentally friendly and balanced against inflation. Concretely, Parex Market updates the mining system through a greener approach, known as scorching. As soon as the PRX token is sent to production, it is burned and falls out of circulation. It continues its existence as a community project to overcome all difficulties. This burning algorithm ensures a sustainable and environmentally friendly exchange for many years. The current burn rate of PRX is 86.84%. Moreover, Parex is currently on the verge of carrying out many projects in the ecosystem of developable smart contracts.
Parex Market also does not neglect to contribute to the blockchain ecosystem. In this regard, it is allocating a fund of $75 million. Funds are provided to projects that wish to develop DeFi, Metaverse and Web3 projects in-house. Over 300 applications were submitted. The projects benefiting from the fund will be announced soon.
With 31,693 total users as of March 2022 and a market value of $3,477,608.9641 for the PRX token, Parex looks set to take the world by storm.
Telegram Group: https://t.me/ParexPRX
Telegram channel: https://t.me/parexmarket