cryptonews.net
Paxo Finance, a decentralized money market seeking to open up cryptocurrency investment, allowing users to access up to 5X of their capital, is whitelisting users ahead of their launch on the Polygon mainnet. The alpha version of the mainnet will be open to select few who register for whitelisting on the paxo website.
The users that register for the whitelist and are selected will be the OGs of paxo and will be involved in building and improving paxo. Early users will have a say in new features development, adding new coins, governance, partnerships, security discussions etc.
Currently the alpha mainnet version will only be available to a selected few. The users will only be able to invest upto $5000 usd worth at a given time. Alpha mainnet will have only a limited number of assets which lenders and borrowers can interact with. The assets available will be BTC, ETH and Matic.
The critical milestone follows the official conclusion of the incentivized Testnet on Polygon, which saw over 19,000 users participate and over 500,000 transactions processed on the testnet.
By whitelisting crypto addresses before deploying on Polygon, Paxo Finance is setting a solid base ensuring that only authorized users can access the protocol. This step is also a security step to deter malicious attacks and protect the first cohort of users trying the system on the mainnet.
The Paxo Finance Incentivized Testnet on Polygon was free for all interested persons and parties. It opened its doors from May 27, 2022, to June 26, 2022, and ran for 30 days. There were 200,000 PAXO, the native token of the Paxo Finance protocol, for distribution to active participants. It was in addition to a Referral program that ran in parallel, where the platform distributed up to 3000 USDT in PAXO to winners.
Participants were required to subscribe to any of our social media channels to register. Afterward, they would receive 50 test USDC. Typical of a testnet, the objective of the 30-day program was to draw as many people to the protocol, allowing them to thoroughly test every core component of the platform before submitting valuable feedback.
Their feedback was used to refine the platform, allowing Paxo Finance to deliver precisely what its global pool of active users and investors are desirous of: changing the crypto investment landscape through a protocol where users can borrow with a 5X leverage and invest in top-tier crypto assets.
6,000 feedback were received from 19,600 active participants, mainly from Indonesia, East Europe, and the U.S, who experimented on all lending, borrowing, and trading components of the protocol.
From the testnet, the platform allowed participants to get paid as they trial the dApp, learning how they can easily invest in crypto via an undercollateralized protocol guided by secure smart contracts. Additionally, by opting to launch on Polygon, all users, including liquidity providers whom Paxo Finance will now allow to earn passive income, would not have to pay huge on-chain transaction fees because of the network's high throughput.
Polygon was tactically selected as the testing protocol. The same chain is now being used to anchor Paxo Finance as the protocol goes live on the mainnet. PAXO Finance is building a revolutionary product allowing users to invest MORE with LESS capital regardless of prevailing crypto market conditions.
Learn more about PAXO Finance from the white paper here.