What Is PhotonSwap (PHOTON)?
PhotonSwap is EVODEFI’s official farming token. It is supported by a revolutionary elastic burning system, where part of the protocol’s revenue is used to perform daily buybacks. While performing them the team grants a strong price floor, protecting holders and farmers from impermanent loss. You can earn GENX through farms and pools. Currently, 1,440 GENX are emitted everyday while 5,000 are burned – a true deflationary token.
It’s also possible to boost your rewards through exclusive NFTs, that give both permanent and temporary APR increasing effects. As a true cross chain token, you can choose to farm it in Binance Smart Chain or Polygon Chain. Both sides have a fixed emission rate of 0.07 tokens per block. GENX max supply is capped at 5,000,000 tokens between both chains.
PhotonSwap Storage Key Points
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
A revolutionary system that increases GENX value over time
To protect the token’s price, PhotonSwap developed a burning system that uses the protocol revenue to fund buybacks. They act removing GENX from circulation and increasing its scarcity, to protect their value and increase it over time. This system is called Elastic Buybacks, and it’s entirely related to the token’s current price.
When the token’s price is low, the burning rate increases. When it’s higher, the rewards tend to get higher and the token tend to be less dependent of burnings. In this case, the burn rate gets lower.The Elastic Buybacks were implemented at 09-07-2021 and, thanks to it, PhotonSwap established a strong floor at $0,12.
You can earn PhotonSwap through EVODeFi’s referral program. Obtain rewards from direct referrals, from their referrals (second referrals) and from the referrals from referrals (third referrals). The rewards goes directly to your wallet every time your referrals harvest their farms. The APR will be provided as long as the NFT is staked in the Evolution Tab. There is a time lock of 24 hours. You may withdraw the NFT anytime after the time lock has ended.
At PhotonSwap you can boost your farm through a gamified system. A permanent boost is given to those who stake a NFT into the evolution tab and an extra 50% temporary APR is given when a NFT is burned into one specific pool. To obtain maximum APR boost, you must stake the highest level NFT (Elon) for +50% additional APR and burn the NFTs in a farm/pool to get the remaining +50% additional APR. Example: GEN-BUSD LP farm has 45% Base APR. Depositing Elon NFT in Evolution tab gives you +50% (+22.5% APR).
What is a token bridge?
A token bridge allows tokens from one blockchain to interoperate on another blockchain or network in a secure manner. PhotonSwap A bridge allows user and developers to transfer tokens or arbitrary data from one blockchain to another blockchain. How does a Token Bridge work? A token bridge is a connection that allows the transfer of Tokens and/or arbitrary data from one chain to another.
Both chains can have different protocols, rules and governance models, but the bridge provides a compatible way to interoperate securely on both sides. In a token bridge, new tokens are not actually issued on the target blockchain or crypto. Bridges use a smart contract to lock your existing tokens and mint new tokens on the target blockchain. When you want to redeem the new tokens, an equal amount of tokens on the original chain are unlocked.
How does the bridge work?
A token bridge is a connection that allows the transfer of Tokens and/or arbitrary data from one chain to another. Both chains can have different protocols, rules and governance models, but the bridge provides a compatible way to interoperate securely on both sides. In a token bridge, new tokens are not actually issued on the target blockchain or crypto.
PhotonSwap Bridges use a smart contract to lock your existing tokens and mint new tokens on the target blockchain. When you want to redeem the new tokens, an equal amount of tokens on the original chain are unlocked. On EvoDefi, you can move tokens between between Ethereum, BSC, Fantom, Heco, Avalanche, Arbitrum, Tron, Cronos, Solana, Polygon, Moonriver, OKex, Tron and Bitcoin blockchains in a quick and cost-efficient manner.