we’ll give a brief introduction to pegaxy, the distributed exchange, which recently went live on the Avalanche main net. Penguin uses the same automated marketmaking model as Uniswap and is able to trade any token on either the Ethereum or the Avalanche network. When coupled with the Avalanche Ethereum bridge, Penguin empowers diffi users to pursue yield opportunities with the same asset across two blockchains.
For the very first time in a crowded marketplace with multiple contenders, Penguin offers three critically important benefits. First, fast and inexpensive trades, second, a fair and open token distribution, and lastly, community driven development.
Let’s dig into all three of those. So first, fast and inexpensive trades. Penguin is powered by Avalanche. This means subsecond transaction finality and fees for as low as a few cents, and Penguin can give the user experience of trading on a centralized exchange while offering all of the benefits of trading on a decentralized exchange. Fair and Open Token Distribution Penguin was created with the intention to be open, fair and Democratic, and is following a fair launch model with its governance token PNG. No PNG tokens were allocated to the team, investors, advisors or any sort of insiders. 95% of the PNG tokens are given to liquidity miners and 5% to AirDrop recipients.
The liquidity mining program started when Penguin went live, with the number of distributed tokens having every four years per this vesting schedule. The liquidity mining program covers the most popular A box and PNG pools on Penguin, including what you see here. Check out the light paper for a full list of pools which are initially covered by the liquidity mining program. 5% of PNG are being airdropped to uni and sushi holders. Check out the light paper for more details on the AirDrop as well.And lastly, community driven development. So to reinforce the project’s commitment to being created solely for the benefit of users, all governance activities are enabled by the Penguin governance token PNG and again, no PNG tokens were allocated to the team, investors, advisors or any sort of insiders. So therefore, Penguin is entirely communitydriven and entirely community owned. Penguin governance will be live three months after launch and will enable key actions, including modifications to the liquidity pools.
Proposals may add and subtract liquidity mining pools, or may allocate PNG directly to a user or a smart contract such as the community treasury, and also a fee switch wherein a fraction of the fees generated from trading can be diverted to a designated address which provides the community with the opportunity to acquire extra funds to support any significant community initiatives. Penguin is an incredibly powerful exchange which enables deep ownership from the community and remains highly Democratic and distributed. So head on over to Penguin Exchange and you can check out the white paper or get started trading today.Thanks.
Connect your Wallet to the Polygon Chain and Pegaxy Website.
Click the Enter Race button and you will be pushed into a lobby matching your Pega’s class, instantly.
Once the lobby is full, you will have 60 seconds to assess the tracks variables and fit gear to help your Pega match the tracks variables.
Watch your Pega race against 11 others! If you place in the top 3, you win VIS tokens!
Each Pega has 25 energies and one energy is replenished every hour. So, to be able to earn a lot in racing, one has to use up all the energy in a day. With 175 VIS in the Prize Pool, only the top 3 could earn the Pegaxy’s utility token called Vigorous (VIS): the 1st place could win 105 VIS, 2nd place is 44 VIS, and the 3rd place is 26 VIS.
You can earn PGX (Pegaxy’s governance token) or USDT by selling your high performing or newly born Pega on the Marketplace.
Renting-out your Pega means that you are letting the renter race for you. Pegaxy has two types of Renting: Shared Profit or Fixed Term Rental. In Shared Profit, you can rent-out your Pega for FREE to the public while putting a certain percent to your racing profit. For example, you can rent-out by 15% profit sharing, which means that the renter will have 15% of your racing profit and you have the remaining 85%. In Fixed Term Rental, however, you can rent-out your Pega for a certain amount of PGX or USDT. For example, you rent-out your Pega for 150 PGX for 2 days. The renter, therefore, will pay you and will race the Pega for you. All profit gained during the 2 days’ rental will go to the renter.
You can earn by collecting rare Pegas by reselling them through marketplace price speculation.Read more Axie Infinity: Play to Earn NFT Game
Lastly, you can earn money by competing in Pegaxy’s global competition called “The Grand Dash”. As stated in Pegaxy’s Whitepaper, The Grand Dash competition takes place over 12 months, concluding in December. Top 12 racers of every class (60 total/month) will compete in a series of events until the top 15 racers are identified at the Grand final in December (top 3 of each class). The top 15 will then receive generous PGX rewards.
To purchase an NFT, ensure you have the requested currency (e.g. WETH or PGX on the Polygon chain) before clicking “Buy”. Afterwards, Metamask or other associated wallets will display a pop-up for you to confirm your purchase; once approved, your purchase is complete.
Every transaction on the Pegaxy marketplace is subject to a 3% seller fee. There is the same fee regardless of the currency in which you sell Pega, Food, Gear or Stadium. Pegaxy’s ecosystem will not be decentralized from day one as mentioned in the Governance Token section of the whitepaper. Here is a snippet from that section.
“The fees within the ecosystem of Pegaxy for the first year*, will go towards the game studio to assist in the costs of development, large scale partnerships, recruiting senior experts and building an extremely strong foundation. This system allows the game studio to move forward and increase the speed of the games development, which also speeds up the inevitable decentralisation of the game.”
Upon activation of the community treasury, these marketplace fees will be directed to the treasury to be used for staking rewards, tournament rewards, and ecosystem development.
Looking at the studio’s financial needs for Pegaxy to reach the level of game the community desires, its a very long-term vision. Also, setting the rates to what would be an appropriate entry point for the Treasury once it is established.