Functions of $PRXY

The core functions of $PRXY Token are divided into three. They include:

  1. Voting to 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 integrations.

  2. Fee sharing: 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 from with PRXY stakers.

    Worthy to note is that staking is one of the core highlights of the platform and staking of the PRXY token may be the mechanism to reward the stakeholders of the system from the fees generated. These stakeholders will be rewarded with excess BTC tokens in custody that may have accumulated from Minting and Redemption. The distribution of this BTC will be in the form of BTCpx since an erc20 token is required.

  3. Liquidity Mining incentive to provide a mechanism to grow the underlying usage of the BTCpx protocol can be found in more detail on the How to Earn PRXY page