Source Protocol Launches Source Token (SRCX) and Achieves Incredible Growth Within Hours
Tortola, British Virgin Islands — Source Protocol has announced the launch of its utility-based reward token, Source Token ($SRCX). The token saw a 1,000 percent price impact within just a few hours of its fair launch on Monday.
$SRCX is officially live on PancakeSwap, and will soon be listed on LBANK, P2PB2B, and COINSBIT.
Launched on the BNB Chain, the world’s largest crypto network by volume, SRCX is the first product of many to launch in Source Protocol’s ecosystem. The automated DeFi participation and liquidity acquisition token enables users to passively participate in DeFi markets by utilizing built-in automation fees, executed by smart contracts, where a percentage of every transaction is sent to Source’s Dynamic Compound Liquidity Pool (DCLP).
The DCLP is made up of interest-bearing stablecoin liquidity positions and lives in Source’s decentralized money market, Source Marketplace, where users can lend, borrow, stake, and farm various crypto assets. Rewards, called “Yield Echoes,” derived from the DCLP, are then automatically redistributed to Source Token holders, enabling them to reap all of DeFi’s benefits without having to participate themselves.
The SRCX token also helps users and holders gain access to DeFi’s benefits through a single token, regardless of experience with cryptocurrency.
The success of SRCX’s launch suggests Source Protocol is set to become a leader in the DeFi space by making blockchain and Web 3-based financial services more easily accessible, less complicated and more efficient.
Source Protocol’s upcoming launches include a governance token (TMX), a stable coin (USX), a layer-1 POS smartchain (SOURCE), and a decentralized DeFi marketplace (Source Marketplace). Official launch dates will be announced in due time.
About Source Protocol
Source Protocol is a multi-chain and interoperable DeFi ecosystem with automated protocols designed for users to easily borrow against their crypto assets and generate passive earnings from lending, staking, liquidity pooling, and more. The protocol is composed of a “DeFi Toolbox” where users can conveniently access the best that DeFi has to offer in one seamless hub committed to interoperability, security, solvency and sustainability.