By EINDHOVEN, NETHERLANDS, June 6, 2022, Pegasys, the first and leading AMM on Syscoin’s NEVM, released major upgrades at the end of April: their native token, PSYS, staking, and yield farming.
The metrics following the release have been nothing short of impressive: the Total Value Locked (TVL) soared to over $12 Million, volume hit $2.1 million the day after launch, and the PSYS token was trading at $0.52, up from an initial value of $0.14.
Pegasys farms present an excellent opportunity for Syscoin ecosystem users to lock their assets in a liquidity pool and earn an attractive APY (Annual Percentage Yield) on their funds. The current APR (Annual Percentage Rate) is up to 300%, and early users receive a higher APR, since the APR rates depend on the liquidity locked in a pool. The time is now to buy and sell tokens, provide liquidity to earn fees, and also earn PSYS by locking and staking your liquidity.
Next steps
Regardless of external market conditions, Pegasys development drives on, because we have reliable partners and an internal team dedicated to the project. The team is already implementing UI/UX improvements, L2 support, building more partnerships, and expanding the liquidity protocol to money markets, where users can participate as depositors or borrowers. Our users can look forward to the upcoming protocol governance, which will enable PSYS holders to always make governance decisions compliant with all applicable laws and regulations.
About Pegasys
Pegasys is the first decentralized exchange built entirely on Syscoin NEVM. As a DAO, it offers its native token, PSYS, as an incentivization device and means of governance. As a result of its design, Pegasys can offer far lower fees than its Ethereum-based competitors while also keeping security a top priority. Pegasys inherits the interoperability of the Syscoin NEVM, which makes it an ideal DEX for trading ERC-20 tokens.
About Syscoin
Syscoin is a decentralized and open-source project founded in 2014 whose NEVM blockchain combines the best of Bitcoin and Ethereum in a single coordinated modular platform.
Syscoin is ushering in the next step in the evolution of blockchain technology, providing Bitcoin’s proven security and Ethereum’s Turing-complete programmability elevated to true scalability via ZK-Rollups and other Layer 2 technologies.
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