📗Tokenomics

$PHAME token

$PHAME is the platform's utility and governance token. The goal of the tokenomics is to incentivise the protocol's supporters and help long term growth of the community.

Staking

  • Staked $PHAME will receive 40% of the platform fees from leverage tradings and borrowing fees.

  • The fees are currently designed to be paid in the form of native tokens (i.e. the tokens that are actually traded & settled on the platform. On testnet app, they would be $HEX, $tPLS, $USDC and etc). This might change should the community demand so: for example native token fees can be partially converted into $PHAME.

  • Rules of fee distribution:

    1. If 100% of the tokens are staked, then 100% of the net fees will be distributed to the stakers, in the native currencies.

    2. If x% of the tokens are not staked, then x% of the net fees will be distributed to the treasury address.

Token Supply

  • Fixed supply of 55,555,000 tokens

  • Community Allocation - 73% (at the launch of PHAME protocol, 62% was allocated or minted & 11% was unallocated)

  • Team Allocation - 24% (no locking or vesting)

  • Other Contributors - 3% (no locking or vesting)

  • Token distribution information can be found on scan.pulsechain.com or phame dashboard.

$PHLP Token

Users can provide liquidity to PHAME protocol and receive $PHLP in return as proof of their LP position.

  • $PHLP effectively represents a basket of tokens used for swaps and tradings on the protocol. The basket includes stablecoins used for leverage short trading and non-stable tokens used for leverage long trading.

  • $PHLP can be minted using any underlying token within the basket and redeemed to any underlying token too. $PHLP can also be properly transferred & traded, meaning it has true interoperability that can be built with other DeFi legos .

  • Holding $PHLP acts similar to holding the basket of the underlying tokens as a portfolio, while earning fees from protocol but subject to impermanent loss.

    • $PHLP holders will receive 60% of the protocol fees (leverage trading & borrowing fees)

    • $PHLP holders make profit when leverage trader make a loss and vice versa.

Interoperability

  • One key new design of $PHLP as apposed to the forked GMX v1 $GLP is that $PHLP liquidity tokens are natively transferrable. Such design allows various more friendly use cases upon $PHLP that could improve capital efficiency, price discovery and ease of building more DeFi legos on PHAME protocols.

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