We at ChainPort are very excited to update you about the upcoming Token Generation Event or TGE for the PORTX token. ChainPort’s development team has been dedicated and determined to build the best possible token for a next-generation cross chain bridge. Our efforts are taking shape, and development is moving forward at a rapid pace.
While PORTX was intended to launch earlier, several factors, including fluctuating market conditions, delayed the launch. Now that we have achieved the intended milestones and market turbulence has eased, we are gearing up toward the launch of PORTX.
Last week ChainPort announced a new fee mechanism. By implementing fees, there is not only a solid monetization plan for ChainPort, but it also rewards holders, users, stakers, and projects.
ChainPort’s development team wanted to properly test and perfect the fee and staking mechanism to start collecting fees in advance of the launch. Up to 95% of the fees accrued over this period will be converted to PORTX and redistributed according to ChainPort’s tokenomics.
As such, ChainPort can finally unveil the timeframe for PORTX’s TGE. The token generation event for PORTX will take place in mid-September 2022. A final and more precise date will be revealed shortly before the TGE.
The PORTX token will be central to the ChainPort ecosystem. The PORTX token will be used to pay discounted porting fees, staking and rewarding incentives, and liquidity rewards once ChainPort supports stablecoins. The introduction of the PORTX token now integrates smoothly into the bridge. The usage and capabilities PORTX token provides will be used from the first moment of its release. This will guarantee ChainPort’s long-term dominance as one of the leading cross chain bridges.
The launch of the PORTX token will advance ChainPort even further. The introduction of PORTX and its multiple incentive models will make ChainPort the cross chain bridge of choice for many. With ChainPort’s emphasis on robust security features, cross chain interoperability, and now a partner’s revenue share model, ChainPort is the ideal tool for bridging tokens.
ChainPort will soon introduce its roadmap for the coming quarters, with many exciting development updates in our pipeline. This includes the future integration to support Cardano. As such, waiting for the successful implementation of Cardano’s Vasil hard fork is required. It is worth noting that ChainPort is one of the first cross chain bridges to support Cardano’s ecosystem.
Please follow our updates on our Telegram news channel and Twitter. We will post more information towards the launch.
ChainPort is a next-gen cross chain bridge that provides custodian-level security with full interoperability. ChainPort introduces an unprecedented level of security architecture, porting tokens safely across blockchains with just a click.
Security is always paramount for ChainPort and 95% of the funds are stored in cold storage wallets provided by leading industry security experts: FireBlocks MPC and Gnosis-safe multi-sig.
ChainPort is a permissionless bridge and is already porting more than 140 tokens between different blockchains with additional projects joining daily. Porting is done in just minutes through a friendly and simple UI without the need for any technical integration.
Since its launch in 2021, Chainport has managed 35,000 ports and $500,000,000 in volume. Learn more by visiting ChainPort.io or reading our documentation.
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