Pegasys to Take Flight as First DEX and AMM on Syscoin NEVM
Syscoin Foundation is pleased to announce that Pegasys Protocol has officially adopted Syscoin’s Layer-1 EVM called NEVM, and aims to leverage Syscoin’s upcoming Layer-2 with ZK-Rollups. You can dive further into Pegasys’ plans in their newly released article, Introducing Pegasys.
The foundation has been working closely with Pollum, the creators of Pegasys, behind the scenes.
“The Syscoin community is one of the most constructive and tech-oriented around, so it’s more than fair to step-up the AMM game for the incoming DeFi Renaissance in the network. Not only that, Pegasys can be a gateway from other EVMs to Syscoin NEVM so it’s really important for us to be competitive outside Syscoin as well.” - Pegasys Lead Developer
While Pegasys is partly based on Uniswap’s codebase, it will be far from a basic fork of Uniswap;
“Our vision for the protocol is much more similar to what Sushi did with the AMM model by putting our own twist on top of Uniswap’s solid algorithms to make it optimal for Syscoin and for our own community. From the get-go, we have Syscoin-specific features as well as Layer 2 and further scalability-focused features planned for the near future.”
Liquidity providers on Pegasys will be incentivized by yield farming and liquidity mining opportunities. Users who provide liquidity for incentivized trading pairs will be entitled to a cut of the platform’s 0.3% trading fees, and will earn PSYS governance tokens on top of that.
PSYS will be the Pegasys native governance token providing unique yet realistic tokenomics. PSYS will enable the community to drive development of the product, and take part in various liquidity mining programs that will be made available, as well as special events and partnerships that are planned.
“Pegasys is being built for the community, to be run (eventually) entirely by the community.”
The plan is for PSYS token holders to be able to create proposals and vote on various factors related to the protocol.
Learn more about Syscoin NEVM
Syscoin's new Whitepaper will be released soon. Here are some resources for you in the meantime.
A guide for using the Tanenbaum network
"Network-Enhanced Virtual Machine (NEVM) and Related Changes to the Syscoin platform
A boil-down of what NEVM is, and what it means for Syscoin and blockchain technology
"A Design for an Efficient Coordinated Financial Computing Platform"
An in-depth article providing a technical overview of the design and the philosophy behind Syscoin NEVM
Nov 10, 2021 by Syscoin Foundation, SMT