Following weeks of preparation and hard work, we’re incredibly excited to open the Paribus Mainnet v1 tomorrow. This marks the welcome return of our protocol and heralds the beginning of our rewards program.
For those who participated in our staking program, the concept behind the rewards program will be simple to understand. We’ve allocated 100 million PBX tokens to be issued as rewards to borrowers on the platform.
This concept is even more exciting because the rewards are scheduled to be released evenly across every block and are anticipated to last approximately one month. The rewards will operate dynamically, similar to the dynamic yield rate of the staking program.
It means that the first to borrow will receive the most PBX as the rewards are split proportionately across the borrowers in each block. The fewer the borrowers, the higher their rewards relative to their loans.
When we launched the staking program, the initial hesitancy of people to commit to it meant that the first to stake gained incredibly high yields. As the pools filled up, the yield rate reduced as it was spread across more people. We can’t wait to see how this will play out with borrowers.
If the experience of our staking program is anything to go by, there should be some incredible results to help kick-start the platform. Rewards will accumulate within the Dapp, and users can watch them grow and claim them directly from the platform.
The excitement doesn’t end there either, as this is just the first in a series of announcements and developments we have planned for the coming months. While some people in crypto continue to argue over meme coins, our sights remain firmly fixed on actual growth in the space.
As Deniz, our CEO, says, “We have been heads down working since the start of Paribus. We have experienced many fulfilling and also disappointing moments throughout the journey. The current phase of development is an exciting one that is setting the stage for much bigger milestones to come.”
In addition to our forthcoming announcement about our new advisor, we’re preparing for future iterations. As Wilson, our COO, explains, “The next few months will be very eventful as we will be releasing many core features of the Paribus protocol.”
Although our journey has been far from smooth and easy, in hindsight, the timings of our development have been advantageous. For instance, the turbulence within the NFT market has helped our team test and improve our algorithms to better prepare them for the volatility and uncertainty around NFT valuations.
While the market can still fall to new lows, the shift will unlikely be as dramatic as the price movement over the past 12 months. This has helped build our confidence in the modeling we’ve used.
Whereas many cryptocurrency tokens have undergone several cycles, especially Bitcoin and Ethereum, the same can’t be said for NFTs. The bear market has been especially tough on some market leaders, and seeing how they recover will be invaluable in making our NFT module more robust for future cycles.
As such, we can safely say that we’re at the leading edge of research and development for non-peer-to-peer NFT loans. As the coming bull run inflates prices, the space will likely become more crowded, but few will have the wealth of experience we’ve already gained.
We hope that you’ll be able to join us as we celebrate the opening of our Mainnet v1 tomorrow. Good luck to everyone who participates in our special rewards program, and we look forward to sharing the next exciting steps with you all.