The world’s first self-rebasing layer 1 blockchain is planned for 2023
Disclaimer: The text below is a press release and is not part of Cryptonews.com editorial content.
Press release: SafuuX plans to revolutionize the whole concept of rebasing.
August 19, 2022, Brisbane, Australia – Building on the continued success of the Safuu protocol, the Safuu team announced the upcoming launch of SafuuX. The world’s first self-rebasing layer 1 blockchain, slated for Mainnet in January 2023. The SafuuX blockchain will use a Proof of Staked Authority (PoSA) consensus mechanism and feature SFX as a native coin, and SafuuX DEX as a native decentralized exchange on SafuuX chain.
SFX will offer a huge never-before-seen introductory APY of 191,888% achieved through rebases, and will then use a FixedFlex model, offering up to 3.24% APY per day. SFX will have the same auto rebase, auto compound, and auto staking mechanics as the original Safuu, ensuring holders earn reward payouts every 15 minutes.
“After seeing the success of the initial Safuu project, it was clear that expanding the concept into a full-fledged Layer 1 blockchain was the natural progression of the protocol,” said Bryan Legend, CEO of Safuu. “This is an entirely new concept, something never before seen in DeFi, and we have a lot of additional features and benefits that we will be announcing in the near future,” he added.
From October 20, 2022, there will be a first “sacrifice event” where existing Safuu token holders and holders of BTC, ETH, BNB, FTM, XRP, SOL, DOT, AVAX, MATIC, DOGE, SHIB and USDT/USDC/BUSD stablecoins will be able to sacrifice their current coins for SFX before the testnet goes live.
First Day One Priests will be eligible for a multiplier of up to 50% of their sacrifice rewards. The multiplier reward will decrease over time in the following days, ensuring that early sacrificers are rewarded the most while ensuring that even late sacrificers will be richly rewarded.
SFX tokenomics includes an initial supply of 375 million coins and an initial net prime launch price of $9.00.
For more information on SFX and the SafuuX channel, visit https://www.safuux.com/
SafuuX Chain is the world’s first independent rebasing blockchain that uses the Proof of Staked Authority (PoSA) consensus on a system of validators. SafuuX has smart contract functionality and is also EVM compatible. SafuuX Chain’s native coin is SFX which is used to pay for gas fees, validator staking, and block rewards. SafuuX Chain is a standalone blockchain which, unlike other Layer-2 solutions, does not interact directly with the Ethereum base chain.
Safuu provides a decentralized financial asset that rewards users with a sustainable fixed compound interest model through the use of its unique SAP protocol. Safuu offers the industry’s highest fixed APY, paid every 15 minutes, and a simple buy-hold-earn system that grows your portfolio in real time.
CMO 2IC, Safuu