Internet City, Dubai, Jun 9, 2022 — The LBank exchange, a global digital asset trading platform, lists Source Token (SRCX) tomorrow. For all LBank users, the Source Token (SRCX) and Tether (USDT) trading pair is available at noon UTC. 

As a global decentralized fintech (DeFinTech) firm, Source Protocol’s ecosystem has been developed to play an integral role in powering the Web3 economy and beyond. Equipped with a full decentralized finance (DeFi) suite for lending, borrowing, earning and staking, various enterprise integration solutions and more, Source provides its users and institutional clients with seamless access to next-generation finance. 

Introducing Source Protocol

Source Protocol is a multichain and interoperable DeFinTech ecosystem designed for retail users and enterprises to easily adopt and implement the latest advancements in Web3 financial technology. The protocol has a toolbox to let users conveniently access the best DeFi has to offer, such as borrowing, lending, staking, liquidity pooling and more, in one seamless hub committed to security, solvency and sustainability.

The Source team cumulatively has 35 years of experience in blockchain technology and cryptocurrency markets, and its founders have been active in the space since 2013. With a team of seasoned finance professionals, developers and DeFinTech experts, Source is dedicated to fostering financial sovereignty by making traditional financial services accessible, efficient and private.

Source commits to building on, integrating with and implementing the most efficient, compatible, and adaptable tech as the space evolves over time. With a vision of creating a continuously evolving and all-encompassing DeFinTech solution, Source is creating an ecosystem to fuel unlimited DeFi participation in the market.

About the SRCX token

SRCX is the first product of many to be released by Source Protocol this year. It is a smart contract utility token with a built-in automation fee used for passive DeFi participation in the Source marketplace. The automation fees produce two types of rewards: Loyalty Echoes generated with every network transaction and Yield Echoes produced by an automated DeFi process integrated with the Source marketplace.  

The Source marketplace is a peer-to-peer lending and borrowing platform for users to participate in multi-level DeFi processes using smart contracts to retain full custody of assets. The automation convenience SRCX token makes it easy to access DeFi yields in the Source marketplace by simply holding, letting anyone — regardless of crypto expertise — benefit from complex DeFi processes.

The automation fee that makes SRCX Echo Rewards possible will be reduced algorithmically as transaction volume on the network increases and hits various milestones. SRCX also has a deflationary burn mechanism that sends tokens to a dead wallet with no private keys for every transaction. The burn function can be turned off during promotions and increase Echo Rewards for all tokenholders. Echo Rewards are only supported for wallets holding SRCX on BNB Smart Chain. Centralized exchanges will not support the automation fee and cannot contribute or benefit from the automated DeFi processes.

Since SRCX is the first utility token to launch from the Source Protocol ecosystem, it will position all tokenholders for future Source airdrops. 

SRCX has been designed to accumulate solvent value backing. A portion of every automation fee is sent to a self-compounding liquidity pool on the Source marketplace that continuously grows in trusted stablecoin assets such as USD Coin (USDC). This results in a constant accumulation of solvent value backing of SRCX that is live audited and can be verified on the blockchain. 

Overall, SRCX is a dynamic, automated DeFi token and the first of its kind to offer multiple rewards from automated DeFi processes, a deflationary burn mechanism, solvent growth backing and a self-adjusting transaction fee.

Based on the BEP-20 protocol, SRCX has a total supply of 500 million tokens, with 40% of the total supply burned at genesis, leaving the circulating supply at 300 million. Investors interested in Source Protocol investment can easily buy and sell SRCX on LBank by tomorrow. Its listing on LBank will help it further expand its business and draw more attention in the market.

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About LBank 

LBank, founded in 2015, is an innovative global trading platform for various crypto assets. It provides its users with safe crypto trading, specialized financial derivatives and professional asset management services. It has become one of the most popular and trusted crypto-trading platforms, with more than 7 million users from more than 210 worldwide. 

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