While PORTX was intended to launch earlier, several factors, including fluctuating market conditions, delayed the launch. Now that they have achieved the intended milestones and market turbulence has eased, as Chainport – PORTX Token Launching.

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.

PORTX Token

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. 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.

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About ChainPort

ChainPort is a next-gen cross chain bridge that provides custodian-level security with full interoperability. Moreover, they introduces an unprecedented level of security architecture, porting tokens safely across blockchains with just a click.

ChainPort is a permissionless bridge and is already porting more than 140 tokens between different blockchains with additional projects joining daily. Furthermore, porting is done in just minutes through a friendly and simple UI without the need for any technical integration.

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SOURCE

https://medium.com/chainport/chainports-portx-token-tge-announcement-fff10923db9f

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