SINGAPORE, Sept. 22, 2021 (GLOBE NEWSWIRE) -- (via Blockchain Wire) –– Technicorum Holdings, an IT and service group specializing in Digital Assets and successful incubator of innovative DeFi and NFT project KingSwap, today announced that Gennix, the DeFi lending protocol aimed at reducing financial inequality on the Binance Smart Chain, has locked all its Liquidity Pool (LP) tokens in a time-locked contract of 6 months. This will be bi-annually renewed on an ongoing basis to ensure users have a fair opportunity to liquidate rewards from $GNNX tokens.
Liquidity locking is a sustainable security measure that improves the overall experience and investment opportunity for Gennix users. The non-custodial feature of the Gennix microlending platform is key to being part of the Decentralized finance ecosystem, particularly to discourage market manipulation as a result of having the ability to remove liquidity at any time. Instead, locking LP tokens guarantees that users who wish to liquidate rewards in the form of $GNNX tokens will be able to do so.
“Liquidity locking is a key step to sway the crypto rugpull that has plagued many platforms,” said Keefe Tan, Project Director of Gennix. “As investors buy more tokens from exchanges, liquidity pools become a storehouse of valuable coins, enabling bad actors to extract liquidity from the exchange and run off with the cash value. The locked liquidity pool limits the amount of activity of the pool for a 6-month period, reassuring investors of market stability.”
LP tokens are non-custodial and operate via automated functions that promote decentralization and fairness within the Gennix microlending platform. Locking LP tokens is an indirect form of staking and it is necessary for the Gennix microlending platform to ensure the sustainability and security of the project from an investor’s point of view.
LP Token is a mathematical proof for assets that have been contributed to the pool and a representation of a share in the liquidity pool. LP token holders are entitled to collect the initial amount of $GNNX tokens and BNB (Binance Coin) at the end of its lock-up period. This instills faith and trust in our community, aimed at speeding up the adoption of the Gennix microlending protocol and attracting new investors to take advantage of our high yield farming pools.
Gennix has allocated a portion of its $GNNX tokens to sustain these staking pools and maintain price stability. The project developer seeks mass crypto community acceptance by promoting an intuitive user experience on the Gennix Platform. This allows users to generate more capital in a safe manner.
ABOUT GENNIX
Gennix is a DeFi-built uniform Layer 2 lending protocol that’s designed to maximize scalability, composability, and growth. The project promotes end-to-end lending and borrowing of digital assets and related financial products by operating on public networks. A game-changing feature that distinguishes Gennix from other DeFi projects is its foundation on the latest innovative BSC network and the introduction of NFT yield boosters. For more information, visit http://www.gennix.io/.
ABOUT TECHNICORUM GROUP
Technicorum Group comprises of subsidiaries, a few which are regulated, specializing in various verticals in the Digital Assets space, with a one-stop-shop capability to launch, incubate and bring to the global market any blockchain, digital asset, fintech, NFT, DeFi etc project, and is primarily responsible for the KingSwap project, with references of over 100 ICO’s worked on in the past 3 years through its subsidiaries.
ABOUT KINGSWAP
KingSwap (https://www.kingswap.io/) is a DeFi project based out of Singapore with a **“regulated” token that introduces a liquidity pool platform with possible fiat conversions. KingSwap’s high-yield liquidity platform offers extensive staking rewards and digital collectibles.
**" Regulated" - KingSwap commissioned Gravitas International Associates Pte Ltd, a Singapore Payment Service Act ("PSA") exempt company, to issue the $KING tokens. A legal opinion regarding the token issuance has been submitted to the MAS in accordance with the PSA requirements. Gravitas has already submitted an application to the MAS for full licensing under PSA, and the said application is pending review. KingSwap itself has no license specific to DeFi projects, as there is no specific legislation anywhere in the world at this point in time, and is following the regulatory framework of the PSA in Singapore at the time of writing.
All product and company names herein may be trademarks of their registered owners.
Media Contact: Transform Group, kingswap@transformgroup.com, ima.jamal@technicorum.com
