Phunware, Inc has announced the launch of its PhunToken (PHTK) liquidity pool rewards program for a trading pair with Ether (ETH) at Uniswap V2.
PHTK is currently available for purchase with US Dollars (USD), Bitcoin (BTC) or ETH. The liquidity pool rewards program is expected to launch next month and the first reward will be distributed in April to eligible whitelisted wallets.
The rewards are paid in PHTK to every eligible liquidity provider that locks ETH and PHTK on Uniswap for at least 30 days. These rewards are in addition to the anticipated 0.3% fee liquidity providers typically get from Uniswap trades on trading pairs they provide liquidity to in the market. Only a limited number of liquidity providers who register will be whitelisted.
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“We are thrilled to take this important next step in commercializing a truly decentralized data economy that can access and utilize all of the features and capabilities of our Multiscreen-as-a-Service (MaaS) platform,” said Alan S. Knitowski, president, CEO and co-founder of Phunware in a statement.
“Decentralized exchanges like Uniswap will help us further decentralize PhunToken and further extend access to MaaS functionality globally, but it's important that we take the added step to KYC/AML each of our liquidity providers through this simple registration process," he added.
By incentivizing PHTK holders with rewards, the company said it expects to provide the necessary liquidity to not only foster a healthy ecosystem, but also more rapidly accelerate the global decentralization of PhunToken.
The liquidity pool rewards program is expected to be automatically renewed on a monthly basis unless declared otherwise by the company.
Phunware said it has plans to launch similar programs on other decentralized exchanges (DEXs), including SushiSwap, in the future.
Contact the author at jon.hopkins@proactiveinvestors.com