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by Nate Urbas

Crypto Trader, Bitcoin Miner, Holder. 🚀🌑

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Phamous

phame.io

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Site Rank: 719

If your website is on the scam list and you think that you are not a scammer, contact us. After you provide us with all the proof that you are in Crypto World with good intentions, we will delist you. Usually, you get in this category because you are hiding your team, you have a bad reputation(you are tricking, deceiving, scamming people), and you haven't got a written project whitepaper or is a shitty one....

Their Official site text:


Welcome to PHAME

Complete version of document will be available when protocol launches.

What is PHAME? 

PHAME is a fork of GMX protocol (v1) with its own customized design in governance token staking and LP token mechanism (interoperability).

It is essentially a decentralized and non-custodial perpetual exchange that emphasizes offering solutions for clear risk management, minimal transaction costs, and absolute transparency of users' funds.

Traders can utilize cryptocurrencies like PLS, HEX, PLSX, and more, with leverage of up to 30x ~ 50x, all the while participating in revenue sharing if you choose to stake PHAME governance tokens.

A distinctive multi-asset pool supports trading and generates fees for LP’s (liquidity providers) through market making, swap fees, and leveraged trading.

We assume you have reasonable knowledge about GMX v1 protocol and their tokenomics. Please check  for more details.

What Solutions Does PHAME Offer for Current Issues?

Transparency

Self-custody

Removal of Middlemen

User-Friendly Interface

Differentiated tokenomics & LP mechanisms

Built by community, for community


Tokenomics

$PHAME token

$PHAME is the platform's utility and governance token. The goal of the tokenomics is to incentivise the protocol's supporters and help long term growth of the community.

Staking

Staked $PHAME will receive 40% of the platform fees from leverage tradings and borrowing fees.

The fees are currently designed to be paid in the form of native tokens (i.e. the tokens that are actually traded & settled on the platform. On testnet app, they would be $HEX, $tPLS, $USDC and etc). This might change should the community demand so: for example native token fees can be partially converted into $PHAME.

Rules of fee distribution:

If 100% of the tokens are staked, then 100% of the net fees will be distributed to the stakers, in the native currencies.

If x% of the tokens are not staked, then x% of the net fees will be distributed to the treasury address.

The treasury will use the collected fees to benefit the protocol & community similar to the design of ​

$PHLP Token

Users can provide liquidity to PHAME protocol and receive $PHLP in return as proof of their LP position. 

$PHLP effectively represents a basket of tokens used for swaps and tradings on the protocol. The basket includes stablecoins used for leverage short trading and non-stable tokens used for leverage long trading. 

 $PHLP can be minted using any underlying token within the basket and redeemed to any underlying token too. $PHLP can also be properly transferred & traded, meaning it has true  that can be built with other DeFi legos .

Holding $PHLP acts similar to holding the basket of the underlying tokens as a portfolio, while earning fees from protocol but subject to impermanent loss. 

$PHLP holders will receive 60% of the protocol fees (leverage trading & borrowing fees)

$PHLP holders make profit when leverage trader make a loss and vice versa.

Interoperability

One key new design of $PHLP as apposed to the forked GMX $GLP is that $PHLP liquidity tokens are natively transferrable. Such design allows various more friendly use cases upon $PHLP that could improve capital efficiency, price discovery and ease of building more DeFi legos on PHAME protocols.


Token Mint Terms

$PHAME

This document serves as a disclaimer and terms for the act of minting the tokens. Before participating in the token minting process, please take the time to read and understand the following important points. "Tokens" mentioned below would be referring to $PHAME on PulseChain mainnet.

No Public or Private Sale

It is important to note that there is no public or private sale of the tokens ever. The tokens are mintable by those community members in recognition of their free speech via past on-chain activities. If you are not eligible to participate in the minting process, please do not attempt to do so. 

No Token Value

Furthermore, it is important to note that the tokens have no inherent value. Token minting is not an investment opportunity. Instead, the minting process serves as a means to create a digital asset that can be used within a specific ecosystem. PHAME protocol is a fork of GMX v1 and $PHAME is the utility & governance token of the protocol. There should be no expectation of any economic return or other benefits by minting the tokens. Any further token price move and staking activities would be pure community & market activities.

Restrictions on Participation

Please note that United States citizens and OFAC-sanctioned citizens are not expected to participate in token minting. The laws and regulations surrounding digital assets in the United States are complex and constantly evolving. As such, we cannot guarantee the legality or compliance of minting this token for individuals residing within the United States. It is your responsibility to ensure that you are eligible to participate in the minting process.

We have also conducted a crosschecking against OFAC sanction address list & some community maintained blacklist and have found none of our community addresses is included. We reserve the right to do this regularly on an ongoing basis.

Decentralization

The protocol and token contracts are fully decentralized on blockchain(s), and front-end pages are hosted on peer-to-peer IPFS network. The tokens supply are also exceedingly decentralized. No one is controlling protocol back-end, front-end or majority of any token supply. As a result, the community members who participate in the minting process bear the sole responsibility for the outcomes of their actions.

PHAME Team Responsibility

Finally, the Phame team are community members who are only responsible for software development but not any financial liability. The team will not be held liable for any issues that arise due to community members' actions. If you choose to participate in the minting process, you do so at your own risk.

Thank you for taking the time to read this document. We highly recommend that all potential token minters seek legal counsel before participating in the minting process.