What is Polymesh (POLYX)?
POLYX is the native token of Polymesh. The latter is an institutional-grade permissioned blockchain that focuses on regulated assets. It allows protocols to produce and maintain security tokens. The platform compensates developers with POLYX tokens.
Note that the POLYX token is categorized as a utility token under Swiss legislation by the Swiss financial authority FINMA. Besides, POLYX coins are constantly checked for compliance by Authorized Delegators. You can see the live Polymesh price right above.
Use Cases of POLYX
One of the main use cases of POLYX coins is staking. Users have to stake POLYX coins in order to get a share of block rewards. In order to operate an authoring node, operators must stake Polymesh crypto assets as well. Thus, by staking the network's tokens, holders can help to secure the Polymesh chain.
Another use case of POLYX is governance. Holders of POLYX can vote on and propose Polymesh Improvement Proposals, which enable them to engage in the administration of Polymesh. Even though the development of code for improvement proposals requires more technical knowledge, anyone can vote on the final proposals.
Lastly, POLYX tokens are also used to cover transaction fees or any other expenses that occur within the network.
Don't forget to check the Polymesh price chart. It features the current and the previous POLYX price.
Who Founded Polymesh?
The Polymesh crypto project was founded by Chris Housser who currently serves as the Head of Strategy. He’s also one of the founding members of Polymath, a security crypto tech platform. In fact, Polymesh blockchain is a project developed by Polymath.
Before starting Polymesh, Housser worked as an esteemed lawyer with a passion for the concept of blockchain. For 4 years, he served as an advisor on different blockchain projects, until leaving his practice in 2017 and spending all of his time creating Polymesh.
Note that Polymath users have a chance to upgrade their Ethereum-based POLY tokens (a standard utility token on the Polymath network) to POLYX. This can be done through the POLY to POLYX bridge that automatically converts the token on the chain.
Tokenomics of POLYX
The total supply of around 522 million POLYX tokens is available as of January 2023. The following is the distribution of the POLYX supply:
- 0.9% – bonus pool;
- 2% – advisors;
- 8.9% – founders and company members;
- 51.3% – reserve pool;
- 24% – airdrop/presale.
If you intend to purchase POLYX coins, please study the charts above to see the latest POLYX price. It's important to identify the main price changes to better predict the future movements of the Polymesh price.
