pxGold: The first tradable synthetic asset commodity on PerlinX
PerlinX, a decentralized liquidity pool & synthetic asset generation platform, has announced the launch of pxGold; a synthetic asset designed to track the price of 1 fine troy ounce of gold fully collateralized by PERL token.
pxGold gives users exposure directly to the price of gold price; without going through banks and centralized exchange with all the middlemen fees.
Features of pxGold
- Low Fees: Trading in a decentralized market mitigates all middlemen fees imposed by other exchanges.
- Easy Access: PxGold is tradable and mintable 24/7; regardless of market trading hours.
- Fractional Orders: Executing fractional orders in traditional finance requires some complexities and additional waiting time. The order volume on the blockchain is represented simply as a number, and therefore saves on processing time.
The first pxGold is set to expire at the end of May 2021. This means pxGold will go through settlement and each pxGold will be redeemable for PERL worth 1 fine troy ounce of gold at the time of expiry (1430 UTC May 31, 2021).
PxAssets and Collateral Type
“PxAssets are synthetic assets that track the price of anything; fully backed by PERL or other approved collateral. We have implemented a new off-chain governance mechanism for our community to participate in proposing new pxAsset ideas. Participating in this governance does not require any fees including gas fees, unlike on-chain governance mechanisms. In addition to new pxAssets, the community is welcome to propose the use of a new collateral type for new pxAssets.”
– The PerlinX Team