DUBAI, United Arab Emirates, June 29, 2022 (GLOBE NEWSWIRE) — Jax.Network, a blockchain project focused on building an energy-standard monetary system, has minted WJAX, JAXUD, and JAXRE on its DeFi platform. The Layer-2 stablecoins are available on Binance Smart Chain, Ethereum, Polygon and Avalanche C-Chain now.
WJAX (Wrapped JAX), JAXUD (JAX Dollar), and JAXRE (JAX Rupee) are stablecoins, minted by the smart contract on Jax.Money. This DeFi platform can be used to issue localized derivatives soft-pegged to an energy token JAX, which retains its stable value thanks to a unique reward function. At the moment, tokens can be tracked at BscScan, Etherscan, Polygonscan, and Snowtrace (Avalanche C-Chain).
“The current debt-facilitating monetary system manipulates people into working for currencies that are subject to inflation. We took several years to come up with a currency backed by energy, reflecting efforts put into its mining and launched a whole new energy-standard monetary system to serve people’s needs all around the world,” Vinod Manoharan, the Founder of Jax.Network, revealed in a comment.
Apart from their transactional use, localized stablecoins such as JAXRE and JAXUD offer an excellent arbitrage opportunity with their fiat representations, as Jax.Money provides better exchange rates. Feel free to try out energy tokens fully backed by on-chain reserves at Jax.Money now!
Jax.Network provides the technological infrastructure for a decentralized energy-standard monetary system. The Jax.Network blockchain is anchored to the Bitcoin network and issues two digital currencies JAX and JXN. JAX is a stablecoin pegged to the energy spent on mining, while JXN is an asset coin representing the value of the whole network. The Jax.Network team aims at making these coins a universal standard for the quantification of economic value.
Jax.Money is a stablecoin payments system with 100% on-chain reserves backed by energy spent or Proof-of-Work. Its primary function is issuing localized derivatives soft-pegged to an energy-underwritten stablecoin (Wrapped JAX). Such a solution helps to maintain the stable value of a localized derivative and to simplify the payment process itself.