Parex Network, founded in 2021, is a decentralized Layer 1 blockchain ecosystem centered on a Decentralized Autonomous Organization (DAO) framework. It features a native PEP-20 network and supports Ethereum Virtual Machine (EVM)-compatible wallets, enabling developers to create decentralized applications (dApps) while providing users with staking options and cross-chain functionality. ^{[1] [6]}

Overview

Parex Network is built as a self-sovereign Web3 ecosystem blockchain and incorporates on-chain governance and compatibility with the Ethereum Virtual Machine (EVM), supporting existing Ethereum tools while providing faster transaction finality and lower fees. Its interoperability extends to Ethereum Mainnet and other blockchains, allowing seamless integration across ecosystems.

The network features interoperability through its Proof of Interoperability mechanism, which enables seamless interaction with other blockchains like Ethereum, Polygon, Polkadot, and Avax. Parex’s native token, PRX, is central to its ecosystem, generated through a mining process, and used for staking, network security, and cross-chain operations.

Parex Network is also committed to community-driven initiatives, promoting collaboration and trust-building among users, while offering diverse investment opportunities. The network’s adaptability is further demonstrated by its use of the PEP-2/PEP-20 protocol and its ongoing token burning mechanism, aimed at stabilizing the token’s value. ^[2][3][7]

Key Features

Decentralized Exchange (DEX): RacoonSwap

1. RaccoonSwap serves as Parex Network's decentralized exchange, offering:

Proof of Asset-Based Consensus (PoABC)

1. An innovative mechanism combining Proof of Stake (PoS) and Proof of Authority (PoA) for:

2. Decentralization: Open participation for unlimited validators.

3. Security: Malicious activities deterred via slashing penalties.

4. Efficiency: Optimized block times and lower costs.

EVM Compatibility

1. Ethereum Virtual Machine support allows developers to deploy smart contracts effortlessly, use familiar tools like Remix and Truffle, and integrate Ethereum-based applications seamlessly.

Cross-Chain Bridges

1. Parex Bridge enhances interoperability with Binance Smart Chain (BSC), providing:

2. Asset Liquidity: Access to broader DeFi opportunities.

3. User Flexibility: Simplified asset transfers and swaps.

Ecosystem

Parex Chain

1. Parex Chain operates on the PEP-20 protocol, which is designed to enhance interoperability within the blockchain ecosystem. As a community-focused initiative, it aims to foster transparent and decentralized interactions. The chain is fully compatible with Ethereum's ecosystem (EVM), allowing for integration with a variety of blockchain platforms. It provides a decentralized, immutable ledger that supports the recording of transactions and asset tracking, both tangible and intangible. This system reduces risks and costs for participants by streamlining asset exchanges. Through its PEP20 framework, Parex Chain supports the development of decentralized applications (dApps) and the secure transfer of assets across different blockchain networks. ^[8]

Ecosystem Applications of Parex Network

2. Staking: Lock PRX tokens in smart contracts to earn hourly rewards and support network stability.

3. Parex Bridge: Facilitate low-cost asset transfers between Parex and Binance Smart Chain (BSC) networks.

4. RaccoonSwap Info: Access analytics and insights to make informed trading decisions.

5. Validator Program: Run validator nodes to enhance network security and earn rewards.

Tokenomics

Parex Network Token ($PRX)

PRX is the native token of Parex Network, functioning similarly to ETH on Ethereum. It is used for various purposes within the network, such as paying gas fees for smart contract transactions, enabling cross-chain asset transfers (e.g., between Parex Chain and Ethereum), and securing the network through staking or delegation. The PRX supply was exclusively generated through node mining, with no initial offerings such as ICOs, IDOs, or presales. Additionally, the team and advisors have not been allocated any PRX tokens, ensuring that the entire circulating supply is produced and owned by the community. The network avoids pre-mined tokens and bulk unlocking schedules, reinforcing its commitment to fair and decentralized distribution.

Maximum Supply: 77,000,000 PRX

No ICO/IDO or Presale: PRX was not sold through any pre-sale or initial offering. The initial supply was generated via mining.

Team’s Share: No PRX has been allocated to the team, advisors, or treasury.

Circulation: All circulating PRX is owned by the community, and it is solely created through community mining efforts. ^[5]