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We often write about upcoming projects or new launches that promise a lot and have to yet prove themselves, but there’s a project that launched last year and has been steadily making its way into the Pulsechain ecosystem, garnering community support and building the price up. The Grays Currency (pTGC) is a meticulously crafted ecosystem designed to empower its holders while challenging the traditional financial system riddled with currency manipulation and centralization.
What is The Grays Currency pTGC
The Grey Currency, with its pTGC token, is designed to be the opposite of the centralized and inflationary fiat currency used by governments to tax citizens and devalue their holdings. With its fixed supply of 333,333,333,333 pTGC tokens, autonomous system, defliationary mechanics, tax and reward system, staking, and locking, the project reverses completely the fiat model and provides users with passive income and participation in the DAO.
pTGC is a first principles token that started with supply zero, no admin keys, no allocation to founders, open source, and community ownership. In today’s crypto world, users often give custody away to the staking contract, which holds everyone’s funds and acts as a big honeypot. The Greys Currency is designed with self-custody in mind, so the users who stake or lock their assets keep ownership of the tokens for the entire time.
pTGC taxation
pTGC relies on a system of taxation, reflection, and buy-and-burn functions to provide holders with perpetual passive income. Buying and selling the token is subject to a 5% tax, which is spread accordingly: burn 0.5%, liquidity 0.5%, 2% DAO, 1% holder and staker reflection, and 1% reflection. Users only need to be aware that when trading the token, they must set the transaction’s slippage to 6% to cover the tax and proceed.
Everyone participating in the Greys Currency is rewarded with PLS tokens, and with the imposition of the trading tax, more PLS goes to the (PTGC/PLS) V1 PLSX liquidity pool than what is paid out. The tax is partially used to fund the buy-and-burn of pTGC and as an addition to the liquidity pool. 2% is being used to be paid out as rewards. The liquidity pool is constantly growing, even if there’s continuous rewards selloff, because there’s more buy, burn, and add to liquidity than the potential outflows that are created.
The pTGC tax system is specifically designed to use short-term traders to fund long-term holders while increasing the value of the protocol and the floor price of the token. With each new buy and burn, the floor price rises.
The main contract functions
The Greys Currency holders can be categorized into stakers, holders, and lockers, and everyone is rewarded more or less based on the category they belong to. Stakers and lockers get additional rewards. Staking is not limited by time and can be ended anytime; however, there is a minimum 90 day time lock when locking pTGC. Withdrawing a stake is subject to a 1% fee that gets distributed to all current stakeholders. Users stake pTGC to participate in the voting on the DAO proposals and to earn passive income on the total tax generated. Stakers may lock their stakes for a predetermined time and earn additional passive income based on the duration of the timelock and the amount staked. If a locked stake is ended early, there is a penalty of 30% of the locked tokens, which is distributed to all current lockers. The amount each locker receives is based on their tier rank and locked amount of pTGC.
Building up liquidity web
The liquidity compounding the tax is held in the V1 (PLS/PTGC) pair on PulseX. pTGC is now paired with many other Pulsechain tokens, and these trading pairs continually add to the V1 (PLS/PTGC) liquidity pair via the smart contract. The Greys Currency now has a web of liquidity pools, all creating volume and taxes for rewards, and buy and burn to raise the floor.
As the ecosystem grows and more paths are created, there are more opportunities for both holders and arbitrage bots to move funds around, creating more income from taxation that benefits everyone. This web is completely self sufficient and has an incentive to expand itself. This automated system also helps other tokens it’s paired with, making it an ideal trading pair. In addition to that, pTGC relies on four trustless amplifier tokens, each with specific functions designed to benefit the Greys Currency ecosystem. These amplifier tokens are Burn, Liquid, 808 and ENRG. Every time an amplifier token is traded, it will directly benefit the pTGC ecosystem while also benefiting itself.
Conclusion
The Greys Currency is a unique currency that disincentivizes short term trading while incentivizing long term investment. Rewards from tax rather than from inflation and the buy and burn mechanism create a powerful mechanism for a self sustaining mechanism where there’s more buying pressure than the selling one. In addition to that, a web of liquidity pools creates always more incentives for everyone holding the pTGC token, and the entire ecosystem is set to expand by itself, constantly trying to achieve balance in liquidity between pools. pTGC is an automated organism that benefits the tokens paired with it and the users.
