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Dax serves as a utility token of the DAX chain. Dax is used to paying gas fees on a transaction carried out on the chain.
DAX is used as a token on the NFT marketplace users pay DAX as a fee to mint collective on the marketplace.
Dax payment plugin allows vendors to accept DAX and DAX20 tokens on their online stores, especially - commerce stores.
Dax scan provides analytical data and action details of the ProDax chain. The Dax chain is a hyper ledger and the Dax scan allows us to browse through the ledger and refer to data present in past transactions.
It also gives insight into the states of the blockchain. The block counts. The token and also provides an interface to interact with smart contracts.
Dax dex is the native DEX of the ProDax network, it allows users to trade DAX and DAX20 tokens (tokens on the Dax network) interchangeably.
The DEX is an automated market maker which uses a liquidity pool to operate.
The DEX allows anyone to earn a fee by participating, uses can participate by adding liquidity to a pair, this is done by adding an equal value ratio of tokens to the pool, then can a share of the 0.17% pool fee
DAX & PRODAX SYSTEM
Blockchain is an EVM compatible blockchain with chain ID-24, this chain uses DAX as the native utility token. DAX chain produces DAX as block reward which equals to 2 DAX produced average of every 13 sec. opposing the inflation is the ability to prioritize transaction by buying DAX token. DAX Blockchain has native token DAX and supports other tokens known as DAX20 tokens, this group of tokens runs on-the network using DAX as fee, giving rise to another utility of DAX, DAX also has a DAX20 version which obeys the laws of tokens, this version is used during swaps as the dex requires a contract address to swap tokens, DAX and WDAX share same value. The process of WDAX creation burned DAX to be locked in the contract.
PRODAX ECOSYSTEM’s PURPOSE
To provide a fast – stable blockchain with low fee
To provide a marketplace to trade NFT collectibles.
Allow users to use DAX as payment method when shopping.
4. Provide a multi-blockchain bridge to inter-cross assets across multiple chains
o Launching Airdrop on BEP20
o Testing DAX-Chain in Testnet
o Launching Prodax Presale