MaxxChain Updates – Feb 17 2024
Engagement of CLC Partners for the MaxxChain Project
CLC Partners, a specialized consultancy firm renowned for its expertise in the tech startup sector, especially Web2 and Web3, has been engaged for our freight factoring project. They are well-versed in developing execution plans from inception to completion and preparing companies for investor readiness. This engagement is focused on redefining MaxxChain’s market identity, developing unique blockchain solutions, and enhancing real-world industry integration.
Our team, while experienced, recognizes the need for CLC Partners’ strategic guidance. They are instrumental in every phase of our plan, including corporate structuring, market targeting, front-end development, and connections with parties who will invest and back our endeavour. Their role is pivotal in developing our app and marketplace in the DeFi sector, ensuring user-friendly Web3 interactions.
This decision comes after extensive discussions and a comprehensive presentation of our ideas, including the integration of blockchain technology in the freight factoring business. CLC Partners’ involvement, backed by their successful track record, marks a significant milestone for us. Our dynamic interaction with them includes multiple weekly meetings and ongoing industry data analysis, focusing on collaboration with seasoned professionals in Web2 and Web3 solutions.
Decommission of PWRSource Bridge by BlockBlend
Due to reasons we cannot make public as of yet, we have made the decision to delist from BlockBlend and aim to move to a more efficient cross-chain swap system which we already have implemented for our community and is prominently featured on our website. This system supports a wide range of tokens and blockchains, allowing users to easily swap for Power Coin. With this, we would have increased control over transaction fees and ensure benefits for Profit Pass holders, with more than 1% of fees from total transaction volume redistributed to them. Our ongoing discussions aim to introduce Power Coin to this platform, focusing on liquidity and tangible benefits for holders.
To ensure our Profit Pass NFT holders are still provided with significant benefit, we have also made the decision to allocate 100% of taxes from wPWR on ethereum (2% in and out) towards holders of the Profit Pass NFT’s. This in conjunction with its intrinsic value of 100,000 PWR on the upcoming PWR staking platform provides exceptional value to any one who purchases an NFT for the lifetime of the NFT which does not expire.
New Market Maker and Coinstore CEX Update
Our market maker, set up through CoinStore and engaging in algorithmic trading, faces challenges due to minimal volume and adverse bot activity. In response, the new market maker we have engaged has suggested we consider more active exchanges. While we move to finance these shifts through the sale of our Profit Pass NFT collection, we will first move towards our Ethereum-based token (wPWR/ETH) and delisting from Coinstore, given its high operational costs and limited benefits.
Despite challenges with Coinstore and the eventual delisting, we aim to maintain a commendable hash rate and miner activity. Many miners are operating solo, suggesting a strong belief in PWR Coin’s value. We’re also preparing to activate the Sphinx bridge, facilitating smooth transactions between MaxxChain and Ethereum blockchains to allow for both in and outflow of PWR coin.
