Navigating the MaxxChain Ecosystem: A Comprehensive Overview

Introduction

MaxxChain has strategically launched wPWR on the Ethereum network, aiming to establish a unique synergy between its native blockchain coin, PWR, in both decentralized and centralized environments. This article provides an in-depth exploration of MaxxChain’s robust ecosystem, shedding light on each component’s functionality and the innovative strategies employed to enhance the overall user experience.

Power Flow Chart

Ecosystem Components

1. PWR Coin:

• As MaxxChain’s native blockchain coin, PWR is the non-wrapped version traded on Coinstore and potential future CEX listings.
• Users can seamlessly trade PWR on the CEX and transfer it to their preferred DeFi wallet, thereby moving the coins to MaxxChain.
• The introduction of wPWR on Ethereum aims to shift Coinstore’s value determination to the decentralized end.

2. wPWR on MaxxChain:

• wPWR on MaxxChain serves as the wrapped version of PWR within the DeFi realm of the MaxxChain network.
• Obtained through MaxxSwap or Sphynx Labs’ upcoming swap, both wrapped and non-wrapped versions may differ in value until a liquidity-backed stable coin is introduced.

3. wPWR on Ethereum:

• wPWR on Ethereum is the wrapped version obtained through Uniswap, featuring a specialized smart contract that facilitates transfers between MaxxChain and Ethereum networks.
• Backed 1:1 with the actual supply of PWR coin on the Sphynx Labs Cross Chain Bridge.

4. Nexus:

• A MaxxChain token project developed by the team, Nexus (formerly $MAXX token) supplements the ecosystem with various utilities, rewarding holders with MaxxChain’s native coin, PWR.

5. PWRSource Cross-Chain Bridge:

• Developed by BlockBlend, PWRSource Bridge acts as a cross-chain anonymous bridge, enabling PWR purchases with major cryptocurrencies on the decentralized side.
• Coinstore, guided by CoinMarketCap pricing, plays a crucial role in seamless transitions between blockchain networks.

6. Sphynx Labs:

• A utility provider, Sphynx Labs contributes to MaxxChain with a swap and cross-chain bridge, emphasizing a move towards a more decentralized experience.
• The Sphynx Labs Cross-Chain Bridge facilitates cross-chain transfers of wPWR and will extend to other token projects.

7. Coinstore:

• Currently the sole centralized platform for trading PWR, Coinstore serves as a key component within MaxxChain.

Circulating Supply of PWR

As of December 6, 2023, with a pre-mined supply of 1 billion PWR coins, 756,653,083 PWR has been burned, leaving a circulating supply of 247,968,719 PWR.

Noteworthy allocations include a weekly burn of 1.2M PWR from the team Treasury wallet, a team wallet of 23M PWR that will see 1.3M distributed to team members on a bi-monthly basis for the next 10 months and a wallet set aside with PWR coin for the Sphynx Labs bridge to back the wPWR on ETH 1:1.

wPWR on ETH

Once the Sphynx Labs Cross Chain Bridge is deployed, 20,000,000 PWR coin will be deposited into the bridge to back the wPWR on ETH 1:1.

Once deposited, the bridge contract will essentially be seen as a wallet holding PWR coin thus making it the Wrapped PWR wallet for Ethereum, similar to the current Wrapped PWR wallet for MaxxChain. The supply of this wallet will match the circulating supply of wPWR on Ethereum.

To explain how this is done, the smart contract for wPWR on ETH has a mint and burn function allowing it to burn tokens that leave the Ethereum chain, and allowing it to mint tokens that come in from MaxxChain. So for every wPWR token that a user moves from Ethereum to MaxxChain, it is burned by the smart contract while PWR is then taken from the supply that is backed 1:1 on the bridge and deposited into the users wallet on MaxxChain. The total supply of wPWR on Ethereum has now gone down, while the supply of PWR sitting on the bridge has also decreased by the same amount. However, the total supply of PWR remains the same since PWR just moved from the Bridge wallet to a DeFi wallet on MaxxChain.

The opposite is also true where a user may move PWR from their DeFi wallet to the bridge essentially increasing the supply held on the bridge. Then the smart contract will mint the same amount of wPWR on Ethereum to match the amount of PWR now sitting on the bridge. Again, the total supply of PWR remains the same since PWR just moved from a DeFi wallet to the Bridge wallet.

Though the method above employed by the MaxxChain team is not a method normally used when creating wrapped versions of blockchain coins on other chains, being a 100% crowd funded blockchain, the team needed to get creative in order to provide a new listing and liquidity pool for PWR that offers users a familiar trading option in the form of Uniswap while allowing themselves to market the entire chain in the most cost efficient manner.