Pegasys is an automated liquidity protocol powered by a constant product formula and implemented in a system of non-upgradeable smart contracts on the Syscoin blockchain. It obviates the need for trusted intermediaries, prioritizing decentralization, censorship resistance, and security. Pegasys is open-source software licensed under the GPL.
Each Pegasys smart contract, or pair, manages a liquidity pool made up of reserves of two ERC-20 tokens.
Anyone can become a liquidity provider (LP) for a pool by depositing an equivalent value of each underlying token in return for pool tokens. These tokens track pro-rata LP shares of the total reserves, and can be redeemed for the underlying assets at any time.
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