By Maximiliano Stochyk Duarte

Hello ChainPorters,

We’re proud to announce that the V1 version of ChainPort’s fee mechanism is now live!

Every port using ChainPort’s cross chain bridge will now include a minimal fee of 0.3% of the total value per port paid in the ported token. So, for example, 10,000 XYZ tokens ported will be charged 30 XYZ tokens for that port.

Up to 95% of the collected fees will be swapped to PORTX and redistributed according to PORTX’s tokenomics. Revenues generated from ChainPort’s fees will be accumulated until PORTX’s TGE.

These revenues will be partially redistributed to PORTX token holders and partners following the launch of PORTX token. The deployment of the complete and automatic tokenomics mechanism will be gradual, and all the fees collected at that point will be used accordingly.

Fee redistribution is central to PORTX’s ecosystem and strengthens the bridge.

ChainPort’s improved fee mechanism, known as V2, will be released in the upcoming weeks with the launch of the PORTX token. In ChainPort’s V2, the fee can be paid in PORTX token for an even smaller fee of 0.2% of the total value per port. In addition, those fees will be deducted automatically from the PORTX staking contract.

V3 of ChainPort will allow projects to pay porting fees with their token’s native blockchain tokens such as ETH, BNB, MATIC, AVAX, etc.

Revenue generated from fees will be redistributed to the following: Buybacks, liquidity, participation rewards, referral/affiliation rewards, APY for stakers, & future development.

Projects will soon start receiving 20% of their porting fees as a loyalty reward. This will establish ChainPort as their bridge of choice for porting tokens. In ChainPort’s V5, the final version planned currently, a portion of the fees will be redistributed to PORTX token holders.

By implementing a fee, ChainPort will now have an ecosystem that guarantees its sustainability far into the future. Previously the only fees charged were Tx or gas fees required by the blockchain for transactions.

PORTX token will launch before the implementation of ChainPort’s fee mechanism V2.

We have many major updates to share soon

Stay tuned!

About ChainPort

ChainPort is a next-gen cross-chain bridge that provides custodian-level security with full interoperability. ChainPort introduces an unprecedented level of security architecture, porting tokens safely across blockchains with just a click.

Security is always paramount for ChainPort, and 95% of the funds are stored in cold storage wallets provided by leading industry security experts: FireBlocks MPC and Gnosis-safe multi-sig.

ChainPort is a permissionless bridge and is already porting more than 140 tokens between different blockchains with additional projects joining daily. Porting is done in just minutes through a friendly and simple UI without the need for any technical integration.

Since its launch in 2021, Chainport has managed 35,000 ports and $500,000,000 in volume. Learn more by visiting ChainPort.io or reading our documentation.

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