Complete Guide

How pUSD Works

An algorithmic reward asset earned through trading. Backed by protocol revenue. Redeemable for USDT or PREX.

How to EarnView Treasury
At a Glance

pUSD in 30 Seconds

Earned, Not Bought

Minted through trading, referrals, and grants. Never sold. Zero cost basis.

Treasury-Backed

50% of protocol fees flow to the Solvency Pool. Real revenue, not emissions.

Real Redemption

Redeem for USDT (3-month cliff) or convert to PREX 1:1 at $1B FDV.

pUSD is NOT a Stablecoin

Unlike USDC or USDT, pUSD does not maintain a 1:1 USD peg. Its redemption value is dynamic, determined by treasury health and redemption demand. Since you earn it (not buy it), your risk is opportunity cost, not principal loss.

Proof-of-Activity

How You Earn pUSD

Minted through verified activity. Never purchased. Zero cost basis.

Signup Allocation

Auto-credited

New users receive a pUSD allocation that unlocks progressively as you hit activity milestones.

10% on signup → 25% after first trade → 50% at $1K volume → 100% at 3-month maturity

Trading Volume Rewards

Continuous

Earn pUSD proportional to your trading volume. Higher tiers unlock better rates.

Up to 0.1% of trading volume returned as pUSD

LossLess 10% Rebate

Protection

Automatically receive 10% of realized trading losses back in pUSD.

Capped at 100 pUSD per loss event, monthly and lifetime caps apply

5-Level Referral Tree

Network

Earn from your referrals' activity across 5 levels deep.

L1: 20% • L2: 10% • L3: 5% • L4: 2.5% • L5: 1.25% of referral earnings

Ignite Grants

Builders

Community builders and content creators receive milestone-vested pUSD grants.

Vesting tied to deliverables: 25% at each milestone completion

Unlock Schedule

Earned pUSD unlocks progressively as you demonstrate genuine engagement. This prevents gaming and aligns incentives.

Account Created
10%
10% total
First Trade
+15%
25% total
$1,000 Volume
+25%
50% total
3-Month Maturity
+50%
100% total

3-Month Cliff for Redemption

Even after 100% unlock, pUSD must be held 3 months from mint date before becoming eligible for USDT redemption (Path A).

Treasury

Where the Money Comes From

Real protocol revenue, not inflation. Here's how fees flow.

Revenue Sources

Trading Fees
Fees on every trade executed on Prex Markets
Subscription Revenue
Prex Pro and institutional subscriptions
Marketplace Fees
Fees from tools, signals, and premium features

50/50 Revenue Split

50%
Solvency Pool (Treasury)

Backs pUSD redemptions. Grows continuously from protocol revenue.

50%
Affiliates & Community

Distributed as pUSD rewards through Proof-of-Activity mechanisms.

No inflation. pUSD is only minted when backed by actual revenue—not printed from thin air.

Exit Options

How You Redeem pUSD

Two distinct paths: stable value via USDT redemption, or growth potential via PREX conversion.

Path A

USDT Redemption

Cliff Period
3 Months
Redemption Window
Weekly Epochs
1
pUSD must be 3+ months from mint date
2
Opt into weekly redemption epoch
3
Value calculated: Pool USDT ÷ Opting pUSD
4
USDT sent within 48 hours of epoch close
Redemption Formula
Value = Pool USDT ÷ Redeeming pUSD
Game Theory: If treasury grows faster than redemptions, per-pUSD value increases. Early believers may benefit from patience.
Path B

PREX Conversion

FDV Trigger
$1 Billion
Vesting Period
6 Months Linear
1
PREX token reaches $1B FDV
2
Convert pUSD to PREX at 1:1 ratio
3
PREX vests linearly over 6 months
4
30% treasury cap with auto-lock/reopen
Treasury Protection
30% cap auto-suspends conversions • Re-enables as reserves replenish
Upside Potential: If PREX appreciates during the 6-month vest, your effective value increases. Zero cost basis + growth exposure.
Safety Net

LossLess Protection

A unique mechanism that automatically rebates 10% of your trading losses in pUSD.

How It Works

  1. 1
    You close a position with a realized loss
  2. 2
    System calculates 10% of the loss amount
  3. 3
    pUSD is automatically credited to your account
  4. 4
    Subject to per-event, monthly, and lifetime caps

Cap Limits

  • • Per-event cap: 100 pUSD
  • • Monthly cap: 1,000 pUSD
  • • Lifetime cap: 10,000 pUSD

Example

Trading Loss
-$500 USDT
LossLess Rebate (10%)
+50 pUSD
Why It Matters

Softens the psychological blow of losses. Earned pUSD from LossLess has the same redemption rights as any other pUSD.

Utilities

Use pUSD Now

Don't just hold. Use it while your cliff matures.

Live

Internal Speculation Markets

Trade on exclusive internal prediction markets using pUSD. Test strategies in a contained environment.

Coming Soon

Tools Marketplace

Purchase premium analytics, signals, and trading tools from the Prex marketplace.

Coming Soon

Spotlight Burn Auctions

Bid pUSD to feature your market or content. Winning bids are burned permanently.

Coming Soon

PREX Yield Staking

Stake pUSD for fixed terms to earn PREX yield. Longer terms = higher APY.

Live

Sandbox Trading

Practice strategies in risk-free sandbox mode. Learn without real capital at stake.

Deflationary Burns

Spotlight auctions, marketplace fees, and premium features permanently burn pUSD. This reduces circulating supply, potentially increasing per-pUSD redemption value.

Ready to Start Earning?

Trade on Prex Markets. Earn pUSD. Zero cost basis.

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