pUSD Whitepaper
The complete technical and economic design behind pUSD — the treasury-backed reward token earned through activity on Prex Markets.
How pUSD Works
The Complete Lifecycle
Trade
on Prex Markets
Earn
pUSD rewards
Redeem
for USDT or PREX
What's Inside
A comprehensive overview of every section covered in the whitepaper.
Introduction
What pUSD is and why it exists
Problem Statement
The broken state of DeFi incentives
pUSD Token Design
How pUSD is earned and distributed
Solvency Pool Mechanics
Treasury funding, revenue allocation, and backing model
Redemption System
Epoch-based redemption, cliff periods, and value calculation
LossLess Protection
How trading losses are partially rebated in pUSD
Tokenomics
Supply mechanics, distribution, and anti-dilution measures
Risk Framework
Transparent disclosure of risks and edge cases
Governance & Roadmap
Future plans and community involvement
Core Design Principles
The fundamental pillars that make pUSD a sustainable reward system.
Treasury-Backed
50% of all protocol revenue flows into the Solvency Pool that backs pUSD redemptions.
Zero Cost Basis
pUSD is earned through activity, never purchased. Every token represents pure upside for holders.
Dynamic Redemption
Redemption value is calculated per epoch based on pool size divided by redeeming supply.
3-Month Cliff
Cliff period prevents short-term extraction and aligns incentives with long-term platform growth.
Dual Redemption
Redeem for USDT through the Solvency Pool or convert to PREX tokens at favorable rates.
Full Transparency
Public treasury wallets, on-chain verification, and real-time metrics dashboard.
Ready to Earn pUSD?
Now that you understand the mechanics, start earning treasury-backed rewards through your trading activity on Prex Markets.