Pylon Protocol (MINE) is a DeFi project built by Terraform Labs (TFL) on the Terra blockchain. The network is developed on stable yield-bearing protocols to offer services powered by user deposits. Terraform Labs is a private limited company that operates price-stable cryptocurrencies and provides next-generation decentralized applications (DApps) infrastructure. In comparison, Terra is an open-source blockchain platform for algorithm stablecoins pegged against the traditional currency. Pylon platform aims to develop a built-in payment network that enables sustainable exchanges between long-term value providers and consumers. Using the currency, traders and service providers can quickly deposit in principal-protected and yield-based products and services.
According to its whitepaper, the asset seeks to build an array of consumer-friendly payments and savings platforms. In the present era, traders’ transactions take place through either barter systems or the exchange of traditional currencies. In fact, in some cases, monetizing the product and service becomes tricky. Thus, to solve problems associated with the value of unascertained goods, Pylon Protocol seeks to provide all the traders with the technical toolkit to readjust their payment options and accommodate long-term service.
The native governance token for Pylon Protocol is MINE. The name ‘MINE’ is inspired by ‘minerals’ in Starcraft. The maximum total supply of tokens is capped to 10 billion to avoid the annual inflation of MINE. Token holders can govern the protocol via Pylon WebApp. Besides this, the token holders can deposit for investment in early projects, NFTs, and DAO funds through Pylon Gateway built on Terra’s launchpad. NFTs are non-fungible tokens used for trading unique digital assets. In contrast, DAOs are decentralized automatic organizations that pool resources and create value. Pylon Gateway is a decentralized launchpad that helps traders make secure, transparent, and value-additive crypto investments.
Pylon Gateway is the main product of the protocol. Through the Pylon Gateway, users can deposit Terra for a designated vesting period to earn project tokens and governance rights. The network uses three tokens: Terra USD native name Terra; Pylon token (MINE); and PylonDP token. MINE and PylonDP are CW20 tokens based on CosmWasm. Moreover, the CW20 token is a fungible token based on ERC-20 standards with many improvements. The main aim of MINE is to engage the users in protocol governance and earn protocol yields across the Pylon platforms. Thus, the currency strives hard through incentives to encourage users to deposit through the Pylon Protocol.
