PARSIQ, a leader in blockchain data indexing and automation, is preparing to launch the $REACT token — the native utility token for its Reactive Network. This launch is a significant milestone in PARSIQ’s ongoing efforts to enhance blockchain interoperability and decentralised application development. Central to this launch is the 1:1 token swap from the existing PRQ token to $REACT, designed to ensure a smooth transition for current token holders.
Reactive Network is designed to be a fully decentralised, interoperable execution layer that enables developers to build the next generation of dApps. A key innovation of this network is the introduction of Reactive Smart Contracts.
Unlike traditional smart contracts that rely on user-initiated transactions, Reactive Smart Contracts respond dynamically to events occurring across different blockchain ecosystems. The $REACT token will be essential in facilitating these operations within the Reactive Network.
Tokenomics: A Focus on Fairness and Sustainability
The PRQ token, launched by PARSIQ in September 2019, was created to power its blockchain monitoring and automation platform. Initially, PRQ served as the utility token for accessing various features of the PARSIQ ecosystem, including real-time monitoring of blockchain events and automated workflows. Over the years, PRQ has evolved alongside PARSIQ’s expanding services, playing a crucial role in enabling users to interact with the platform’s advanced tools and features. The upcoming $REACT token launch represents the next phase in this evolution.
The $REACT token will be launched with a total supply of 500 million tokens, matching the initial supply of PRQ. This approach ensures that existing PRQ holders will not face any dilution, preserving the value and integrity of their holdings. At launch, 310,256,872 $REACT tokens will be available in circulation to support the 1:1 swap from PRQ to $REACT.
Additionally, 189 million previously burned tokens will be restored to support the development and incentivisation efforts of the Reactive Network. These tokens will be gradually unlocked according to a predetermined schedule, aligning with the network’s long-term vision and ensuring a sustainable token economy.
Seamless Migration: PRQ to $REACT 1:1 Swap
To facilitate a smooth transition, PARSIQ will offer a 1:1 swap from PRQ to $REACT, ensuring that all token holders can exchange their PRQ tokens without complications or lockups.
Once the Reactive Network mainnet is live, users can swap their PRQ tokens for either mainnet $REACT tokens or ERC20 $REACT tokens via the Reactive bridge, which is expected to go live simultaneously with the mainnet.
Additionally, several centralised exchanges will support the migration, offering flexibility and convenience to users. Details about these exchanges will be shared closer to the mainnet launch.
The $REACT token will play a central role in the Reactive Network, enabling several key functions:
- Transaction Gas Fees: $REACT will be used to pay transaction fees within the Reactive Network.
- Event Log Processing Fees: The $REACT token will also cover processing fees related to event logs, which are critical to the network’s functionality.
- Staking for Network Security: Validators will stake $REACT tokens to participate in the network’s consensus mechanism, earning rewards for their role in securing the network.
All transaction and processing fees paid in $REACT will be burned to manage the token supply, creating a deflationary mechanism within the network. While new tokens will be minted with each block to incentivise validators, the network will become deflationary once the daily burned $REACT exceeds the daily minted rewards.
With over half of the $REACT supply circulating in the hands of the community from the outset, PARSIQ is ensuring that the Reactive Network aligns with its principles of decentralisation and transparency. This approach underscores PARSIQ’s commitment to fostering a fair and community-driven network, supporting long-term growth and stability.
What’s Next?
The Reactive Network mainnet is scheduled to launch in Q4 2024, marking a significant milestone in PARSIQ’s roadmap. As the launch date approaches, PARSIQ will provide further details on the supported exchanges for the $PRQ to $REACT migration and other updates on the network’s progress.
The launch of $REACT is a critical step forward for PARSIQ and the broader blockchain ecosystem. With its carefully designed tokenomics and focus on community involvement, $REACT will play a vital role in the continued development and success of the Reactive Network.
For more information on the $REACT token launch or the upcoming Reactive Network mainnet, the community is encouraged to join discussions on PARSIQ’s Telegram channel or contact the team directly with any questions.
