1. Token Name: GarudaX (GRDX)
2. Network: Terra Classic
3. Purpose: GRDX serves as the native utility token for Garuda DeFi, a decentralized finance (DeFi) platform.
4. Primary Function: It is used as the main medium of exchange within the Garuda DeFi ecosystem to pay for services and transaction fees.
5. Deflationary Model: GRDX employs a deflationary mechanism where a certain percentage of tokens are periodically bought back from the market and permanently removed, thereby reducing the overall supply. This is intended to increase the token’s value over time.
6. Use Cases: Apart from transaction fees and service payments, GRDX likely facilitates staking or governance within the Garuda DeFi platform, providing additional utility for its holders.
7. Team & Community: Information about the team behind GarudaX and the size of its community would require separate research as this detailed information isn’t provided in your prompt. However, active development and a growing community are often signs of a project’s health within the cryptocurrency space.
8. Market Performance: Like any other cryptocurrency, GRDX’s market performance can fluctuate significantly based on various factors including overall crypto market trends, adoption rates, partnerships, and technological advancements of Garuda DeFi.
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