Paxos Labs has launched a new token, PAXGy, based on Pax Gold (PAXG). According to The Block, PAXGy is a token designed to increase in value based on gold, not its dollar value. PAXGy generates revenue by operating its reserve asset, PAXG, in the institutional gold lending market. The revenue generated in this way is reflected in the token's value, designed so that the amount of PAXG that can be redeemed by 1 PAXGy increases over time.
