PulseX // how the exchange works

PulseX is a network of pools anyone can use

PulseChain's main exchange. No company holds your money and there is no order book: just pools of tokens, and a router that sends your trade through them.

$ pulsex --map

design: Uniswap v2 fork
pools: v1 65,440 · v2 191,227
swap fee: 0.29% per pool
PLSX: supply can only fall
farms: pay INC

Think of a metro map: every station is a token.
Every line between two stations is a pool holding both tokens.
Anyone can open a new pool. On 2026-10-19 there were 256,667 of them.
Follow three journeys: your trade, its fee and the liquidity behind it.

Routing // the best path

The app plans your route

You want PLSX for 1,000 HEX. The PulseX app compares routes, direct or through WPLS, and picks the one that pays you more.

Every pool on the way keeps its own 0.29% fee.
The app can also split a trade across routes and mix v1, v2 and stable pools.

Inside every stop a pool sets the price with x · y = k. See it step by step in How an AMM works. Illustration: round pool sizes, not live balances.

Like a route planner: you want PLSX for your 1,000 HEX.
The direct line is a small pool: it would pay 189,950.04 PLSX.
Via WPLS: two deep pools and two fees, yet 198,446.51 PLSX.
Deep pools barely move under your trade, so the detour pays 8,496.47 PLSX more.
Your turn: drag the size. Below about 61 HEX the direct pool wins: one fee, not two.

You swap1,000 HEX

direct 189,950.04 PLSXvia WPLS 198,446.51 PLSXbest via WPLS

Your swap // one transaction

One signature, all or nothing

One transaction to the PulseX router. Your HEX goes straight from pool to pool and back to you as PLSX. If any step fails, the whole swap is undone.

Minimum: any less and the swap stops. The app's default slippage tolerance is 0.5%.
Deadline: 20 minutes by default, then the order is rejected.
Approve once per token: you let the router move it.

swapExactTokensForTokens(amountIn, amountOutMin, path, to, deadline)

First time only: you allow the router to move your HEX, like a signed permission slip.
Then you sign one order: 1,000 HEX in, a minimum out, a deadline.
The router works out the payout along the route first. Below your minimum? It stops.
Your HEX goes straight into the first pool, which pays 99,610.68 WPLS into the next…
…and the last pool pays 198,446.51 PLSX to you. One transaction, done.

Fees // 0.29% per pool

Each pool keeps 0.29%, then shares it

0.29% of what goes into a pool stays in it, so every LP token is worth a little more. The protocol takes its share later, as new LP tokens.

v2 pools: of every 29, 22 stay with liquidity providers and 7 go to the protocol.
v1 pools: the protocol takes all 29. Checked on-chain on 2026-10-17; the code comment says one sixth.

Before adding liquidity, check the pool's factory on the explorer: v1 or v2. Details: PulseX fees.

Of every 10,000 tokens that go into a pool, 29 stay in it as the fee.
In v2 pools, 22 of those 29 belong to the liquidity providers…
…and 7 go to the protocol, minted as LP tokens when liquidity changes.
In v1 pools the protocol takes all 29, so v1 providers in effect earn none.
Your turn: switch between v2 and v1 pools.

Pool generation

fee 29 of 10,000providers 22protocol 7

Buy and burn // feeTo

The protocol's share buys PLSX and burns it

A buy-and-burn contract turns the protocol's LP tokens back into tokens, swaps them into PLSX and burns it, after a developer cut.

14.29% of the bought PLSX goes to a developer address (setting on 2026-10-17).
0.10% of the rest rewards the caller, and only whitelisted addresses can start a run.
Burned by 2026-10-19: 1,793,575,624,782.03 PLSX.

The protocol's LP tokens collect in a buy-and-burn contract.
It hands them back to the pool and takes both tokens out.
It swaps them step by step into WPLS, then into PLSX.
14.29% goes to a developer address, a tiny 0.10% to whoever starts the run…
…and the rest burns for good. In v2 that is about 6 of every 10,000 traded.

PLSX // the PulseX token

PLSX can only get scarcer

Only the owner could mint PLSX, and the owner is the zero address: ownership was renounced. No new PLSX, ever, and every burn removes some for good.

$ plsx --supply

start: 143,116,599,865,548.70
burned: 1,793,575,624,782.03
now: 141,323,024,240,766.67
owner: 0x000…000, renounced

Supply readings of 2026-10-19, owner of 2026-10-17. PLSX went to participants of the PulseX sacrifice at the May 2023 launch. More: PLSX.

PLSX starts from a supply of about 143.12 trillion tokens.
Only its owner could print more, and the owner is now 0x000…000: nobody.
So the printing press is locked for good. The supply can only go down.
By 2026-10-19 burns had removed 1.25%: about 1.79 trillion PLSX.

Farms // INC rewards

Farms pay INC on top of the fees

Stake your LP tokens in a PulseX farm and earn INC. Only the farm contract can create INC, at a rate capped in its code.

0.0003 INC a second on 2026-10-17, 25.92 a day, shared by 19 farms. The cap is 1 INC a second.
Your cut of a farm follows your share of the LP tokens staked in it.
You can always withdraw: the owner has no function to move deposits.

Details: INC and farms.

Pools are filled by liquidity providers; their receipt is an LP token.
Plant that receipt in a farm and INC starts to drip.
Only the farm contract can create INC, by code at most 1 per second.
On 2026-10-17 it dripped 0.0003 INC a second, shared by 19 farms.
Your cut follows your share of the farm, and you can always pull your LP tokens out.

Control // who can change what

Nobody holds a key to the v1 and v2 pools

The v1 and v2 pools have no admin switch: nobody can freeze liquidity or set a price. The few keys sit around the edges, each held by a single-key address on 2026-10-17.

v1 and v2 pools, WPLS: no owner at all. PLSX minting: renounced.
Fee receiver: one key can point the protocol's share elsewhere.
Buy and burn: one key can set the developer cut up to 50% and upgrade the contract.
Farms: one key steers future INC within the cap; deposits stay withdrawable.

The StableSwap pool is a different contract and is not covered here. No public audit of the PulseX deployment has been found (checked 2026-10-17). Details: Who controls PulseX.

v1 and v2 pools and WPLS have no keyhole: nobody can freeze them or set a price.
PLSX minting: the key was thrown away.
One key can redirect where the protocol's share of the fee goes.
One key runs the buy and burn: a developer cut of up to 50%, and upgrades.
One key steers future farm rewards, never above the cap.

Recap // three journeys

Three journeys, one exchange

Check the route and your minimum before you sign.
v1 or v2? Only v2 pools pay liquidity providers a share of the fee.
Official addresses only: on PulseChain PLSX is 0x95B3…90ab and INC is 0x2fa8…C95d.
No website needed: the official app is also published as a self-hostable build.

See one pool at work in How an AMM works. Details: Fees, PLSX, INC and farms. Not financial advice.

The app plans a route through pools.
One transaction: all of it, or nothing.
Each pool keeps 0.29%; v2 shares it with providers.
The protocol's share buys PLSX and burns it.
Providers can farm INC with their LP tokens.