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What is Swipe token (SXP)

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7 months ago

With the growing interest in DeFi projects and the growth of this ecosystem, we can benefit from the solutions coming to us with it. Project Swipe offers us a wide range of products and services, from debit cards to DeFi apps with multiple assets on top of the cryptocurrency, FIAT currency. Swipe has been supporting up to four stablecoins for the past four months. These are USDT, USDC, BUSD and DAI. The EUR and USD are also included.

This entire ecosystem is enhanced by the project's native token, the SXP token. It acts as a decentralised currency. It serves as a source of exchange and rewards users who hold SXP. The supply of this token is decreasing because of the coin-burning effect. The main motive that encourages us to hold this cryptocurrency is the Visa debit card. With them we can pay and use multimedia services like Netflix or Apple Music.

It is worth noting that Swipe has no native blockchain if we can call it that. We can purchase tokens and use them on two blockchains. Ethereum and Binance. So it comes in the form of ERC-20 token and BEP-2 token. The initial supply of the token was set at 300 million tokens. However, as I mentioned earlier, the coins are being burned. The final supply will be 100 million SXP. The token distribution is given to the Swipe management company, the founders and for staking.

So the final question is what should we use the Swipe token for?
The obvious answer is payments. The assets that SXP uses can be used in many millions of locations around the world. However, when it comes to pure transactions we can of course store it on Ethereum and Binance Chain. An interesting aspect is the discounts on some fees. If we have Swipe tokens we can use them to cover commissions. The so-called holding provides users with free subscriptions to popular streaming services and cashback, which has become increasingly popular in recent years.

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