swipe project or ecosystem has a wide set of products and protocols to support decentralized finance (DeFi). The ecosystem-connected Visa debit card and multi-asset DeFi application allow exchanges between fiat currencies, especially cryptocurrencies, and stablecoins. The ecosystem acts as a “bridge” in this respect and aims to create a global payment card. The local token of the ecosystem, Swipe Token (SXP), is a service token used in different scenarios in the Swipe payment ecosystem. With SXP, transaction fees can be paid and various discounts can be earned.
Supporting four stablecoins (USDT, USDC, BUSD, DAI) and two fiat currencies (UD and EUR) as of December 2020, the Swipe ecosystem also offers Visa debit card service in the European market. According to the information based on the project, the cards in question are intended to be presented in the USA.
What is Swipe Token (SXP)?
As a decentralized finance (DeFi) token, SXP was designed as a service token rather than functioning as a speculative token. With SXP, the Swipe ecosystem has been made possible, and various services have been provided to token holders, creating an incentive to hold and use tokens.
The most striking aspect of the Swipe ecosystem is the debit card offered through Visa. Of course, although it is not the pioneer or the only one in this field, owning this card is easier compared to other projects and does not require any SXP staking.
Although staking is not mandatory, the ecosystem, which offers various advantages and promotions for staking, can also be used as payment in 60 million retail stores. It is such that you can define special discounts for staking users. In addition, it will also be used for staking after the Swipe ecosystem transitions to proof-of-stake consensus.
Swipe Token Predictably, it runs on Ethereum and the Binance Chain, rather than being built on a private blockchain. From this point SXP token It can also be used as both ERC-20 and BEP-2 tokens. You can use your SXPs with wallet compatible with either of these two blockchains. The most popular compatible wallets are Trust Walelr and MetaMask.
How Much is the SXP Token Supply?
Swipe has limited the maximum supply of SXP to 300 million tokens. But coin burns will gradually reduce the total supply until there are 100 million coins left. A portion of the total supply is distributed to SXP users and the supply changes periodically. For example, 600,000 SPX is allocated to company operations each month. 10,000,000 SXP is allocated to the Swipe team and its founders each year. Each month, 1,200,000 SXP is set aside for rewards, including staking and other incentives.
How to Buy SXP Token?
It is listed by major cryptocurrency exchanges, especially Binance, Bithumb, Gate.io, KuCoin, Huobi Global, FTX, and exchanges with different parities are allowed.