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What is Swipe Token?

BitForex Editor
Jan 19, 2021

Before discussing the Swipe Token, knowledge of the platform on which it is based is key – Decentralized Finance (DeFi).

Decentralized Finance (DeFi)

Open finance as it was initially called and founded on the Ethereum network, DeFi is a collective term used to refer to blockchain financial applications seeking to eliminate the operations of financial intermediaries on financial transactions. Banks and big corporations act as middlemen between sellers and buyers of basically anything you can think of – from direct purchases to loans, trading derivatives, insurance, and various forms of betting. Decentralized finance is based on the use of automated smart contracts that settles a participating party when the set conditions are met, without the use of any legal or institutional intermediary.

This middleman cut-off to shift away from traditional centralized systems allows the peer-to-peer participation of every financial transaction with just an internet-enabled device from any part of the world. This has contributed immensely to the adoption of DeFi smart contracts, with a total value of over $7 billion locked in smart contracts.

Some of the popular products and use cases of decentralized finance are in lending and borrowing, stablecoins pegged to traditional currencies like the Dollar, prediction markets for betting, decentralized exchanges, and decentralized autonomous organizations. Tradeable tokens for DeFi smart contracts have seen an exponential increase in value and their market capitalization, going well over $15 billion – one of which is the Swipe Token (SXP).

Swipe and Swipe Token (SXP)

Launched in 2018, Swipe is a Decentralized Finance (DeFi) platform that enables cryptocurrency financial products powered by SXP. Swipe is powered by three these three major components – Swipe, the founding company, Binance is a centralized exchange company with a majority stake and partner in the Swipe project, and the Swipe ecosystem which consists of decentralized applications and the Swipe community.

The Swipe token is the official cryptocurrency powering the Swipe ecosystem. The key used cases of the Swipe token are in fees and discounts, governance and staking, and to make transactions and payments.

1.Transaction and Payments – with over 60 million participating merchants worldwide, Swipe users can pay for goods and services by transferring the token directly or with the Swipe Visa card.

2.Fees and Discounts – the Swipe token can be used to settle transaction fees on the Swipe ecosystem, including transfer fees on the Swipe wallet and with using the Swipe visa card.

3.Staking – this can be done by holders of the SXP token. Staking the token for a specified period yields rewards depending on the number of tokens staked and the duration.

4.Governance – SXP holders have the privilege of having a say in the network's governance by creating proposals and voting for changes to the protocol.

Supply and Allocation

The SXP token has been designed to be a deflationary asset, this means that the maximum supply of the Swipe token which has been set at a maximum of 300 million SXP tokens, would reduce over time. The total supply will further be reduced to 100 million SXP tokens through coin burns as the usage of the network increases. Coin burn is a process used to permanently remove coins from circulation to reduce their total supply.

All SXP users worldwide would get a share of the total token supply. However, the supply of the token would allocate as.

1.600,000 SXP monthly allocation for company operations. 

2.10,000,000 SXP yearly for the Swipe team and founders. 

3.1,200,000 SXP monthly to reward staking on the Swipe ecosystem.

Storing Swipe Token (SXP)

Swipe tokens can be stored in any cryptocurrency wallet that supports the Ethereum network (ERC-20) or the Binance Chain network (BEP-2).

Swipe Products

Swipe wallet

The Swipe wallet is one of the numerous digital storage mobile applications to enable users to buy, sell, and exchange a variety of cryptocurrencies. Key features of the Swipe wallet include:

1.Access to over 50 cryptocurrencies, stable coins, and fiat currencies.

2.Buying and selling directly from a linked debit or credit card or through accepted methods of wire transfers.

3.Instant exchange and swap of one cryptocurrency for another.

4.Managing your Swipe visa debit card.

Swipe Card

The Swipe card gives its owners the convenience of conducting their everyday transactions directly from their crypto balance without having to convert to fiat or go through the traditional banking system. Payments can be made to all Visa accepting merchants worldwide. The Swipe card comes in different forms offering different benefits conferred by higher staking of the Swipe token.

Swipe Pay

With Swipe Pay, consumers and merchants can send and receive payments in cryptocurrency and can have these payments automatically converted to up to twenty (20) traditional fiat currencies.

Swipe Credit

The Swipe credit card products are directly backed by the Swipe credit platform. Users can benefit from low-interest rates – as low as 5.9 percent – with collateral in cryptocurrency to get access to instant credit.

Swipe Savings

Using Swap Savings on the Swap wallet platform, users can earn interest on their idle cryptocurrency balances. Users get the option of flexible account savings or higher interest-yielding accounts that require savings to be locked up.

To learn more about the SXP token, you can look at its white paper and monitor its progress.

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