Swipe token (SXP) is the governing token for Swipe— a network of decentralized finance products, Visa debit cards, Multi-asset wallet, and more. Swipe uses both Ethereum network and Binance chain and hence, SXP tokens are issued as both ERC-20 and BEP-20 tokens. SXP tokens can therefore be stored in any wallet that supports ERC-20 or BEP-20 tokens. SXP is a utility token by nature and there are many use cases in the Swipe ecosystem.
Swipe offers PCI-DSS certified Visa debit cards offering crypto transactions. There are four different cards: Saffron, Sky, Steel, and Slate with different features. Staking a certain amount of SXP is one basic requirement to issue the cards. Swipe cards allow instant crypto to fiat conversion and payment through ATMs, verified merchants, and digital payment systems like Google Pay, Samsung Pay, and Apple Pay.
Swipe cards have high-level security and a feature to track the card. Each card comes with additional perks in the form of subscriptions to Netflix, Apple music, and Starbucks, as well as rebates on other services.
In addition to the Visa cards, Swipe also has a multi-asset DeFi app. Users can convert between cryptocurrencies, stable coins, and fiat currencies using this app. Users can pay the transaction fee in SXP tokens and also stake their tokens on the app itself and get rewarded.
Swipe has an automated market maker protocol much like Uniswap and other decentralized exchanges. It is accessible from the app itself. Users can deposit their tokens to provide liquidity to the platform and earn a reward for this. Liquidity providers get 0.3% of the transaction fee in line with the amount of their deposit. Users can stake their SXP tokens and participate in yield farms using the app. All of this can be done on both the Ethereum network and Binance chain.
SXP tokens make these Swipe protocols truly decentralized. SXP tokens holders can vote on the proposals for any change in the protocol. Users with a minimum of 300,000 SXP tokens can submit their proposals to the network.
With a total supply of 300 million, SXP tokens are designed with a deflationary mechanism. Transaction fees on Swipe network are paid in SXP tokens. 80% of this fee will be burnt using a smart contract— meaning SXP tokens will be permanently removed from the supply. This token burning will continue until the total supply remains at 100 million. The rest of the 20% will be distributed to the validators of the network, with part of the total supply allocated for various network use cases:
- 600,000 SXP per Month for company operations
- 10,000,000 SXP per year allocated to swipe team and founders
- 1,200,000 SXP per month for rewards and incentives for the network users
After the Binance acquisition of Swipe in July 2020, SXP token price saw a surge in value reaching an all-time high above ₹370 in August 2020. With a deflationary mechanism in place, SXP holds its value above ₹270 with a market cap of above ₹2300 crore.
With debit cards, DeFi wallet, and DeFi protocols, the Swipe network continues to innovate crypto for everyday use and merchant adoption with SXP tokens powering all functions on the network. And now you can swipe right for SXP on ZebPay!