Question 1

What is the current price of SXP?

Accepted Answer

As of the latest update, the price of SXP is A$ 0.00312316. Over the past 24 hours, the value has decreased, showing a change of -9.96%. It's important to note that cryptocurrency prices are highly volatile and can change rapidly.

Question 2

What Is SXP?

Accepted Answer

SXP, or Swipe Token, is the native cryptocurrency used within the Swipe Wallet ecosystem. Swipe Wallet is a digital application that allows users to buy, sell, and spend cryptocurrencies alongside fiat currencies with ease. Notably, the Swipe Wallet is designed to integrate SXP tokens for several functions and utilities, such as carrying out transactions, making withdrawals, and accessing various services within the platform.

Question 3

Who Created SXP?

Accepted Answer

SXP and the Swipe Wallet were developed by the Swipe team. The information about the specific individuals or entity behind the creation isn't provided, but typically, such projects are launched by teams that include blockchain developers, business strategists, and marketing experts working collaboratively to realize the project's goals and advancements.

Question 4

How Does SXP Work?

Accepted Answer

SXP works as a utility token within the Swipe ecosystem. The token facilitates all operations in the Swipe Wallet, which include exchanging of assets, buying gift cards, and conducting payments. Additionally, it's necessary for users to hold onto a certain amount of SXP for tiered benefits and to maintain an active wallet, as every Swipe Wallet requires a 1 SXP deposit to activate on-chain functionalities. The protocol was built on the Ethereum blockchain, leveraging smart contract technology for secure and efficient operations.

Question 5

What Makes SXP Unique?

Accepted Answer

The uniqueness of SXP stems from its integration with the Swipe Wallet, which not only allows for the typical cryptocurrency transactions but also incorporates fiat transactions, providing a seamless bridge between digital and traditional currencies. The Swipe Wallet includes features like purchasing gift cards and instant swaps between supported assets. Moreover, the wallet offers tiered rewards based on the user's SXP balance, adding an incentive for holding the token.

Question 6

How Is the Swipe Protocol Designed?

Accepted Answer

The Swipe Protocol is crafted to operate on the Ethereum blockchain. With this design, the network can benefit from Ethereum’s robust smart contract capabilities, security, and interoperability with a broad ecosystem of decentralized applications. The team ensures that 80% of transaction and network fees generated by the Swipe Wallet are destroyed, a mechanism that could potentially reduce the total supply of SXP over time, while the remaining 20% of fees are kept by the company.

Question 7

How Is the SXP Token Used for Network Fees?

Accepted Answer

Transaction and network fees within the Swipe ecosystem utilize SXP tokens. Part of these fees is burned, which means they are permanently removed from circulation, thus decreasing the total supply. This built-in deflationary mechanism can affect the token's economics, possibly impacting the SXP value for token holders.

Question 8

How Much SXP Is in Circulation?

Accepted Answer

As of the current moment, the circulating supply of SXP is 673.4M, while the exact total supply is established at 673.4M tokens. The figures for circulating and total supply are subject to change, especially considering the burning mechanism involved with transaction fees.

Question 9

What Are the Benefits of Holding SXP Tokens?

Accepted Answer

Holding SXP tokens grants users tiered benefits within the Swipe Wallet ecosystem. The more SXP you have in your Wallet Contract, the higher the tier of benefits you can access. These benefits range from reduced fees on transactions to increased rewards.

Question 10

Where Can You Buy SXP?

Accepted Answer

SXP can be acquired on various CoinEx, LBank, Coinone, Gate.io, Huobi where it is currently listed for trading. As always, it's wise to use reputable exchanges and ensure you're following safe trading practices.

Question 11

How to Keep Your SXP Safe?

Accepted Answer

To keep your SXP tokens safe, it's essential to use secure wallets that support the Ethereum blockchain and ERC-20 tokens, as SXP is built on Ethereum. Additionally, practice standard security measures such as using strong, unique passwords, enabling two-factor authentication, and being wary of phishing scams. Always remember to backup your wallet's recovery phrase in a secure location.

Convert SXP to AUD

Try our Crypto Pro app