Swipe Announces Testnet Staking, new DeFi App, SGV Token

CryptoMode Swipe Price SXP

The DeFi scene continues to grow and evolve every single week. In the case of Swipe, it seems staking support is currently active on the network. A new application will be launched on Binance Smart Chain in the near future as well. 

Staking Support for Swipe

Even though DeFi tokens are already popular in their own regard, there is always room for improvements. In the case of Swipe, there will be a strong focus on staking the SXP token. For now, this functionality is only available on the Ropsten testnet. Depending on the success of this staking process, it will come to the main net in the near future. A  testing period of two weeks has been proposed by the developers. 

Users who want to explore this functionality can obtain testnet-SXP through the Swipe Faucet. Normally speaking, users will earn up to 12% APY, which is a fairly competitive rate compared to other tokens. Staked SXP will also become eligible for earning processing fees on top of collateral rewards from staking itself. 

In the blog post, the team also confirms a partnership will be formed with exchanges. This will allow for broader staking access , as well as higher initial rewards. This latter approach has become somewhat of a common trend among DeFi tokens lately. More details regarding the partnering exchanges will be made available shortly.

A new DeFi App on Binance Smart Chain

Perhaps the more interesting bit of news comes in the form of a new DeFi App. It will launch on the Binance Smart Chain under the SwipeFy name. This will allow Binance Chain tokens to be used as collateral. Holders of such tokens can earn interest and borrow against their existing collateral as they see fit. 

It is interesting to see Swipe opt for a non-Ethereum blockchain. Given the high gas fees and delays when using Ethereum, tapping into different solutions is crucial. Binance Chain will, according to the team, provide  a much better user experience in this regard.

Tapping into tokenized and wrapped assets on Binance Chain will provide more flexibility. Holders of BUSD, TUSD, and wrapped versions of Bitcoin and Ethereum can all make use of SwipeFi. Moreover, BTC and ETH will be supported in their native form as well, by the look of things.

The SGV Token

Last but not least, Swipe will introduce a new token. The Swipe Governance Token, or SGV, is used to vote on protocol proposals and governance. This new token can also be earned through liquidity mining. Its maximum supply is capped at 10 million SGV. Existing SXP holders will receive 1 SGV per 100 SXP on August 17. 

It is also worth noting the Swipe team will not receive any “bonus” SGV. Only their existing holdings will be eligible for the new governance token issuance in two weeks. The remaining supply will be generated through liquidity mining over a five year period. 

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