Back to Blog

What is SIMPL token?

img

A native ecosystem token for the Simple app and all surrounding infrastructure. Our own cryptocurrency intertwined with all existing features that will allow new and outstanding services to be developed. It offers a multitude of rewards to holders and opportunities to earn it for all users.

Technical Details

Developed on the Polygon blockchain, with standardized and proven ERC20 code. Written with Solidity and will be posted for public review. Audited smart contracts by 3d party specialized firms and available on Ether and Polygon scan. Cross-chain support with Ethereum to maximize trust and security while using Matic for fast transactions and lower fees.

User benefits

The main goal of the token is to enhance the experience of using the app. The environment surrounding the application is packed with tools and functionalities, many of which will be implemented with the plan to have token integration. As a prime example, the debit card will have better cashback and rewards for users with SIMPL in their wallets. Partnered services and subscriptions will be given out for free in a progressive manner as thresholds of tokens held will be surpassed.

Perks list

  • A steady payment mechanism for all holders is planned. A percentage of all trading commissions collected through the day will be paid as dividends.
  • To be able to serve as a launchpad for new cryptocurrencies while maintaining security and trust, new assets that would want to be listed will be required to have a specific amount of SIMPL held on the platform. This serves as a backing and proves the solidity of the project and may be used similarly to collateral that shields our users from fraud.
  • Debit card advantages for additional cashback, partnered offers, special deals and discounts. The card and token are in close tandem each providing benefits for interacting with the other.
  • The vast majority of benefits the token provides comes from employing Simple services. Use it to pay transaction fees keeping the full amount always intact on both sides, and for that, also get a discount. Having SIMPL in the wallet will automatically enlist you to limited-time promos that grant newly added digital assets, temporarily increased rewards, or bonuses.
  • We plan to cooperate closely with the most popular media outlets, public service providers, and other consumer discretionary goods. This will allow a tiered reward system that will offer prepaid subscriptions and premium deals depending on the number of tokens in the wallet.
  • We aim to facilitate governance participation. Have SIMPL in your wallet and engage in making decisions, steer the platforms’ development.
  • Token buyback from 5% of the collected transaction fees. Split equally between buying SIMPL and USDC and directed towards the liquidity pool.

Value of the token

At launch, the total supply of SIMPL tokens will be capped at 200,000,000. The market price during listing will be 0.1$ for each token and will be determined by market conditions onwards. To keep a steady and true price of the SIMPL, a price growth mechanism utilizing stablecoins alongside our token to form and maintain a legitimate price that is reflective of the market conditions. Such a liquidity pool will become a trustless oracle for Simple, defining SIMPL value in a decentralized and fair manner. That way the value of the token will be closely correlated with the performance of the application overall. A hike in the price of SIMPL on the market will reflect the increased popularity and upgrades of the app.

5
Share article
Share on:
fb tw tg in
i
Сopy link