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Swipe Wallet

What is Swipe Wallet?

Swipe is decentralized finance mobile app for cryptocurrencies. Swipe Wallet lets you buy and sell crypto instantly by linking a debit, credit card or by using your bank account. Furthermore, you can swap between supported cryptos with instant settlement. As a result, Swipe is a wallet that allows its users to manage multiple different types of digital assets such as: Bitcoin, Ethereum, Uniswap, or Binance Chain. One of the flagship products is the Swipe Visa debit card, which you can order once passing verification.

Spend Crypto directly with Swipe Visa debit card

Using Swipe’s Visa debit card, users can spend their cryptocurrency assets instantly at any supported Visa merchant. Unlike other crypto card solutions, there is no need to manually top up your Visa card. Swipe Wallet will automatically make the conversion for you when you use your Visa card. The cards have several tiers of benefits, depending on how much SXP you stake. However, all tiers receive instant cashback in BTC which goes up to 5% cashback. Essentially, you earn Bitcoin every time you use your Swipe Visa Card. Another plus is that you can stake Swipe’s native token SXP, and continuously earn rewards.

What is SXP token?

SXP is the platform’s native token, holders can stake SXP to earn passive income. Users can stake SXP directly in Swipe Wallet, in their Binance exchange account, and in Venus Protocol on Binance Smart Chain. Alternatively, for more experienced users, you can stake SXP on-chain using MetaMask. As reported in the following article, staking SXP can earn you up to 12% APY. The rewards for using Swipe can go much higher though, if you also interact with their DeFi product Venus Protocol. Users can earn Venus (XVS) tokens by supplying different crypto assets (such as SXP tokens) on the DeFi platform. This is a concept known as yield farming or liquidity mining.

SXP Price Prediction

The price of SXP is directly correlated to the Swipe Wallet and Swipe Visa Card usage. Because, whenever users trade using the mobile app or spend crypto, a percentage of SXP tokens are permanently burned. As a result, Swipe Token (SXP) uses a deflationary supply model for its tokenomics.

SXP has a 300,000,000 fixed supply, however, it has been designed to decrease as more demand for protocol usage happens. In fact, 80% of all transaction fees are automatically destroyed via a smart contract. This will put on immense pressure for the price of SXP to go up rapidly, as long as the protocol is being used. We predict SXP being traded above $5 during 2021. Given that Swipe is now being integrated to power Binance Cards. Along with growing partnerships with American based banks. Swipe’s ecosystem and protocol usage is due to explode, which means the token price is going to go up.

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Latest dExplain newsletter of DeFi and NFTs news. Today we reviewed cryptocurrency debit card solutions: Monolith and Swipe Wallet.

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