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SPL Token Utility
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Introduction
Welcome to the SPL Token Utility Documentation. This document provides an overview of the utility, functionality, and use cases of SPL Token within the SocialPal ecosystem. SPL Token is a digital asset built on Binance Smart Chain technology with a wide range of utilities designed to enhance user experience, incentivize participation, and facilitate transactions within our ecosystem.
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Token Utility
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Staking
SPL Token can be staked natively in our smart contract. Depending on the lock period selected between 14 days, 30 days, 90 days, and 180 days, the user receives an attractive APY plus points, qualifying the wallet to claim future airdrop of NFTs and tokens of projects we will partner with.
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NFTs
SocialPal brings a new experience of NFTs into social media platforms. For the first time, users can buy and manage their NFT collections on social media, such as Telegram, and participate in this market, poised for explosive growth, at the crossroads of gaming, art, and collectibles, all within the social media platform they are already using in a daily basis.
In terms of utility, the more users stake our token and lock, the more they can mint exclusive NFT collections to identify them as early adopters and OG. Our exclusive NFT collections will qualify the wallet for future token airdrops, creating demand on the secondary market. One hundred percent of the creator fees will be used for our monthly buy back and burn.
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Advertisement fees
Twenty percent of the advertisement revenue sold to advertisers will be used to buy back SPL tokens and Burn them monthly. SocialPal offers different advertisement packages for launching projects that want to gain exposure in our wallet and large community. We can capture many advertisement opportunities by supporting most L1/L2 EVM chains while maintaining a good user experience.
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Trading fees
All the trading fees generated by the Swap feature of the SocialPal wallet are used to incentivize our ecosystem and support the SPL token price. Fifty percent of the trading fees are distributed to stakers, and fifty percent are used for monthly buyback and burn.
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Other Use Cases
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E-commerce & travel
We will partner with Web 2 e-commerce and travel companies to provide a shopping experience within our ecosystem. One hundred percent of the fees we will receive will be shared with the users. When shopping with their SocialPal wallet, users will get a different level of discount based on the amount of SPL tokens they have staked and the lock duration. Our designed system was created to maximize the utility and user experience.
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Decentralized Finance (DeFi)
We will partner with DeFi protocols related to Yield, AI, Metaverses and RWA to provide our token holders with more ways to use the SPL token and earn additional revenue.
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Resources
SPL Token Whitepaper and Documentation: Learn more about the technical details and vision behind SPL Token.
SocialPal Twitter and Telegram Announcement Channel: Stay updated with the latest news, announcements, and developments related to SPL Token.