Splyt (SHOPX) is a cryptocurrency token that powers the Splyt protocol, a decentralized e-commerce platform. It is an ERC-20 token designed to improve the d-commerce experience by facilitating global product and service listings, incentivizing honest behavior, and providing rewards for users and validators. SHOPX tokens can be traded on various exchanges, including Gate.io, LATOKEN, and Uniswap V2.
The Splyt (SHOPX) token is a multi-functional utility token designed to improve the decentralized e-commerce (dCommerce) experience for users. It has several key uses:
Securing the Splyt Network: SHOPX tokens are used to secure the Splyt network, ensuring the integrity and reliability of the platform.
Token Curated Registry (TCR): SHOPX tokens are used in conjunction with smart contracts in eNFTs to facilitate a TCR, which enables international product and service listings with decentralized arbitration capabilities.
Liquidity Mining Pool: SHOPX token holders can participate in a liquidity mining pool, where the longer they stake, the higher the returns they will see.
Incentivizing Adoption: SHOPX tokens are used to incentivize adoption of the platform, with higher rewards during the first year of launch. Users can receive SHOPX token rewards up to 100% of their subtotal purchase value when spending on the Splyt platform.
Exclusive Discounts: If users decide to pay for services with the SHOPX token, it will unlock exclusive discounts.
Incentivizing Honest Behavior: SHOPX tokens are used to incentivize honest behavior on the Splyt network. Sellers can earn SHOPX token listing rewards for facilitating valid transactions with no disputes.
- Validation and Passive Income: SHOPX token holders can become validators and secure the Splyt network by staking their tokens, earning more SHOPX tokens in return. Top validators can earn even more Splyt tokens to enable validation of higher stake disputes, providing a passive income opportunity.
To store the Splyt (SHOPX) tokens securely, it is recommended to follow best practices for storing cryptocurrency wallets and seed phrases. Here are some methods:
Paper Storage: Write down the seed phrase on paper and make multiple copies. Cut each copy into two parts and hide them in different locations outside your home. This ensures that even if one piece is found, the wallet remains safe.
Metal Storage: Etch the seed phrase onto a durable material like steel or titanium using an electric etching tool. Store the metal plate in a safe or safety deposit box.
Password Manager: Store the seed phrase in a secure password manager. This method is convenient but requires careful management of the password manager's security.
Hardware Wallets: Use a hardware wallet specifically designed for cryptocurrency storage. These wallets are highly secure and provide an additional layer of protection.
Cold Storage: Store the tokens in cold storage, which is a secure offline wallet. This method is ideal for long-term storage and minimizes the risk of hacking or unauthorized access.
Remember to always keep your seed phrase and wallet information private and secure to protect your Splyt (SHOPX) tokens.
To buy Splyt (SHOPX) tokens, you can follow these steps:
Choose an Exchange: SHOPX tokens can be traded on centralized crypto exchanges. Popular options include LATOKEN, AscendEX (BitMax), and Gate.io. You can also use decentralized exchanges (DEX) if they support SHOPX trading.
Create an Account: Register an account on the chosen exchange's official website or app. Verify your identity and secure your account by enabling two-step verification.
Fund Your Account: Use fiat to buy USDT, ETH, or BNB. You can use the exchange's OTC trading service or financial platforms like PayPal or Robinhood (for US residents) to fund your account.
Transfer Funds: Transfer your USDT, ETH, or BNB to the exchange that supports SHOPX trading. If the exchange supports both fiat purchases and SHOPX trading, you can trade in the same platform.
Buy SHOPX: Use your USDT, ETH, or BNB to buy SHOPX tokens in the spot market. Ensure you have the correct trading pair, such as SHOPX/USDT.
Add SHOPX to Your Wallet: To view and manage your SHOPX tokens, you can add them to your MetaMask wallet by importing the contract address (0x7bef710a5759d197ec0bf621c3df802c2d60d848).
Remember to be cautious of fake tokens on DEX and consult the exchange's customer service or announcements for any regional restrictions.
