Use Cases for the SINGLE Token
If you want to gain a better understanding of cryptocurrency, then tokenomics is a pretty good place to start. Essentially, tokenomics is a huge part of what makes crypto valuable.
Crypto coins are unique to the blockchain platform on which they were made/minted, each coin — or token — is special. Platforms can offer benefits to the holders of certain tokens, and of course, holders are able to trade them to other kinds of tokens.
Tokenomics describes the economics of a crypto token, and is the backbone of DeFi as coins are mined, earned, owned, and governed by the platform’s community. So, with that in mind…
SINGLE tokens — of which there is a total supply of 1,000,000,000 — created on the Single Finance Decentralized Protocol (DEP) allow those who hold them to participate in how the protocol is governed — determining key factors such as interest rate model, fee rates, and the distribution of protocol fees and reserves accrued to the Single Finance Protocol.
There are myriad benefits and uses for SINGLE Tokens that allows holders to earn and accrue rewards for engaging with the protocol, so why should you get involved with SINGLE tokens?
Use Cases for SINGLE Tokens
Share Performance Fee
10% of the 19% performance fees (based on the membership tier) for strategy users is distributed as Protocol APR to SINGLE token stakers.
We will soon launch a governance vault that will allow community members to stake their SINGLE tokens; stakers will receive xSINGLE where 1 xSINGLE = 1 vote, allowing them to decide on key governance decisions.
Exclusive Strategies Opportunities
Staking Single Token allows users to access exclusive Single-click strategies that provide higher returns and lower risk.
Exclusive NFT Access
We are planning to integrate NFTs with actual utility into the platform. Users will have to hold SINGLE in order to benefit from this utility such as less performance fee and bonus rewards.
And there you go! The use cases of SINGLE. Ending off with a gentle reminder that our Pre-launch Vault is now open. If you’ve got some SINGLE, SINGLE-VVS LP or SINGLE-USDC LP, stake them now until Valentine’s Day to earn up to 200% APR! More info here at app.singlefinance.io.