Swipe Founder Burns All His Allocated Holdings ($200M), Reduces SXP Supply by 17.5%
Ahead of the release of Swipe V2 white paper, Joselito Lizarondo, Swipe Founder & CEO who has also founded the BSC-based lending protocol Venus, shared his decision to burn all of his 60 million SXP.
10 million SXP tokens were already burned last year; the remaining are currently worth $229 million at a current price of $4.58 per SXP.
Lizarondo shared that he is still compensated in SXP, which he holds. Any SXP earned in revenue from now on will be held on the company's balance sheet for a long period of time, said the CEO.
By burning his entire founder supply, the total supply of SXP has been reduced by 17.5%, with an end goal of having only 100 million SXP in supply. Currently, the maximum supply is 285 million, as per Coingecko. Lizarondo said,
“This benefits the Swipe token holders from a scarcity point of view and lets me focus on my health and working with the team to push our products successfully.”
Binance currently has a large portion of SXP that it received during the acquisition. These are unlocked and, according to Lizarondo, sitting on their balance sheet. The Team treasury, meanwhile, will remain under time lock monthly release.
The company is also introducing new tokenomics for the SXP token. SXP will serve as payment currency for services rendered to its partners and as a governance token for Swipechain Network and AMM.
Swipe is now focused on V2, which is the final version, and there will be no more changes.
Version 2 aims to create a bridge between crypto and commerce for business partners paid in SXP and build a fully cross-chain decentralized automated market maker (AMM) powered by SXP.
It is also planning to introduce a Swipe Reward Token (SRT) to Swipe Swap.