Anyone who keeps up with the crypto world will admit that digital currencies keep increasing by the day. Staying ahead of every digital token becomes nearly impossible. For this reason, token reviews become crucial to enthusiasts who are continuously looking for new assets to add to their crypto portfolios.
This article reviews one of the relatively new players in the crypto scene; the SZO token. Keep reading to find out what it is, how you can get it, and what projects it powers, so you have some insightful information to help you decide whether to onboard the project.
SZO is an ERC-20 utility token that’s native to the ShuttleOne.Network. It is used as an incentive and security token for token holders and liquidity suppliers on the network. The token is the ecosystem’s currency that merchants and consumers use to pay for platform fees if using any ShuttleOne services. The system offers these services through a network of partners in the banking, accounting, fintech, and cross-border trade sectors.
SZO token holders get to enjoy higher interest rates, thanks to real-world assets collaterals. ShuttleOne loans out growth funds and working capital to businesses in need. In return, the businesses usually collateralize their tangible world assets, which may be commodities, purchase orders, or other assets, thus generating higher interest returns.
The token follows a burn and mint mechanism. Therefore, whenever a loan transaction is completed on the network, SZO tokens are minted and burned.
The token’s functionality structure follows that of Ethereum and Bitcoin. The token supply is capped at 230,000,000 SZO, and currently, there are 133,200,000 unminted tokens. This represents 57.19% of the total supply, which will join the coins in circulation whenever network users perform a transaction.
One of the unique approaches of the token is that it aligns business development with token performance. No new tokens will be minted if the business doesn’t scale up, thus maintaining the token’s value.
The token has an annual inflation rate of 5%. Token holders can trade the wrapped version, $WSZO on PancakeSwap and Dodo Exchange.
Besides the unminted supply, it is essential to take note of how SZO tokens are distributed. Here’s a detailed breakdown:
- Early LP Program
Early network supporters who provide liquidity to the protocol are rewarded through the early LP program. The rewards are 1.5x better than those in the LP supplier program described below. The program’s allocation is 31,237,000 SZO tokens and is only available for beta users. The funds are locked for nine months, and any unclaimed after this period will be opened for the LP supplier incentive program.
2. LP Supplier Incentive
This program holds 14.31% of the token supply, which is about 34,310,660 SZO tokens. Liquidity suppliers receive their SZO token rewards through this incentive, including 5.763 million SZO locked on Uniswap and Balancer pools for AMM.
3. Team and Equity Investors
The network’s early seed round was backed by several investors, including Andromeda Capital, CoinShares, and other angel investors. 31,252, 340 SZO was assigned to the team and equity investors and was locked for two years.
It is worth noting that the network will hold a token sale in November, although the founders have not mentioned any specific date. The token will also be listed on the Tezos network during the month mentioned before. However, you can get the SZO token through the following two ways:
- Providing liquidity to the network
Crypto enthusiasts can participate in the network by staking their stablecoins; DAI, USDT, and USDC. Liquidity providers receive SZO tokens as reward incentives for participating in the protocol.
- Buying on listed exchanges
SZO tokens are listed on some exchanges, and you can get some by purchasing them. Currently, the token is available for trade on PancakeSwap and Dodo exchanges. The wrapped SZo token is also available on the Binance Smart Chain (BSC).
Seeing as there are various cryptocurrencies available, you probably wonder why you should add SZO tokens to your portfolio.
For starters, token holders get to enjoy higher interest rates, which helps increase your portfolio’s value. Additionally, because tangible world assets back the token, token holders get access to these bank-grade quality assets that they usually wouldn’t have access to. The assets include commodities like rice and metals.
ShuttleOne uses AI and blockchain to offer DeFi solutions for B2c, B2B, and G2B platforms. Non-blockchain platforms can, especially, leverage the network’s infrastructure to implement fully automated DeFi solutions. As such, ShuttleOne makes blockchain and DeFi accessible to anyone, including users without any knowledge of the industry and technology, bridging the gap between the real world and blockchain financial services.
The network is home to various ecosystems, spanning more than 13 industries. The network solutions offered to consumers and businesses include fast financing, unbiased credit scoring, and cross-border remittance.
Transactions on the network are necessary for SZO tokens to be minted and burned. These happen whenever the network processes loans to businesses. The network has processed $40 million worth of assets, with about $15 million worth of loans approved. The token is used to facilitate payments within the network.
The network expects its transaction volume to grow exponentially in the coming months, seeing as it has plans in place to onboard several platforms with large user bases. One such platform is Tezos, which should conduct a token listing sometime in November. This, together with other onboarding platforms, will create excellent traction for SZO and increase its demand.
As is the case with any project in the blockchain and crypto scene, it is crucial to ensure it is safe to invest in. Peckshield audited the smart contract code in early April 2020. Besides, ShuttleOne is currently operating under the Monetary Authority of Singapore exemption license as a digital token payment service provider. ShuttleOne is one of the very few trading platforms that has always been committed to complying with regulatory incentives since day one.