As part of its gradual transition to decentralization, the social finance application Phaver has launched its Phavercoin (SOCIAL-Alternative) token, which will herald the commencement of the Phairdrop event.
This milestone represents a break out from the “DeSoc” era that Phaver used towards a token shedding towards a social economy by incorporating the SOCIAL token in Phaver’s point economy.
Current Market Status of SOCIAL Token
Recent reports show that SOCIAL is stuck at around the value of 0.0148, set at a market cap of $146 million tokens, and this one commodity is geared toward putting forth 10 billion SOCIAL.
The token’s additional sites are not open yet, such as an airdrop and bulk ad distribution on social media. Malva’s registration with Cyber enables her to get paid with all the tokens to be put into her Phaver Primary Wallet today, at the start of the day.
Tokens can be claimed by such users only on the currently available Phaver platform. Gas fees are to be covered by the base ETH. So, as for eligibility to claim tokens, one also has to, on a phonetic basis, have a profile on Lens or Farcaster or at least have one item that has been created on Cred and linked to the Phaver. The allocation for Season 1 has already been computed using targeted user criteria snapshots.
The token’s trading started today at several exchanges, with Bybit announcing its listing and making the token available to its users. The trading of the SOCIAL/USDT trading pair was initiated on September 24, 2022, at 10:00 UTC.
Currently, MEXC is in the deposit stage, and withdrawal will be up and active by September 25, 2022, at 10:00 UTC. The token is emitted on the Base network, and the contract address to verify this is ‘0xD3C68968137317a57a9bAbeacC7707Ec433548B4’.
Phaver’s SOCIAL Token Offers Diverse Utilities
The SOCIAL token that users hold within the Phaver ecosystem is helpful in multiple ways to increase users’ activity and participation within the platform. Users can obtain SOCIAL by redeeming Phaver Points earned through limited-time campaigns or other means, and persons with high Cred levels can enjoy better rates of points-to-token conversion.
Holding SOCIAL tokens elevates users’ Credibility scores and contributes to aggregating more Points, which is one component of the platform reward system. Higher credit-ranked users receive such benefits as higher monthly withdrawal limits, enhanced support service, preferential visibility, and early access to new features and whitelists.
As detailed in Phaver’s whitepaper, SOCIAL is also a utility token for users to engage in advertising, promote posts, and collaborate with other users. Additionally, users can spend SOCIAL tokens within the application to buy Points, which are cheaper than other in-app purchase options.
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Token distribution patterns indicate that 300 million tokens, or 3% of the total supply, will be set aside for user airdrops. One month after the TGE, 200 million tokens, representing 2% of the total token supply, will be allocated for two redemptions next season.
Inclusion in this Season 2 redemptions depends on user levels, with Level 1 users being locked out. The multipliers available to a user or the redemption ratio for redemptions depend on the user’s credit internal rating and average token holding during the last 30 days average before the redemption, with possible multipliers reaching up to 60x.
Integration with Lens and Farcaster Protocols
Phaver’s platform development toward a decentralized social network is moving forward. It integrates with Lens Protocol and Farcaster Protocol, allowing easy cross-posting between several decentralized social networks. Moreover, this integration improves users’ satisfaction and expands the business’s geographical area.
The Phaver Point system promotes user engagement, but the Cred credibility score system aims to stop bot prostitution and improve the use of NFTs in the ecosystem. Holders of tokens may crowdfund for advantages that are not limited to white lists or other incentives from their partners, such as Animoca, Pudgy Penguins, and Rakuten Group.
If it promotes token retention among users, Phaver tries to eliminate frustrations and create an economy that rewards long-standing participation and increases the token’s value over time.
Conclusion
With the launch of the SOCIAL token, Phaver has been grappled by its users and investors with a measure of knowing what is going on in the company, particularly the distribution of tokens, exchange of markets, and changes in the platform while checking out for possible phishing attempts. Token claiming can be done from Phaver’s iOS and Android apps and Phairdrop.
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