Swipe has major improvements for SXP on-chain and for the Swipe Wallet App this year. We have outlined the core changes and details of how we plan to release these improvements through 2021. While we will not commit to a firm timeline, these upgrades are anticipated to all be completed this year. These changes will become incorporated into the Swipe White Paper at a later date. These updates do not include stealth work we are doing that is non-public for competitiveness and NDA reasons.
Swipe Wallet App v2
The Swipe Wallet App has a major upgrade coming where it will tap into decentralized finance natively in a simple UI/UX and remove its core custodial components. There are too many bottlenecks for retail users to access DeFi based protocols and many of them typically have numerous hoops to jump through. The goal for Swipe Wallet v2 is to make Swipe a non-custodial digital wallet where users control their keys and funds at all times while giving them access to key defi based products without having to go through many contract interactions and numerous dapps.
- Non-Custodial: The Swipe Wallet will become non-custodial giving users total control of their funds held in the Wallet part of the app. Users who hold custodial funds will have until May 1st to migrate their funds off the wallet including from Swipe Savings and Credit. Those that are cardholders who leave their funds on the wallet will have their funds transferred to the Card Wallet for custodial access.
- Card Wallet: There will be a custodial card wallet in the app that users can add crypto funds and use with real time conversions (no changes from current features). Therefore users who hold funds specifically in the card wallet, will be a custodial solution where funds can be immediately utilized without miner fees. Users will be able to move funds back and fourth from their Card Wallet and Non-Custodial wallet seamlessly. Withdrawals from Card Wallets will be without gas fees.
- DeFi Exchange: Swipe will enable Swipe Swap Natively in the app for users to be able to make digital asset trades on-chain, provide liquidity, and access Swipe Swap Governance
- Venus: Swipe will enable Venus natively in the app so users can earn on their idle crypto without giving away custody and borrow using their crypto as collateral. This will substitute Swipe Credit and Savings and let users benefit from this directly on-chain and earn the farm rewards.
- SXP Gas: SXP will be able to be utilized as a gas currency directly on the Ethereum Blockchain enabling users to pay SXP and use Swipe’s delegated ETH wallet as gas to save and help with the acceleration of SXP burns.
- Swipe Layer 2: Swipe plans to integrate its own layer 2 solution which will help congestion and high costs associated with ETH based transactions. More details on this in a separate post and won’t be with the v2 launch.
The upgrades mentioned above will give Swipe Wallet v2 a completely user friendly interface to access all of these decentralized services and their Swipe Card.
Swipe SXP Updates
Today SXP has numerous use cases and utility that can be seen across multiple blockchains. To ensure that our tokenomics and sustainability are evenly met there will be a series of changes occurring. One update will be that we will discontinue SXP burning from Card Issuing products as it may cause some compliance concerns in certain jurisdictions. If we want SXP to be a globally accepted digital asset we need to ensure that it’s structure is compliant without question. So while some of these changes will be for compliance reason, a vast majority will be to improve the tokenomics:
- SXP Tiers will become available for Binance Cards.
- Swipe Staking will be discontinued thus removing this inflation point. In its replacement will be other SXP staking mechanisms from other protocols. Swipe Staking was originally designed to bond the payment network, but since this has not been established, there’s no payment network to bond at this time. The remaining reward pools will be the final staking benefits users will receive. Once the current reward pool is utilized, users will no longer receive staking benefits on Swipe Staking.
- SXP Treasury balances will remain available for other related promotions and events at much lower inflation rates to stretch programs out for decades.
- Users can provide SXP-ETH and SXP-WBNB liquidity and receive liquidity provider (LP) tokens which can be used to farm other digital assets including SXP from transaction fees. More details on this coming soon.
- Burning from any revenue will be halted.
- Burning SXP from on-chain activities will continue with wallet contracts, gas burns, Ignition IWO burns, Swipe Swap burns etc. 100m total supply end goal continues without change
- SXP LP tokens will be used for Ignition Sales on-chain with details to follow.
- JL will burn 10M SXP (currently worth over $25 million) on August 2021 from the Founders unlock.
- Swipe Swap will enable SXP LP stakers to earn from on-chain transaction fees and this will be fully decentralized on launch.
SwipeX Financial, which is based on the Fincofex acquisition, will be renamed to Swipe Financial. We are working closely with our payment network partners to finalize our integrations which will give our business-to-business capabilities all the frameworks and tools we need to let companies expand their crypto-fiat offerings.
- Finalizing our Visa principal membership application and integration
- Working with MasterCard and to evaluate the crypto API they plan to offer
- Finalize all acquiring, issuing and processing businesses so we are literally a one-stop-shop and do not need any other banking partners.
- Finalize a banking as a service acquisition that is nearly complete of a US based crypto payments company
- Finalize our VCE license from the central bank in PH and complete an acquisition that we are working with Binance on in PH.
We created a simple but coherent timeline of events our users can expect
Q1: SXP updates and upgrades
Q2: Swipe Wallet v2.0 App released with all DeFi integrations and Non-Custodial Wallet released
Q3: 10M SXP Burn & Stealth releases
Q4: Swipe Financial full-launch
This represents a high level update about our roadmap for 2021. Individual announcements on each event will also occur to give users more definitive timelines and updates while we get closer to those respective launches.
(Edit: 2/18/21: Updated info on Swipe Staking end date)