Non-custodial crypto wallet suite SafePal has launched SFPlus, a new staking dapp and hub that enables its users to stake the native SFP to earn score privileges within the SafePal ecosystem.
Per the press release shared with Cryptonews, users can access the dapp with the latest SafePal mobile wallet App V4.7.7 update.
It will allow them to stake the token, view all existing utilities, and participate in airdrop reward pools with project partners, among other benefits.
Additionally, staking in SFPlus will not have a lockup period, the team said. Users can stake or un-stake any amount of SFP at any time.
However, those who remain staked “will earn a time-based loyalty score bonus and automatically participate in subsequent reward pools,” the announcement said.
Real-World Benefits
Besides enjoying a share of SFP reward pools, staking the coin to accumulate a score will grant its holders real-world benefits, the announcement said.
These include the ability to upgrade account tiers for the SafePal CeDeFi banking gateway, which the team launched in March.
Notably, it allows users access to crypto-friendly and compliant banking and payments through major platforms, including Visa, PayPal, Apple, and Google Pay.
Additionally, SafePal partnered with The Open Network (TON) to launch a campaign focused on Soul-Bound tokens (SBTs).
The team said that this is a part of “further efforts to build long-term utility and onboard users from the TON and Telegram ecosystem across SafePal’s hardware, mobile, and browser extension wallet solutions.”
SFP 1-month price chart:
Source: coingecko.comSFP is a decentralized BEP-20 and ERC-20 utility token. It’s the SafePal ecosystem’s “growth engine.”
Furthermore, users can utilize it to buy SafePal products at a discount and convert it to gas across chains in the app, among other uses.
At the time of writing (Wednesday morning, UTC), SFP is down 1.1% to $0.7367.
It is down 6.5% in a week and 11.5% in a month. Overall, it appreciated over 51% in the past year.
The coin saw its all-time high of $4.19 in February 2021 and is down 82% since.
It’s also up 173% from its all-time low recorded in June 2022.
Reward Pool Launched With Binance-Backed Cellula
To commemorate the launch of SFPlus, the team also launched the first airdrop reward pool with Binance Labs-backed Web3 gaming project Cellula.
The move is a part of their partnership efforts and follows the Wallet Holder Offering held in June-
Veronica Wong, CEO and co-founder of SafePal, commented that “tokens are a unique channel to bind the community and builders closer than traditional Web2 product-consumer relationships.”
“While there is still a lot of attention on new tokens, issues remain with tokenomics and realistic valuations for many projects launched this year,” she added.
Therefore, the SFPlus launch is “designed to strengthen utility and highlight the maturity of SFP as the first IEO project on Binance launchpad in 2018” and to “provide a means for Web3 users to interact with new promising projects in a safer, reliable. and less risky manner.”
Founded in 2018, SafePal is backed by Animoca Brands, Binance, and Superscrypt.
Its suite includes hardware wallet, mobile app, and browser extension wallet solutions.
The SafePal platform recorded over 15 million users across 200 regions and countries. It supports 15 languages and more than 100 blockchains with their tokens and NFTs.
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