Cryptolocally marketplace starts unmatched staking initiative for its native token GIV.
125% APY on GIV offered by Cryptolocally: Details
According to the official announcement shared by Cryptolocally in its main social media channels, the platform has improved the conditions of its staking procedure.
As its GIV token burn mechanism reinforces the GIV staking rewards design, the upgrades affected both elements of its tokenomics architecture.
With the new procedure, GIV holders will be able to stake their GIV tokens with an unbelievable 125% APY in “locking” programs and 30% APY in flexible “non-locking” staking modules. As such, every GIV holder can earn more yield on his/her tokens.
GIV token has a unique dual nature as it is both a governance and utility asset for Cryptolocally. It can be simultaneously used for voting on referendums (“GIVernance” votings) and for purchasing premium options on Cryptolocally.
Holders of GIV can upgrade their statuses to Bronze, Silver and Gold VIP tiers in order to reduce trading fees. Also, GIV holders can participate in lucrative airdrops, games and lotteries.
By the end of 2021, Cryptolocally supports 20 various cryptocurrencies to guarantee a holistic trading experience for all of its customers. Its crypto-to-fiat conversion module boasts an unbelievable toolkit of 50 on-ramps and off-ramps with a variety of world currencies.
To ensure a seamless voting and staking experience, Cryptolocally released ERC-20 and BEP-20 versions of its native token GIV that are active on Ethereum and Binance Smart Chain, respectively.
100 million GIV tokens will be destroyed
To prevent GIV from inflation and to make it a scarcer asset, Cryptolocally's team decided to burn 100 million tokens in November and December of 2021. Once this is done, the net circulating supply of GIV tokens will be reduced by 10%.
According to the team statement, all GIV holders will benefit from this deflationary measure.
As covered by U.Today previously, Cryptolocally was one of the first peer-to-peer platforms to allow its customers to vote on the next listings. For instance, amid the Dogecoin (DOGE) mania of Q1, 2021, Cryptolocally listed DOGE following its community approval.