In a defining moment for the xMoney community, the approval of UTK 3.0 Tokenomics has been confirmed through an expressive community governance vote.
The xMoney community has definitively voiced its wish with more than 92% voting in favor of the transition to UTK 3.0.
This marks a significant milestone in the evolution of our ecosystem, further solidifying our commitment to providing innovative and user-centric financial solutions.
Let’s explore the details of this exciting development and what it means for the future.
The Power of Collective Decision
The xMoney community’s active participation in the governance referendum has spoken volumes.
Through a decentralized decision-making approach, the community has collectively chosen to embrace UTK 3.0. This signifies not only a transition in tokenomics but also a testament to the vibrant and engaged community that fuels our growth.
UTK 3.0: What to Expect
The approved UTK 3.0 Tokenomics introduces a range of enhancements designed to optimize the xMoney ecosystem for both users and merchants. This strategic shift comes after careful consideration and meticulous planning.
The updated tokenomics will lead to improved functionalities, greater utility, and increased opportunities for community members.
This is a new era of possibilities open up for our community, and it represents an optimization of the xMoney ecosystem, taking into account feedback, insights, and aspirations from our dedicated users.
As we move forward, here are some key highlights of what you can expect from UTK 3.0:
The Guilds initiative, a cornerstone of UTK 3.0, introduces a dynamic network of collaborative opportunities. Guilds enable users to actively participate in shaping the ecosystem, forge connections with like-minded individuals, and unlock enhanced benefits. This innovative concept empowers users and merchants alike, fostering a vibrant and engaged community.
Guilds act as the connective tissue that binds the ecosystem, enabling Guild Masters to explore innovative avenues such as:
- Buybacks and burns
- Novel loyalty programs
- Diverse cashback initiatives
- Unique discount or bonus structures
- Reward Mechanisms
Enhanced Token Utility
UTK 3.0 propels the utility of our native token to the next level. Beyond its current use cases, the updated tokenomics will explore novel ways to engage with the xMoney ecosystem, providing a seamless blend of traditional and decentralized finance functionalities. This expanded utility enhances the versatility of UTK, making it a true asset for various financial activities.
Loyalty and Rewards
Building upon the success of our existing rewards program, UTK 3.0 introduces refined mechanisms for earning, staking, and utilizing rewards. These enhancements amplify the value proposition for our community members, incentivizing active engagement and creating a symbiotic relationship between xMoney and its users.
UTK Cashback Rewards
Obtainable through the xPortal App, these rewards are based on your purchases across any xMoney-affiliated merchant or via the xCard – both online and offline.
UTK 3.0 streamlines interactions within the ecosystem, ensuring a frictionless experience for both merchants and users. The updated tokenomics pave the way for efficient transactions, reduced complexities, and a more intuitive interface, facilitating seamless navigation and fostering widespread adoption.
Explore all the UTK 3.0 benefits in more detail:
The Economic Model and Exchanges Update
As we embrace this exciting change, it’s important to note that the data on exchanges will be updated accordingly.
Here’s our Economic Model:
- Current Circulating Supply: 651,731,810 UTK
- Rewards & Cashback: 225,000,000 UTK (supporting the initial 5-year bootstrapping phase)
- Growth and Reserve Pool: 123,268,190 UTK (supporting the initial 3-year bootstrapping phase)
Max. Supply: 1,000,000,000 UTK, aligning with the original vision laid out in the 2017 whitepaper.
Token name and symbol
In our previous AMA session, we already confirmed that the name of the token will change from Utrust Token to xMoney. However, the ticker symbol will remain $UTK.
Now that the Governance Referendum is over, the team will begin updating the platforms with the new name and other relevant information, ensuring that the listings are up to date.
This ensures a seamless transition for all our users and stakeholders. We are committed to providing accurate and timely information to facilitate a smooth experience.
UTK as an EDST
We want to also remind you that, currently, UTK as an ESDT (eStandard Digital Token) is only available on Binance.
The availability of UTK as an ESDT token on other exchanges, such as KuCoin or Wabi, depends on the technical integration on the exchanges’ side. xMoney is in contact with these exchanges, expressing their interest in having UTK as an ESDT token listed.
However, it ultimately depends on the exchanges’ ability to support the ESDT standard.
In the meantime, users have the option to utilize a decentralized bridge to convert UTK from Ethereum’s ERC-20 standard to UTK ESDT, providing an alternative to Binance for token holders.
Time to Grow!
The approval of UTK 3.0 Tokenomics is a momentous occasion that underscores the xMoney community’s commitment to progress and innovation.
With this new chapter, together with MultiversX, we are poised to usher in a period of enhanced growth and collaboration. As we move forward, we invite you to stay engaged, explore the finer details, and be a part of our ongoing journey towards a more vibrant and empowered financial ecosystem.
For those eager to explore the details of UTK 3.0 Tokenomics, our FAQs are a valuable resource. Here, you’ll find answers to common queries and gain a comprehensive understanding of the changes and benefits that lie ahead.
Additionally, our Growth Page offers insights into our broader vision and the steps we’re taking to drive xMoney’s expansion. It’s an opportunity to glimpse into the future and understand the strategic direction we’re charting.
Keep an eye on our platforms for updates, and let’s continue this exciting journey together.
Stay tuned, and let’s keep growing! 🚀
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