SafePal Launches SFPlus: New Staking Dapp with Real-World Benefits for SFP Holders

SafePal, a leading non-custodial crypto wallet suite, has unveiled SFPlus, a new staking decentralized application (dapp) and hub designed to enhance the utility of its native SFP token. This move aims to provide users with additional privileges within the SafePal ecosystem and marks a significant development in the platform's offerings.

SFPlus: Key Features and Benefits

Launched with the SafePal mobile wallet App V4.7.7 update, SFPlus allows users to stake their SFP tokens and gain access to a range of benefits. The dapp facilitates staking without a lockup period, enabling users to stake or un-stake their tokens at any time. Those who keep their tokens staked will earn a time-based loyalty score bonus and automatically participate in reward pools with SafePal’s project partners.

The introduction of SFPlus is designed to strengthen the utility of the SFP token, which has been a cornerstone of SafePal’s ecosystem since its initial exchange offering (IEO) on Binance Launchpad in 2018. The new dapp not only provides staking benefits but also integrates real-world advantages, enhancing the overall value of holding SFP.

Real-World Applications and Benefits

Staking SFP through SFPlus comes with several practical benefits:

1. Account Upgrades: Users can upgrade their account tiers for the SafePal CeDeFi banking gateway, which was launched in March. This gateway offers crypto-friendly banking and payment solutions through major platforms such as Visa, PayPal, Apple Pay, and Google Pay.
2. Access to Reward Pools: By staking SFP, users gain entry into various reward pools, including the newly launched airdrop pools in collaboration with SafePal’s project partners. This initiative is part of SafePal’s broader strategy to provide users with tangible rewards and incentives.
3. Partnership with The Open Network (TON): SafePal has partnered with TON to launch a campaign focused on Soul-Bound Tokens (SBTs). This collaboration aims to enhance the utility of SFP and onboard users from the TON and Telegram ecosystems across SafePal’s suite of wallet solutions.

Market Performance of SFP

SFP is a BEP-20 and ERC-20 utility token that serves as the growth engine for the SafePal ecosystem. The token is used for purchasing SafePal products at a discount and for paying gas fees across chains within the app. As of the latest update, SFP is trading at $0.7367, reflecting a 1.1% decline in the past 24 hours. It has experienced a 6.5% drop over the past week and an 11.5% decrease in the past month. Despite these fluctuations, SFP has appreciated by over 51% in the past year and is up 173% from its all-time low recorded in June 2022.

Reward Pool Collaboration with Cellula

To mark the launch of SFPlus, SafePal has introduced the first airdrop reward pool in collaboration with Cellula, a Web3 gaming project backed by Binance Labs. This partnership aligns with SafePal’s efforts to integrate SFP into various Web3 and gaming ecosystems, offering users more opportunities to engage with innovative projects.

Veronica Wong, CEO and co-founder of SafePal, emphasized that tokens like SFP are pivotal in bridging the gap between communities and developers, fostering closer relationships than traditional Web2 interactions. She also noted that SFPlus is designed to showcase the maturity of SFP and provide a safer and more reliable way for Web3 users to interact with promising projects.

Conclusion

SafePal’s launch of SFPlus represents a significant advancement in the utility and functionality of the SFP token. By offering flexible staking options, real-world benefits, and new partnership opportunities, SafePal continues to enhance its ecosystem and provide valuable incentives for its users. As SafePal moves forward, the integration of SFPlus is expected to drive further engagement and growth within the SafePal community.

August 2024, Cryptoniteuae