Swaap (SAP) is our utility token. It is the vehicle for transferring funds and value among users of our platform, and its price is pegged to the USD on a 1:1 basis.
It is an open-source cryptographic token, designed to be scalable, reliable, secure and easy to use.
Circulating Supply: 2,995,554.2056 (2.99m) Non Circulating Supply: 997,004,445.7944 (0.99b) Custodian Supply¹: 1,000,000 (1m) Total Market Cap (in USD): $2,995,554.21 (2.99m)
¹ Funds under Nova Bank's custody, being traded within the platform.
Supply Burning Notice
On 26 February 2021 the Treasury has burned half of the total supply of SAP on the Ethereum blockchain, bringing the total supply (at the time) from 2b to 1b tokens. The ERC-20 tokens were burned to be reissued as BEP-20 tokens on the Binance Smart Chain. The decision to expand our platform to Binance Smart Chain was due to excessive transaction fees on the Ethereum network, which we consider very detrimental to retail users operating small transactions, and wipes away most of the benefits and advantages that our platform aims to provide to these small retail individuals. We encourage all our users to migrate to the Binance Smart Chain, and we will allow all token holders to convert their balances for free, using Nova Bank's platform.
Swaap Tokens are the native utility token of our platform. It is an open-source cryptographic token, designed to be scalable, reliable, secure and easy to use. Being a payment utility token, its holders can redeem them in fiat currency immediately after getting paid, or exchange them freely outside of our platform - if so they want. The redemption value is perpetual and pegged to the value of the USD on a 1:1 basis, which means that when redeeming your tokens in fiat, you will always get the equivalent of 1 USD per token.
Minting Tokens
The token mintage process is all done by the users themselves, in our utility platform, Nova Bank. All you need to do is to deposit collateral and the equivalence of tokens will be created and deposited in your account. We have built the platform in a way that you can even use your credit or debit card to collateralize and mint your tokens. It is seamless, as everything else with Swaap.
Redeeming in Fiat
To fulfil its purpose of being a utility token and a medium of exchange, we have made the redemption process in fiat currency seamless and efficient. It is all done through Nova Bank (our utility platform), and the conversion process is immediate and done with the click of a button.
Collateralization
All tokens are collateralized and backed by legacy assets, and we issue a quarterly report on all holdings backing your tokens, which you can access through our website, at all times.
Price and Trading
These tokens are utility tokens, and they were not conceived with trading in mind, but being an ERC-20 token, they can be freely exchanged between users outside our platform. As far as the price goes, when redeeming your tokens in fiat, you will always get the exchange rate of 1:1 USD, but at times, there might be people out there willing to pay more, or less, in order to have access to the liquidity of our platform, and we won't exercise any kind of price control over the trading value of the token on the free market.
