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, subsequently reissuing these tokens on the Binance Smart Chain as BSAP tokens. Our users can migrate to the Binance Smart Chain at any time, 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.
The token mintage process is all done by the users themselves. 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.
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.
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 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.