The Swipe governance is a protocol which enables the Swipe community to make changes to the Swipe Network on-chain with SXP as the governance token. The Ethereum Mainnet is basically a fully-developed and deployed protocol, implying that the transactions are being broadcasted, verified, and recorded in a distributed ledger technology and in this case the Ethereum blockchain.
As per a tweet posted by the Swipe wallet, Swipe governance is now live on the Ethereum mainnet which will control the network by $SXP tokens. Ethereum 2.0 (Eth2) is a major upgrade to the current Ethereum public mainnet, designed to accelerate Ethereum’s usage and adoption by improving its performance. The Swipe Governance protocol operated by a series of smart contracts that are publicly available will be able to make certain improvements to the Swipe network. The voting weight and governance proposals will be directly proportional to how much the user’s address has staked in SXP on the staking contract.
The Swipe governance allows the SXP token holders to vote and initiate proposals on the network. With this protocol, and with the SXP token upgrade the centralized control and admin key stands destroyed and the protocol only is governed by the community.
After the announcement of the governance getting live on Ethereum went public, the news proved to be helpful and has impacted in a positive manner. The Swipe social volumes hit a weekly high of 504 social mentions per hour on news immediately after it spread word ongoing live on Ethereum mainnet and staking. Simply put, volume measures how many people are talking about your brand on social media and how large is the conversation around it. Collectively the one-week total social volume for Swipe reached 21,458 post mentions and today, after the announcement it hit a high. This could mean that the users have been receiving the info well.
Earlier in August this year, we saw that there was an update made to the network system. According to the update, the SXP token was interoperable between both Ethereum and Binance blockchains. With this development, the SXP token also became the token to be used as the SwipeFi Governance token. With the development, users could vote once the protocol was live for any changes which also included bringing the SGV token back at a later date. The SXP stakers also could receive the fees that were generated by Swipefi.
Source: 24-hour price shifts in SXP token
Today’s price of Swipe is $1.45 with a 24-hour trading volume of $63,251,027. SXP price in the last 24 hours has seen a good increase of 2.7%. The current circulating supply of the token is 75 million coins while the maximum supply will saturate at 290 million coins. Binance is the most active market trading it. Its total market capitalization as of today is $108,804,112 and the token currently ranks 91 in the chart of market cap on CoinGecko.