New Token Integration: adding $SPARTA to our payment system!

HYVE

Oct 28, 2022 • 3 min read

Thought we were taking a break from token integrations and forgot about HYVE’s dream of becoming a universal platform? Nah, not today! HYVE is releasing daily updated versions of the platform just for you, by constantly improving the freelancer experience! That being said, let’s welcome our new addition to the payment system, Spartan Protocol! A project that makes moving to a more sustainable world easier by saying good riddance to the enormous gas fees from Ethereum and other large blockchains.

Ready to be a Spartan?

Sick of the ever-increasing gas cost on Ethereum? So was the group of some incredibly motivated Binance community members who developed a platform, providing advantages from much faster and cheaper EVM-compatible chains. That’s all you need to know about Spartan Protocol, an extensive DeFi platform that gives equal access to all its participants and it aims to make your life more sustainable and easier!

Spartan Protocol is a community project that pairs a unique liquidity-sensitive AMM algorithm with low gas fees & fast settlement on BNB Smart Chain to provide a range of open DeFi services. This project is a custom-built AMM, not your usual UniSwap clone. Its code has been built by the community from the ground up with inherently unique liquidity pool features such as: liquidity-sensitive fees (no fixed fees, trends to zero with increased liquidity) and common settlement assets.

Read more on $SPARTA...

$SPARTA, the native token of Spartan Protocol, is essential to the protocol. It acts as the settlement asset for every pool meaning all pools are paired with $SPARTA. This in turn has the token acting as the essential element in the protocol's decentralized oracle. The price of any listed token can be derived from its pooled ratio with $SPARTA without the dependence on any external oracle.

This allows users to swap tokens without requiring an account, provide liquidity to earn revenue, stake LP tokens for extra yield, and to vote for changes in the 100% on-chain DAO.

Every new SPARTA token can only be obtained through Proof-of-Burn, liquidity incentives or the Bond program. But what is Proof-of-Burn (PoB)? Simply put, it was a novel, unique initial token distribution phase designed by the community, who built on some PoB concepts talked about or attempted by other projects in the past. Compared to most projects, it attempted to ensure there was no one profiting from each token being created. Instead, new Spartan Protocol enthusiasts would have to permanently burn their existing assets (like BNB for instance) to receive an equal value in $SPARTA.

Giving up assets of value (which are burned and not transferred to anyone else) helps build a base price for the $SPARTA token and ensures there are no bad actors to dump the token or perform a rug pull.

If you are ready to become a Spartan, copy the contract address down below right into your wallets and get ready to conquer it all:

BNB: 0x3910db0600ea925f63c36ddb1351ab6e2c6eb102

Upcoming news at HYVE…

With all these token integrations, we’ve been quite busy and lagging on our blogs. We want to launch a new series, related to explaining the basics of blockchain to some of our new freelancers. Blockchain has become increasingly popular, people are becoming more and more interested in the subject, even in a bear market. What can be better than getting educated, so make sure to check latest.hyve.works for any informative piece!

Disclaimer

The information provided does not constitute investment advice, financial advice, trading advice, or any other sort of advice, HYVE does not recommend that any cryptocurrency should be bought, sold, or held by you. When deciding how to invest in cryptocurrency and blockchain technology, please do your own risk assessment. HYVE is not liable for investment gains or losses.