The GASP Token

GASP Utility

The GASP token is one of the foundations of the Gasp Network, serving as the thread that ties together our modular framework and provides the optimal swap experience for our community. As we progress from this initial launch of our Alpha Phase, we will be rolling out the full implementation of the GASP token. To reward early participants, GASP staking will be available from the release of the Alpha Launch. Users who stake GASP will be eligible to earn from network distributions and have full access to our gas-free DEX — enabling the community to benefit from the growth of the platform and contribute to the liveness of the Gasp network.

GASP is essential for swaps made on the Gasp Network. As an application specific blockchain, we are able to make swaps completely gasless, meaning users don’t have the burden of gas fees when making swaps in our DEX. This is a huge cost saving for users, who may routinely pay upwards of $50 per transaction in gas on Ethereum in periods of high network activity. However, because of this gasless feature, we also require a mechanism to prevent people from abusing our DEX with high volumes of low value transactions, or spam.

As a result, swaps of less than $5 in value will require the user to lock 50 GASP for 24 hours. The more GASP tokens a user holds, the higher the number of swaps a user will be able to make within a 24-hour period. This helps us stay protected from bots taking advantage of our gasless experience, with GASP tokens released back to users after the lock ends.

The Gasp Network will also employ a novel Proof-of-Liquidity design. In addition to GASP token staking, users will be able to stake whitelisted LP positions from pools of tokens paired with GASP to earn additional rewards on top of trading fees. This further aligns the protocol’s success with the community and network participants that provide the liquidity.