What is Voyager Currency? A Comprehensive Guide
In the ever-evolving world of cryptocurrencies, new projects and coins constantly emerge. One such coin that has garnered attention is Voyager (VGX). But what exactly is Voyager currency? Let's dive into this comprehensive guide to learn all about it.
1. Introduction to Voyager Currency
Voyager currency, symbolized as VGX, is a digital asset created by Voyager Digital Ltd., a crypto-asset broker that offers a platform for users to trade various cryptocurrencies. Launched in 2019, VGX serves as the native utility token on the Voyager platform.
2. Functionality and Use Cases
VGX has multiple functions within the Voyager ecosystem.
Loyalty Program: VGX allows users to participate in the Voyager loyalty program, offering them enhanced benefits such as higher interest rates on deposits, reduced trading fees, and access to exclusive features.
Staking: by staking VGX on the Voyager app, users can earn interest in the form of additional VGX tokens.
Debit Card Rewards Program: Voyager plans to introduce a debit card that will reward cardholders with VGX tokens for each purchase they make.
Interest Payments: Voyager pays interest on certain cryptocurrencies, such as Bitcoin and Ethereum, in VGX tokens instead of the underlying asset.
Market-Making: Voyager uses VGX tokens to incentivize market-making activities on their platform, ensuring liquidity and favorable trading conditions for users.
3. Token Supply and Distribution
Originally known as Ethos (ETHOS), the Voyager token underwent a rebranding in 2020. The total supply of VGX tokens is capped at 222,295,208. Not all tokens are in circulation, as a portion is held by Voyager Digital for future developments, marketing incentives, and team members.
4. VGX Tokenomics and Utility
VGX exhibits several unique tokenomics features:
Token Burn: Each quarter, Voyager commits to using a portion of their revenues to buy back VGX tokens from the market and subsequently burn them, reducing the token supply.
Tiered System: VGX holders are categorized into different tiers based on their token balance and receive corresponding benefits and rewards.
Interest Rates: Higher VGX token holdings entitle users to better interest rates on their staked assets.
Exchange Listing and Rewards: Voyager occasionally offers bonus VGX tokens to users who sign up for new exchange listings and place trades on those exchanges.
5. Availability and Trading
VGX can be traded on numerous cryptocurrency exchanges, providing users with ample liquidity. Voyager also allows users to buy and sell VGX directly through the Voyager app, simplifying the process of acquiring and managing the token.
6. Future Plans
Voyager has ambitious plans for the VGX token's future. Their roadmap includes the integration of additional features, partnerships, and expansion into new markets. The launch of a debit card and the expansion of their rewards program are exciting developments on the horizon.
In conclusion, Voyager currency (VGX) serves as a utility token within the Voyager ecosystem, providing users with a range of benefits and rewards. As it continues to evolve and expand its services, Voyager aims to solidify its position as a significant player in the cryptocurrency industry.