The GASP Alpha Launch ‒ GASP Token Utility
Last week, we introduced the Gasp Alpha Launch, and the first version of our cross chain DEX. This will be the first DEX launched for the EigenLayer ecosystem, and the start of our wide reaching cross chain vision. We’re now pleased to announce that we've created the GASP token, ahead of the launch of the Alpha Community Pool and the impending release of our DEX, which will be the first time our community is able to acquire and use the GASP token!
Gasp’s overarching vision is to become the First Consolidated Asset Network for all crypto, maximizing the security of cross-domain liquidity for all assets. Gasp is designed to make it easy for anyone to access digital assets, trade them, and earn rewards while doing so.
In this article we’re going to explore what GASP’s utility is, how to participate in the Community Pool when it goes live, and most importantly, why to buy GASP!
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.
Gasp is secured as an AVS on EigenLayer. As we complete development, the GASP token will be leveraged for staking on EigenLayer to provide economic security for the protocol, and we will also be rolling our governance for the Gasp network which will utilize the GASP token. More on governance and our initiatives on EigenLayer will be revealed soon.
How to buy GASP
GASP CA: 0x736ECc5237B31eDec6f1aB9a396FaE2416b1d96E - The GASP token is not trading yet. You CANNOT buy Gasp from any source until our Community Pool is live. Beware of fake tokens.
The Alpha Launch is the first step towards realizing Gasp’s long-term vision of being an open platform for the decentralized economy. As we take this first step, we will introduces the initial rollout of the GASP token through our Community Pool and our initial phase distributions.
Buying Gasp: For those who are new to the Gasp ecosystem and haven’t participated in our testnet, or want to acquire GASP to start using our DEX from Alpha, our Community Pool to buy GASP will soon go live on our app. You will be able to buy GASP using USDT on Ethereum. Tokens will be immediately available for you to use in the Gasp DEX. The GASP token contract address is here. But beware of fake contracts. There is only one GASP token, issued on Ethereum. At the time of writing, GASP is not trading yet.
The GASP token will have liquidity bootstrapped on both the Gasp Network and in a Uniswap Pool on Ethereum. For the duration of the Alpha Phase, the token will be non-transferable and the pools will be opened in order to offer our community members and network participants access to the token at the same price as our most recent valuation.
In addition, tokens will be distributed to MGX holders and testnet participants for their contributions to the protocol up to this point. We’ll be revealing details on these allocations and the claiming process shortly after the Alpha Launch. We also have distributions available for those community members that have been most active with us, including users who have followed our lore campaign on Galxe all the way through to minting a Cling NFT. Full distribution information for each group will be made available shortly!
We’re looking forward to welcoming you to the Gasp DEX and the launch of the GASP Community Pool! Stay tuned on our socials for launch info!