The Genesis of BCH Tokenization: Over 10,000 SLP Tokens Built on Bitcoin Cash

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This week Bitcoin Cash fans have been discussing the milestone of over 10,000 Simple Ledger Protocol (SLP) tokens created since the infrastructure was first introduced. Moreover, tokens built on Bitcoin Cash are nearing 1 million transactions to-date.

Bitcoin Cash (BCH) community members have noticed there are now 10,679 SLP tokens created since the Simple Ledger Protocol’s inception. The discussion concerning the SLP milestone took place this week on the popular Reddit forum r/btc.

In addition to the 10k+ SLP tokens created, the number of transactions is nearing 1 million. Bitcoin.com token data page indicates there’s been 960,346 SLP-based transactions. Statistics show 2,250 SLP transactions were recorded in the last 24 hours.

Currently, the top five most popular tokens in the last 24 hours have been Refund Token, Mistcoin, MAZE, Spice, and Zapit. However, 30-day stats show the top five SLP tokens by use was Mistcoin, MAZE, Refund Token, TBS, and Zapit. In addition to the 10k SLP tokens minted so far, there’s been 13,353 token burns to-date as well. Burning is the act of taking the SLP tokens out of circulation.

Since the project was introduced, the SLP team is working with a number of projects and infrastructure providers. This includes exchanges, stablecoin issuers like Honestcoin and Tether, Bitcoin.com, an SLP hardware wallet, games like Realmx, the digital advertising marketplace Tribeos, the Spice Token ecosystem, SLP payments for Woocommerce, and many more.

SLP development is bringing decentralized finance (defi) to Bitcoin Cash (BCH) as well with the upcoming introduction of the derivatives product Anyhedge, a project developed by the General Protocols team. Additionally, the SLP exchange Cryptophyl is restructuring into a decentralized exchange (dex) for BCH and is working with General Protocols as well.

Moreover, a while back the SLP development team published a number of bounties to further the SLP ecosystem.

For instance, the bounty is for building one or more smart-contracts that provide additional security to token issuers and paid out 500+ honestcoin (USDH). Additionally, during the last six months the SLP project formed the SLP Foundation and described how people can leverage multi-signature management with SLP tokens.

Furthermore, since the Simple Ledger Protocol was invoked a number of tokens have gathered real-world value.

Bitcoin.com’s SLP token index shows a total of eight market caps including tether (USDT). There are 6 million SLP-based USDT in existence but tether’s are also minted on a number of other chains.

Other top SLP tokens featured in the market cap index include flexcoin (FLEX) with $29 million, gocrypto (GOC) with a $4 million market cap, Brave Sound Token (BRST) has an overall valuation of $3.3 million. This is followed by honestcoin (USDH – $2.7M), ACD Coin (ACD – $2.3M), sai (SAI – $882k), and spice coin (SPICE – $332k).

The SLP Foundation also announced a partnership with the Blockhack Global 2020 event scheduled for October. “[Six] weeks. BIG education [and] investment partners,” the SLP Foundation tweeted on September 18. The Blockhack event is hosted by Bitbay and it’s a six week virtual hackathon that starts on October 5 through November 14.

What do you think about the growth of the SLP token universe built on Bitcoin Cash so far? Let us know what you think about this subject in the comments section below.

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