On-chain Analysis No.16 – Swipe (SXP)

Since the beginning of 2020 until now, Swipe has had a remarkable growth of nearly 800%. So what is Swipe? Does Swipe have the potential to hold in the future? Do the Swipe holders still keep much SXP? All will be answered via the article on Swipe’s On-chain data analysis below.

Facts about Swipe (SXP)

Swipe is a Payment Gateway project similar to Celo. Swipe will act as a multipurpose wallet connecting the cryptocurrency market with the traditional financial market.

Swipe is one of the most prominent projects in the Payment field today, planning to shake hands with the big players in the crypto market like Binance and FTX. In the future, Swipe not only stops with Swipe Wallet and Swipe Card, but also plans to expand into the DeFi market with Swipe Network and Swipe Swap.

In the next part, I will work with you to analyze On-chain data of Swipe and Swipe token – SXP platforms.

You can see more details about the SXP token as well as its highlights with the article: Swipe (SXP) price, marketcap, chart, and fundamentals info Complete set of electronic money SXP

On-chain data on Swipe products

Swipe is a wallet platform controlled by Swipe, so there won’t be a lot of On-chain data about Swipe products. I will focus more on Swipe products and developments in recent times.

Swipe Wallet

Swipe Wallet is an electronic wallet that allows users to store, buy, sell and transact right on the Swipe app.

The highlight is that users can directly buy cryptocurrency right on Swipe’s wallet via Visa card. Conversely, users can also use the cryptocurrency stored on the wallet as currency to pay for purchases.

Swipe Card

Swipe Card is a payment card connected to Visa card.

Currently, Swipe Card has combined with many big players in the payment market such as Google / Apple / Samsung Pay. In the opposite direction, Swipe also announced the issuance of payment cards for Binance and FTX – two exchanges with a huge number of users in the crypto market, allowing users to directly pay with cryptocurrency on their trading accounts. mine.

Swipe Card is the product that plays a key role at the moment, when continuously cooperating with many financial units wishing to issue cards, Swipe will be responsible for the legal procedures until the credit card reaches the hands of the people. use. For each unit that needs to issue tokens, SXP token becomes scarce as Swipe requires its partner to stake up to 300,000 SXP.

Swipe Network

Swipe Network is the latest product from Swipe in its quest to conquer the constantly expanding DeFi market today. Swipe Network is deployed on two platforms Ethereum and Binance Smart Chain, allowing users to Exchange (Swap), Stake and provide liquidity on their platforms.

SwipeSwap has TVL at around $ 11 million with daily trading volume of $ 500,000. This is quite a modest figure compared to other AMMs. However, Swipe Network has just launched for less than a month and is in the development stage. Therefore, we will need more time to be able to comment on the potential of Swipe Network in the future.

You can see, in terms of key products, Swipe is still growing day by day when always associated with many big players in the payment and finance industry. Also, Swipe does not ignore Defi with Swipe Network. Although there are not many outstanding features, this will be a big step forward for Swipe in an effort to help users from the traditional financial market to access DeFi.

On-chain data about the SXP token

SXP is the native token of the Swipe platform. With a circulating supply of 86,703,766 SXP out of a total supply of 285,659,951 SXP, the SXP token has been unlocked 30% of the total supply and has a market capitalization of $ 408 million, if 100% unlocked, diluted valuation of SXP will fall at about $ 1.3 billion.

Distribution of SXP tokens

Based on the above infographic, you can see that mainly SXP tokens are distributed on the CEX exchange, accounting for about 30% of the total supply, while the number of SXP located on the DEX trader’s wallets is quite a bit, only about 5%. Usually this is a bad sign because as a permanent holder of the project, the tokens must be stored in the non-custodial wallet. And if a lot is deposited on exchanges, this is a sign of withdrawal to CEX for sale, causing pressure to reduce prices for SXP tokens.

Fluctuations of SXP balance on DEX and CEX exchanges

Data from the infographic shows that the top 10 exchanges have a total balance of 78,253,846 SXP, accounting for 89% of the circulating supply and 27% of the total supply of SXP. Among them, the most outstanding SXP balance is on Binance and FTX, these are two exchanges affiliated with SXP to issue Swipe Card credit card products.

In terms of balance change, Binance and Kucoin have quite a lot of SXP tokens by users, up to 2.2 million SXP, and the total number of SXP withdrawn from other exchanges is 2.3 million SXP. This shows that users in the past month have not withdrawn SXP to their storage wallets much.

Balance fluctuation in Top 10 SXP holder

Based on the above data, you can see that the top 10 holders of SXP hold more than 8.1 million SXP tokens worth more than 33.5 million dollars, accounting for 9.5% of the circulating supply. However, a special point is that the owner of these top 10 holders in the past 1 month has not made any move to withdraw SXP to CEX for sale, but also continue to transfer to non-custodial wallet with a very large amount of up to 1,143,695 SXP tokens. .

Conclude

In terms of fundamental analysis, Swipe is one of the most prominent projects in the current Payment Wallet field as it continuously cooperates with the big players in the financial industry such as Visa, Binance, Coinbase or FTX to issue. payment card for users.

As for the SXP token, I will summarize some of the main On-chain data below:

• The number of tokens on the exchange is still overwhelming compared to the number of tokens in decentralized wallets
• In the past month, the number of tokens withdrawn from the exchange to decentralized wallets is not much
• Top 10 holders of SXP are holding quite firmly, but only account for 9.5% of the circulating supply

In my opinion, the roadmap and basic analytical elements of Swipe are not bad when continuously evolving and the latest is targeting the DeFi space via Swipe Network. Although Swipe Network is not currently highly applicable, everything takes time to complete and that is an opportunity for you to bet with Swipe.

Regarding Swipe token’s On-Chain data, there seems to be no positive sign for SXP holders because a large amount of tokens are still stored on the exchange, not withdrawn to a decentralized wallet, which causes selling pressure. for SXP token. The good news is that the top 10 holders still hold SXP quite firmly and are accumulating more. However, the rate is not much compared to the circulating supply. Therefore, I cannot conclude that SXP tokens are being held “a lot” and “hard” from the holders.

Not only brothers but also an SXP holder, if you have any opinion, do not hesitate to discuss it CHK Insights Chat.

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