AscendEx Will Launch SHOPX on May 6, 2021, Providing Broader Access to the High-Utility E-commerce Token of the Splyt E-commerce Protocol.
SHOPX is integrated into the Splyt Protocol in the following ways:
- As the internal medium of exchange in Splyt, shoppers can use SHOPX to receive exclusive shopper rewards.
- Brands and sellers stake tokens to list their products, which upholds their integrity and protects against fraud.
- Users can stake tokens on unique brand NFTs to access rewards and discounts.
- Disputes are settled with staked tokens as collateral.
- Arbitrators, Validators, and developers/bug fixers are rewarded with SHOPX for their services.
- Token holders vote on system updates and fixes based on consensus, staking tokens to reserve their voting power.
Splyt is known as the “Marketplace of Marketplaces,” and aims to decentralize e-commerce and introduce d-commerce to the mainstream. Powered by the eNFT, Splyt automates trust and transparency and streamlines multi-platform affiliate sales. SHOPX tokens facilitate transactions, protect inter-market integrity, and democratize retail and e-commerce. It raised $2.2m at launch in March 2021 and was oversubscribed by over $350m.
Notable recent partnerships include Omni, a blockchain-based social media platform, Magnolia Park, a popular clothing outlet, and CartRev, a plugin that allows Splyt products to be displayed on and accessed by social media feeds. Upcoming is a new shopping experience hinted as a Virtual Reality “metaverse” called the SHOPXperience. Splyt will use these partnerships to help build out their platform and introduce novel use-cases for several markets.
Splyt is an e-commerce NFT infrastructure that connects e-commerce stores, brands, and affiliates. A unique eNFT is assigned to each item providing users with a globally updating inventory. An eNFT is a certificate of authenticity to prevent counterfeits, has a built in smart contract that holds money in escrow to avoid scams, and has a commission to incentivise affiliates and stores. The protocol is equipped with automated dispute and arbitration mechanisms, and is governed by consensus to maintain decentralization, flexibility, and user engagement.
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Originally founded in 2018 as BitMax.io, AscendEx is a leading crypto and digital asset financial platform catering to both professional and retail traders. The venue offers spot, futures and margin trading, and incorporates key elements from the DeFi space to foster a unique market structure for users. AscendEx is led by a team of Wall Street veterans who have applied traditional market rigor to create a robust, secure, and reliable experience for all participants; and a consistent source of liquidity for primary offerings.