The cryptocurrency market is changing every second and the new addition of tokens makes it difficult for users to choose the most profitable token. Some users invest for the purpose of day trading while others wait for good news to make 4x to 5x profit.
This article will discuss a Token backed by a solid project and support of the biggest Fashion platform. This token has strong fundamentals and could be the next game changer.
What is STYL Token?
STYL token is a BEP-20 governance token on the Stylike platform. Stylike is a fashion application where users style themselves and take part in weekly tournaments to get rewarded. It is the first dress to earn application of this kind.
The purpose of the STYL token is to distribute the rewards generated by the growth and development of the Stylike platform among users, developers, and stackers of the STL token and in the future, to decentralize the ownership and management of Stylike.
STYL is an ecosystem where people can stake and use these tokens to participate in blockchain circles. It is already audited by Binance and Pinksale Finance.
WHY STYL can Skyrocket in 2022
STYL may skyrocket with a profit of 4x to 8x due to multiple reasons as listed below:
The presale of the STYL token is already live on Pink sale Finance. STYL is expected to list on Binance and other cryptocurrency exchanges in the future.
Created on its own blockchain, tokens are built and used as crowdfunding for an ICO in a distribution, transaction, and circulation capacity but they can also be used for investment purposes as a crypto asset/unit of value. Before you purchase a token, it’s important to understand the differences between tokens as there can be legal regulations and implications to what kind of token you invest, sell, purchase, and complete transactions with.
This statement aside, STYL is going to be listed in the best CEXs and DEXs in the near future.
Coin Burning Mechanism & Staking
The burning mechanism of STYL shows the stability of the token. Token burning will be a portion of recycled STYL (recycle pool), STYL received through transaction fees going to be used the same way.
In the near future, STYLIKE announces token burning outside revenue streams by swapping a fixed portion of the quarterly profit to STYL to burn. As well as enacted DAO governance burning mechanisms to require players to burn STYL for voting on specific DAO events. The burning address and the total burning amount will be announced (quarterly). All burnt amounts of STYL will be removed from circulation.
In order to active token burning, Stylike will upgrade its current transaction charges, for instance, when swapping NFTs on the platform or opening Mystery Boxes in the app. It will be upgraded by issuing a percentage of the transaction fee, which will be immediately transferred to the wallet address where the tokens were burnt.
Real Market Usage
Tokens can be used for investment purposes, to store value, or to make purchases. Cryptocurrencies are digital currencies used to facilitate transactions (making and receiving payments) along the blockchain.
As noted above, crypto tokens are cryptocurrency tokens. Cryptocurrencies or virtual currencies are denominated into these tokens, which reside on their own blockchains. Blockchains are special databases that store information in blocks that are then chained or linked together. This means that crypto tokens, which are also called crypto assets, represent a certain unit of value.
Now, it is getting more popular to use this value, this crypto asset, to purchase actual and material stuff.
The nearest plan of Stylike is to have partnerships with big fashion and cloth industries all around the world and you can use STYL as a common currency to buy clothes. New developments will increase the usability of STYL further in the second phase of project development.
STYL is a fundamentally strong token with full support from Fashion TV and new developments in the project. STYL will be listed on Binance which would result in 4x to 8x profit. Stylike application has already been audited by Binance and the future looks promising for the STYL token. For more information visit: https://stylike.io