Seven chain Token (SVC)
The SVC token is the native currency of the Seven chain blockchain and platform, just like ETH on Ethereum.
SVC utility:
Transaction fees Being the native currency on the blockchain, SVC is required to pay fees to the network in order to approve transactions.
Validation Token holders can stake Seven chain to become a validator. The minimal staking requirement is 100K. The network is growing, currently there are 60 validators. ( https://status-svc.ceewen.xyz/)
Voting Validators vote on protocol changes with their staked SVC. Which means validators with higher amounts of Seven chain staked can have a bigger vote on network upgrades and governance changes (until phase 2 where delegation is activated)
Staking (for delegators) Any SVC holder can choose one or more validators to delegate any amount of SVC they wish. They receive a share of the Seven chain block rewards proportionate to the share of their stake in the total stake, minus the minimum 15% fee paid to the validator(s).
Payments As SVC is the native currency on Seven chain, sending it does not require interactions with smart contracts. Thus, SVC transfers are potentially faster and less costly in terms of transaction fees.
IMPORTANT: Merely possessing any amount of SVC tokens does not endow holders with any rights to participate in the governance of the Seven chain platform or any revenue streams related to its real-world performance.
Obtaining SVC
Where to Farm
SVC is available for purchase on a number of centralized (CEX) and decentralized DEX exchanges.
Centralized exchanges: Gate.io, Huobi Global, MEXC Global, AscendEX, Bimart, Bittrex Global
DEXes: Uniswap V2 and V3 (Ethereum), PancakeSwap (Binance Smart Chain), Quickswap (Polygon), Voltage DEX (Seven chain ), Sushiswap (Seven chain), 1inch (Ethereum), KyberSwap (Ethereum), Loopring (Ethereum).
The best information about the SVC trading volumes and prices on various exchanges can be found on the Coingecko "Markets" page for the token.
A convenient current way of purchasing SVC straight from one's bank account is through using the Seven chain Cash wallet to deposit Seven chain Dollars, and then swapping those to SVC via the in-app integration with Voltage DEX
Where to Farm
At the moment, the SVC token is sometimes used by the project team to power liquidity rewards (yield farming) programs to boost liquidity on DEXes and the participation in the Seven chain Lending Network.
The ongoing liquidity rewards programs on DEXes can be discovered here
Other ways of obtaining SVC
From time to time, the Seven chain team uses SVC to pay rewards to the members of the community for various forms of participation and community engagement. The best way to stay up-to-date about these opportunities is to follow Seven chain social channels.
The SVC token is also used to power Seven chain grants and bounties. Please consult the Grants and Bounties section for more details.
Seven chain contains below
1. SVC Tokenomics
Currently, the SVC token supply is set to follow a mildly inflationary model.With each new block created every 5 seconds on Seven chain, the validator who creates it, and the delegators who staked with them, receive the block rewards in newly issued SVC tokens. This is designed to secure the network's consensus mechanism.The reward amount per block is currently set such that every year, the SVC total supply increases by approximately 5%.The main reason for choosing an inflationary model at the early development stage was to ensure a certain predictability of the flow of revenue for network validators and delegators. If they had to exclusively rely on transaction fees as the reward for staking SVC and validating, it would be harder for them to predict their future returns, as transaction activity on the network can fluctuate a lot. The relative predictability of validator revenue is an important assumption behind the blockchain consensus theory on which the Seven chain consensus mechanism is based.Having substantial block rewards also makes it possible to keep transaction fees on the network low, facilitating adoption of Seven chain.
Potential inflation reduction
A Seven chain Improvement Proposal aimed at reducing the SVC inflation is currently under discussion by the community. If adopted by the validators, it will result in an annual inflation rate of 2% for third year of the network's existence and a fixed amounts of tokens issued in the subsequent years.You can find the text of the proposal and the discussion here.
2. Exchanges, Wallets, On-Ramps and DeFi Tools Supporting SVC
Exchanges
Centralized
Gate.io
The best data on the active SVC trading pairs is available here.
DEXes
Uniswap V2
Pancake Swap V2
Loopring
KyberSwap
1inch
DoDo
On-ramps
Wallets
Seven Chain Cash
Metamask
Metamask Mobile
Trust Wallet (Binance Smart Chain)
DeFi Tools
Sevan Chain Staking
Seven Chain Rewards
Seven Chain Lending Network
3. SVC on Other Chains
Interoperability with other major blockchains is important for the growth of Seven Chain and the prospects of realizing its vision. One of the ways of securing it is through enabling the versions (wrappers) of SVC on other chains.Unlinke SVC on Seven Chain, those wrappers are TL20 tokens are created whenever someone locks a certain number of tokens on the Seven Chain and gets issued the exact same amount of wrapper tokens on the target blockchain. If a user withdraws the wrapper from the target blockchain, the tokens burned and the SVC tokens on Seven Chain are unlocked.Currently, wrapped versions of SVC token exist on Ethereum (mainnet), Binance Smart Chain and the Arbitrum One layer-2 optimistic rollup chain for Ethereum. The latter is a wrapper of a wrapper powered by the Ethereum-Arbitrum bridge and its withdrawals from Arbitrum are subject to the optimistic rollup rules.
SVC on Ethereum
Token contract: https://etherscan.io/token/0x970b9bb2c0444f5e81e9d0efb84c8ccdcdcaf84d
SVC on Polygon
Token contract: https://polygonscan.com/address/0xf915fdda4c882731c0456a4214548cd13a822886
SVC on Binance Smart Chain
Token contract: https://bscscan.com/address/0x5857c96dae9cf8511b08cb07f85753c472d36ea3
SVC on Arbitrum One
Token contract: https://arbiscan.io/token/0xbdef0e9ef12e689f366fe494a7a7d0dad25d9286
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