What currency is Spectral(SPEC)?

What Currency is Spectral(SPEC)?

Spectral (SPEC) is a digital asset built on the Ethereum blockchain, utilizing the ERC-20 token standard. It serves as the native currency and utility token for the Spectral Protocol, a decentralized platform offering non-custodial spot and margin trading services for cryptocurrencies.

Key Features of Spectral (SPEC):

• Native Currency for Spectral Protocol: SPEC is the primary currency used within the Spectral Protocol ecosystem, facilitating transactions, fees, and rewards.
• Governance Token: SPEC holders can participate in the governance of the Spectral Protocol through voting on various proposals related to the protocol's development, features, and policies.
• Incentivization for Liquidity Providers: Users who provide liquidity to the Spectral Protocol's pools earn SPEC rewards for their contributions.
• Fees and Commissions: Trading fees and commissions on the Spectral Protocol are paid in SPEC, incentivizing traders to hold the token for reduced trading costs.
• Collateral Asset for Margin Trading: SPEC can be used as collateral for margin trading on the Spectral Protocol, allowing traders to borrow funds to increase their trading leverage.

Token Supply and Distribution:

• Total Supply: 100,000,000 SPEC
• Initial Distribution: Private sale (20%), public sale (15%), team and advisors (10%), community and ecosystem (10%), liquidity pool (10%), treasury (20%), development fund (15%)

Use Cases for Spectral (SPEC):

• Trading Fees: Traders on the Spectral Protocol pay trading fees in SPEC, which are used to reward liquidity providers and support the protocol's operations.
• Rewards for Liquidity Providers: Users who deposit their crypto assets into the Spectral Protocol's lending and borrowing pools earn SPEC rewards proportional to their share of the pool.
• Governance Voting: SPEC holders can participate in the governance of the Spectral Protocol by voting on proposals that impact the protocol's development, features, and policies.
• Collateral for Margin Trading: Traders can use SPEC as collateral for margin trading, allowing them to borrow funds to increase their trading leverage and potential profits.
• Staking: SPEC holders can stake their tokens to earn additional rewards and support the security and stability of the Spectral Protocol.