When was the xMoney (UTK) coin issued?

Launched in 2018 as the backbone of the xMoney ecosystem, UTK fuels transactions, rewards participation, and empowers community governance.

Dec 25, 2024 at 05:10 am

Key Points:

• Launch Date: The UTK coin was first issued on November 20, 2018, as an ERC-20 token on the Ethereum blockchain.
• Purpose: UTK is the native utility token of the xMoney platform, used for governance, ecosystem incentives, and transaction fees.
• Not an Investment Asset: UTK is not intended as a speculative investment asset but rather as a functional currency within the xMoney ecosystem.
• Circulating Supply: The maximum supply of UTK is 1,000,000,000 tokens, with a current circulating supply of approximately 800,000,000 tokens.
• Staking Rewards: UTK holders can stake their tokens to earn rewards and participate in platform governance.
• Partnerships and Integrations: xMoney has established partnerships with various exchanges and platforms, enhancing the utility and accessibility of UTK.

Detailed Explanation:

Launch Date and Purpose:

• November 20, 2018, marked the launch of the UTK coin as an ERC-20 token on the Ethereum blockchain.
• UTK serves as the backbone of the xMoney ecosystem, designed to facilitate transactions, reward participation, and empower community governance.
• It is important to note that UTK is not designated as an investment asset but is primarily intended for use within the xMoney platform.

Circulating Supply and Tokenomics:

• The maximum supply of UTK is capped at 1,000,000,000 tokens, ensuring scarcity and maintaining the token's value.
• Currently, approximately 800,000,000 UTK tokens are in circulation, distributed among token holders, liquidity pools, and ecosystem reserves.
• The controlled issuance and distribution of UTK contribute to its stability and long-term viability.

Staking Mechanism and Incentives:

• UTK holders are incentivized to stake their tokens to secure the network and participate in governance decisions.
• Stakers earn rewards for their contributions, which include a share of transaction fees and inflationary rewards.
• By staking UTK, participants not only support the platform but also gain voting rights and influence over the future development of xMoney.

Partnerships and Integration:

• xMoney has forged strategic partnerships with reputable exchanges such as Binance, Huobi, and KuCoin, ensuring the accessibility and liquidity of UTK.
• The platform has also integrated with leading DeFi protocols, enabling broader utility and cross-chain transactions for UTK holders.
• These partnerships extend the reach of UTK and enhance its usability within the wider cryptocurrency ecosystem.

FAQs:

Q: What is the main utility of UTK?
A: UTK is primarily used for conducting transactions, earning staking rewards, and participating in platform governance within the xMoney ecosystem.

Q: Why is UTK not classified as an investment asset?
A: UTK is designed to facilitate functionality within the xMoney platform. While its value may fluctuate in response to market conditions, it is not primarily intended for speculative investments.

Q: How can I acquire UTK?
A: UTK can be purchased on supported exchanges such as Binance, Huobi, and KuCoin. It can also be earned through staking or ecosystem participation.

Q: What is the future roadmap for UTK?
A: The xMoney team actively develops the platform and its native token. Future plans may include expanding partnerships, enhancing staking incentives, and introducing new use cases for UTK.