CEO’s Letter – Some Thoughts Behind SFP Token

Dear SafePal user,

Earlier today we have introduced an exciting update to the community—the launch of SFP token, a utility token to enrich wallet user experience and empower every SafePal user to participate in the community governance in the long run (Read the announcement here). In this letter, I would like to share with you some thoughts behind the token launch and what it will bring to the SafePal community in the future.

Why issue a token at this moment?

Being the CEO of a project invested and backed by one of the largest crypto exchanges on the planet, one of the most frequent questions I’ve been asked is “Will SafePal issue its own token and when?”. But before this question, a more important question to ask is whether a platform really has to issue a token and how the token can truly benefit the users, the communities, and the ecosystem in the long run.

The core of a token is to provide fuels to the growth and long-term development of a platform. It is used to retain those who truly recognize the purpose of the platform and would like to contribute and participate into the evolution of it in the long run. A token is the center of a crypto community and forms the consensus.

However, the value of a token is only backed by the real user case other than anything else. A token is useful only when it generates true user value. As a team deeply rooted in problem-solving mindset, we don’t want to issue a token simply because we can do so. That’s why in the past 3 years, every time when we were asked whether we will issue a token, my answer has always been “Not now. It’s really pointless to issue a token without real-case usage”. Opposite to that, the team has been emerged in solving the real pain points of users in their daily crypto life. We have worked days and nights to iterate and improve our products and services, and launch useful features for the users.

The value of a token is only backed by the real user case other than anything else.

Right now, users can securely store and protect their crypto assets using SafePal Hardware Wallet and SafePal Software Wallet. They can also manage, buy, swap, trade crypto assets, and access DApps at their fingertips all through the SafePal App. We have built the most cost-effective and game-changing hardware wallet in the market, released 22 firmware updates and 24 App updates, served users from more than 80 countries, and supported 20 blockchains, 10,000+ tokens, all NFT standards, and the most popular DApps on the market.

Most importantly, we are lucky to have been supported by a lot of early supports and community members. We feel deeply humble to have all of you standing with us. We can’t have achieved all of the milestones without the support and contribution from every SafePal user and supporter. Thank you!

Looking into the future, SafePal aims to make crypto safe and simple for the masses by providing the most secure and user-friendly crypto management solutions. We shoulder the mission to help users secure and grow their crypto assets. Even more than that, SafePal will further evolve and become a key management tool for users to not only manage their crypto wealth but also their on-chain data and identity.

Standing at this point in history, the team has started to consider the value that a token could bring to the SafePal ecosystem. We think it’s about time to introduce tokenomics into SafePal to not only incentivize our early supporters but also bring more people who recognize SafePal’s long-term value into the ecosystem so that everyone can benefit from SafePal’s success and grow together with the SafePal ecosystem. After a lot of internal discussions, understanding and figuring the right way to implement the token model so that it benefits the entire ecosystem, SFP Token was born.

The tokenomics will not only incentivize our early supporters but also bring more people who recognize SafePal’s long-term value into the ecosystem so that everyone can benefit from SafePal’s success and grow together with the SafePal platform.

What does this mean to the community?

After SFP is launched, every SafePal user will be rewarded with SFP tokens as a gift for their early support.

Moving forward, SFP will become the fuel of the SafePal ecosystem and be embedded into all of the key functions of SafePal wallets. The essence of the SFP token is to stimulate product adoption and business growth. That’s why in the first stage only users who use the SafePal product can access the token airdrop.

In the long run, SFP holders are able to not only enjoy the exclusive discounts, airdrops, and rewards from SafePal, but also participate in the community governance such as creating proposal of a new blockchain integration.

What’s next?

Security always comes first

Security lies as the fundamental basis of the SafePal brand. We take asset security and user privacy seriously. Earlier this month, to protect our users from potential privacy leaks and phishing attacks, we have canceled our email marketing strategy and switched to the Telegram channel for further announcements and updates(Read our announcement). That means we won’t be sending any promotional emails to you except order notification emails.

Coming next, we will continue to enhance security schemes by migrating the Telegram chat support to the official email support to provide secure and reliable customer service to our users. From now on, all user inquiries about SafePal products in the original Telegram chat group will be redirected to [email protected]. Please do not openly leave your wallet information or product inquiries in the chat group.

New Website

Together with the token launch, we have re-decorated the SafePal website. The new website interface can provide a fresh and smooth experience for users to browse SafePal products and services conveniently. The team will continue to improve the website browsing experience. Welcome to share your feedback for the website anytime!

New Features

In 2021, the main SafePal product strategy will be focused on helping users to secure and grow crypto assets. With security being our all-time priority, wealth growth and management will become another important direction of the SafePal product iteration. Following are some ideas that we are having right now. The team is still under continuous discussion about how to prioritize and arrange these tasks in order to make sure the wallet user experience is improved frictionlessly and effectively. Welcome to stay tuned on our Twitter and Telegram for further updates.

  • A wealth management tool to grow crypto assets
  • Special features and a better experience for NFT holders
  • More blockchains. The more, the better 🙂
  • Integrated interfaces to well-organize the growing features in the SafePal App
  • Open wallet solution for better security and ecological synergies

Final Thought

As time goes by, SafePal will always put the user in the first place, and build the most secure and user-friendly products for the users. Thank you for your generous support to SafePal. On the first day of 2021, we wish you a happy new year. Hope you have a healthy, wealthy, and happy 2021 coming ahead!

Veronica

CEO Of SafePal