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Traditional cryptocurrencies often followed a business model that involved creating new, often unsustainable projects or coins, which were then sold to buyers and quickly abandoned. This approach, known as a Ponzi scheme, is something that Standard Labs strongly opposes. Instead, they have dedicated years of effort to designing a system that generates sustainable revenue through efficient technology, taking a different path from many other cryptocurrency projects.
Standard Labs introduces a new business model centered around revenue sharing. The goal of SAFEX is to provide unlimited liquidity for trading any asset securely, without the need for custodial wallets. They aim to establish clear, verifiable, and fair procedures and promote healthy competition. Every trader contributes to SAFEX's goal by actively participating and providing liquidity for new assets. The performance of each registered trader is evaluated, and top traders receive benefits and recognition as innovators in the digital assets market. Whether the traders make profit from trade or not, they get reward for providing active liquidity in SAFEX.
Manufacturing Standard Digital Membership Badge
To become a SAFEX trader and enjoy benefits such as fee discounts and revenue sharing, it is necessary to acquire a membership subscribed with the $STND token. This $STND token acts as a membership token, ensuring the ongoing active participation of members.
The membership system implemented by SAFEX represents a revenue-focused and sustainable approach for the Standard protocol. It distinguishes itself from the business model commonly seen in regular cryptocurrencies. Rather than relying on speculative activities or short-term gains, the membership system creates a stable source of revenue that supports the long-term viability of the SAFEX trading platform. By requiring a subscription with the $STND token, the protocol ensures that its members are committed and actively contributing to its success.
The membership program provides different tiers to accommodate the preferences of members who desire extra perks and benefits. The membership assigns a trader level to all members at the start of an era, regardless of the impact they have on the market.
Supplies are limited and demands are expected to be through the roof as Standard protocol grows. Additional Membership drops happen on limited date only by Standard Labs. Memberships are granted by minting ERC1155 in each membership drop. Users must stay tuned on Standard's twitter for further information regarding the online drop, including timings and any additional details.
To maintain active trader status and avoid membership just being a passive asset, a subscription fee must be paid. This fee is based on a pay-as-you-go model and can be obtained using eras. Eras are the block duration that ensures membership remains active. Typically, an era is estimated to be around 30 days, assuming an average block finalization time. However, if blocks take longer to finalize, the era duration can be extended beyond the initial estimate. Here are the subscription fee of each membership:
In order to ensure that memberships within our decentralized, self-sovereign economy are utilized effectively and aligned with their intended purpose, Standard Labs has implemented a policy regarding inactive memberships. If a membership remains unsubscribed for three eras (approximately 90 days), Standard Labs reserves the right to reclaim the membership. However, it's important to note that the Standard membership will continue to serve as a form of identification for individuals actively contributing to the decentralized, self-sovereign economy that we are building for the benefit of all.