The Simple Ledger Protocol phenomena has captured the BCH community by storm and since the project launched, thousands of SLP tokens have been created on top of the BCH chain.
Three weeks ago the founders of the now defunct digital currency exchange Voltaire announced the launch of Cryptophyl.com, a platform designed to facilitate SLP token trading against BCH.
The team behind the former cryptocurrency exchange Voltaire recently announced the launch of a new trading platform specifically designed for Simple Ledger Protocol (SLP) tokens.
Three weeks ago the new exchange called Cryptophyl.com launched its trading engine and the first SLP token supported is the community-driven Spice token.
Meet Cryptophyl.com: A Crypto Exchange Dedicated to SLP Tokens
The first token to launch on the Cryptophyl exchange is the SLP token Spice, a community-driven coin that’s used to show appreciation. When the trading engine started, there were 30 million Spice traded during the first week and the Spice token saw a seven-fold increase in market capitalization.
Cryptophyl was a project that took months to build and develop, the creators told news.Bitcoin.com earlier this week. Cryptophyl’s mission is to partner and grow with the very best SLP token projects with special attention toward the European market.
The London-based Cryptophyl aims to bolster SLP token price discovery through “due diligence and subsequent listing of quality tokens that demonstrate real-world utility.” The team noted that the Spice appreciation token has been a popular and fast-growing SLP token. On August 6, the trading platform airdropped 5 million Spice to all of Cryptophyl’s registered users. Cryptophyl founder Semyon Germanovich said during the launch that he has high expectations for the SLP token universe.
“At Cryptophyl’s heart is a shared vision of how SLP token technology can transform voting, transparency, ticketing, social media and a plethora of other exciting use cases”, Germanovich explained on Tuesday. “The low fees, large blocks and solid development community offered by Bitcoin Cash lay the perfect foundation a token economy.”
Germanovich stated that his team learned a lot from the Voltaire experience and the people behind Cryptophyl worked tirelessly to prepare the unique trading platform. The founder also mentioned he’s seen a lot of demand for this type of exchange that allows SLP tokens to be traded directly for BCH. “I’m excited by the reception in the trading community to the first iteration of our unique business model”, Germanovich remarked. “The partnerships we have formed and those in the works are going to result in huge value delivery to our users, the cryptocurrency community and the wider population.” The Cryptophyl founder added:
We’re seeing unique technology (SLP) being used to build innovative solutions to complex problems. One example is the aggregation of media through Telegram tipping, achieved by our flagship token product: Spice. Simple Ledger Protocol is the most exciting thing since I’ve discovered since Bitcoin. This is just the beginning.
A Look at Cryptophyl From the Inside
News.Bitcoin.com decided to test the trading engine to give our readers a glimpse of the project. Signing up takes less than a minute and requires a name, valid email, and password to register. You also have to certify that you are 18 years old and then verify the email Cryptophyl sends to you. You will then have access to the Cryptophyl dashboard which shows you the native wallets for BCH and Spice. If you want to trade on the exchange you need to deposit either bitcoin cash (BCH) or Spice by selecting the deposit button. Also, you want to secure your Cryptophyl account using two-factor authentication (2FA) and you can do this in the settings section. In the trading section, the exchange looks just like any other platform that showcases buy orders, sell orders, and past trades.
As of right now the Cryptophyl exchange only supports one SLP token and bitcoin cash (BCH) deposits. Bitcoin.com offers you the opportunity to purchase bitcoin cash (BCH) and other leading coins. If you’d like to obtain some BCH to use on the Cryptophyl trading platform – check out Buy.Bitcoin.com today
When you deposit some Spice or BCH you will see your balance within the buy or sell section. For example, if you decided to sell 25,250 Spice with a limit price of 315 satoshis the platform will show you the total amount of BCH you can obtain at current prices. If you have any issues with Cryptophyl you can contact the support team by email or reach out to the Cryptophyl Telegram community. The exchange is interesting given the fact that it’s dedicated to supporting SLP token trading against BCH, but the project is still in its infancy with only one token listed.
Users can deposit funds using a BCH address and for SLP tokens an SLP format address is used. Both addresses can be scanned via QR code or by copy and pasting the address to the computer clipboard.
It will take time for more SLP token markets to mature but a slew of them have market capitalizations already. For instance, besides Spice, SLP tokens like ACD, Merits, and the Coinflex Flex token all have seen price discovery. The Coinflex Flex SLP token has a $20 million market valuation and has been seeing around $100,000 in daily volumes. There’s also the SLP token Honestcoin (USDH) which is a regulated stablecoin backed by USD.
After depositing funds you can start trading on the Cryptophyl.com exchange.
More Cryptocurrency Exchanges Supporting the SLP Token Universe
Assuming Cryptophyl adds tokens like these, the exchange could become an interesting type of platform that assists the SLP ecosystem. Further SLP tokens will be supported on the upcoming trading platform Exchange.Bitcoin.com which will launch on September 2. With more SLP trading options from services like Exchange.Bitcoin.com, Cryptophyl, Altilly Exchange, Coinex, and Coinsuper, users will have access to more liquidity and be able to obtain some of the most popular SLP tokens used today. For now, the SLP ecosystem is still very young and many of the new tokens are finding different paths and use cases. Cryptophyl’s team is betting the SLP universe will continue to see demand and its dedicated SLP trading engine is proof of that belief.