Established cryptos like Ethereum and Solana have led the way in blockchain innovation and are now forces to reckon with in the crypto world. However, they have their own limitations.
Ethereum’s high gas fees during times of network congestion are usually challenging for those carrying out smaller transactions or developers of budget-conscious apps. Solana’s network outages during times of high traffic have also necessitated the need for stronger infrastructure.
SpacePay aims to tackle these problems by offering a system that is stable and cost-effective with a token that has real-world use. The project provides solutions to issues that have held back the widespread adoption of crypto.
SpacePay is a payment system made to connect traditional finance and digital assets. It has integrated with many payment terminals and also accepts many cryptos. With its solution, users can pay with crypto, and the receivers will get the money in their preferred regular currency.
The SPY token is the native crypto of the ecosystem that powers the entire SpacePay system. It has many uses beyond just making payments, as it runs other functions with its ecosystem.
Some of the benefits it gives its users include the right to vote on important ecosystem updates, early access to new features, and the possibility of sharing in the company's profits.
More so, the token has loyalty programs and also donates to charity which makes it attractive to those who love socially responsible investing. SPY’s tokenomics, with a balance across areas like development, marketing, and partnerships, provide a solid base for sustainable growth.
SpacePay’s features can help it and its SPY token outperform Ethereum and many other popular tokens. Let’s consider some of them in the following paragraphs:
Ethereum and other networks have struggled with crowding and high transaction fees. SpacePay's design is made to handle a lot of transactions easily.
Its ability to process many transactions efficiently solves a major problem in the crypto payment world, which could attract users frustrated with slower, more expensive networks.
Unlike many crypto projects that have their own independent networks, SpacePay connects crypto and regular money systems.
This integration with existing payment services makes it more user-friendly and practical for both businesses and customers, which could lead to wider adoption and use.
SpacePay is focused on its basic use for everyday payments.
This focus on practical, real-world uses could make it more popular with regular users and businesses, which could cause a lot of people to want to use SpacePay's tokens.
SpacePay's low transaction fees (0.5% per transaction) and quick settlement times make it a good choice for both businesses and customers.
This low cost and efficiency are very different from the often high and unpredictable fees on networks like Ethereum, which could make people want to use SpacePay instead.
SpacePay's innovative system helps protect merchants who accept cryptocurrencies from volatility.
It ensures merchants get the agreed-upon regular money amount, even if the cryptocurrency price changes during the transaction.
This is an issue most cryptos have, and SpacePay putting this in place could increase the rate at which its innovation is adopted, increasing the demand for the SPY token.
Unlike Ethereum and Solana, which are already established cryptocurrencies, SPY is currently in its presale stage.
This gives early investors a unique chance to buy the token at discounted prices before it reaches the broader market.
As more investors see the potential of SpacePay and accumulate SPY tokens, this increased demand plus the limited supply could cause a big price increase.
As SpacePay keeps developing and expanding its offerings, the demand for SPY tokens will likely grow. The platform focuses on solving real-world payment problems and has user-friendly features.
All in all, SPY could become the next popular crypto, possibly doing better than Ethereum and Solana in the second part of 2024.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.