What is SparkPoint Fuel (SFUEL) | What is SparkPoint Fuel token

What Is SparkPoint Fuel (SFUEL)?

SparkPoint Fuel (SFUEL) was launched on December 20,2020 and is the governance token of SparkDeFi, Sparkpoint’s decentralized finance platform

SFUEL is a new DeFi token project by SparkPoint Innovations Inc., the same team behind SparkPoint (SRK). SparkPoint Innovations Inc. is a duly registered corporation in the Philippines under the SEC. The project aims to fast track mainstream adoption of blockchain and cryptocurrency through an ecosystem of practical products and services.

SparkDeFi is a full-service decentralized finance solution that combines a decentralized exchange (SparkSwap), liquidity and pool-based staking (SparkStake), P2P lending and borrowing (SparkLend), and DeFi assets protocols management (SparkDash) in a seamless, transparent, secure, inclusive, and interoperable platform.

SparkDeFi Infographic

The SparkDeFi platform is composed of:

SparkSwap

Decentralized exchange that supports various cryptocurrencies similar to Uniswap but operates on the Binance Smart Chain platform. Offers users an end to end “one-stop-shop” DeFi experience.

SparkStake

Cryptocurrency staking that supports multiple staking options including regular pool-based staking and liquidity staking. Users can participate in different liquidity staking options.

2 Liquidity Staking options are now live:

SRK-ETH Liquidity Staking on Ethereum with 32 Million SRK tokens allocated as rewards for stakers
SFUEL-BNB Liquidity Staking on Binance Smart Chain with 350,000 SFUEL tokens allocated as rewards for stakers

SparkLend

Blockchain-based P2P lending marketplace that leverages various cryptocurrency assets and Non-Fungible Tokens (NFTs). Supports altcoins and Non-Fungible Tokens (NFTs) or cryptocollectibles such as game items, virtual estate, and digital artworks as collateral. Offers microlending to democratize finance and promote financial inclusion. Enables users to generate a constant stream of cash flow through our liquidity savings pools.

SparkDash

Aims to make DeFi easier and accessible to everyone including non-technical users. Enables seamless access to various DeFi Protocols using a powerful DeFi Protocols Management platform. Users can manage efficiently their assets portfolio and collateralized debt positions (CDPs) in a simple and user-friendly dashboard for an end-to-end DeFi experience.

SFUEL Token

The SFUEL token is SparkDeFi’s governance token that enables the delegation of governance of the SparkDeFi platform to SFUEL holders. These DAO members are responsible for the direction of the protocol through systematic voting.

SFUEL is the native governance token that is used for:

SparkDeFi DAO: decentralized governance of the SparkDeFi platform
Mode of Payment: paying for fees in SparkDeFi either in the form of interest income for the lenders and savers or interest payments from the borrowers
Staking Rewards: SFUEL tokens are used as rewards in our Liquidity Staking/Mining and Savings Pools when users stake either SRK or SFUEL pairs
Governance Incentives: SFUEL token holders who participate in SparkDeFi governance for its continued and sustained improvement and growth are entitled to SFUEL rewards

How Many SFUEL Tokens Are There in Circulation?

The SFUEL token was launched on the Binance Smart Chain mainnet on December 20, 2020 with an initial total supply of 150 Million SFUEL tokens.

Of the initial total supply, 18.8889% of the tokens are distributed to private sale participants with 6 months vesting and 16.67% monthly distribution. 1.1111% to early supporters with 3 months vesting and 33.33% monthly distribution.

50% or 75 Million SFUEL tokens are allocated for liquidity and staking rewards with a distribution period in accordance with the staking rewards program schedule.

10% is allocated to the team with 2 years cliff and 5 years vesting at 20% yearly distribution. Another 10% to marketing and community airdrops. And the last 10% is reserved as contingency and is locked for 5 years.

Who Are the Founders of SparkPoint?

SparkPoint is the brainchild of Andrino Agnas, a CPA and cryptocurrency investor based in the Philippines. Andy currently serves as the Chief Executive Officer of SparkPoint. Rico Zuñiga, a serial entrepreneur and early advisor of SparkPoint, currently serves as its Chief Technology Officer. Rico has been in the tech industry for more than 16 years and is one of the pioneers in the Philippine tech startup industry.

SparkPoint started with a staff of 2 in 2018 and was able to grow to 20 team members in 2020. The company is planning to rapidly expand and grow in 2021 to ensure the delivery of its roadmap.

SparkDeFi is a flagship project of SparkPoint with a long-term roadmap that spans from 2020 to 2022.

What is a governance token?

A governance token allows holders to determine the future of a protocol. The governance token holders can direct changes concerning the project like proposing or deciding on the new features or even changing the government itself.

What is SFUEL?

SFUEL is the governance token of SparkDeFi. It has a total supply of 150,000,000.00 (150 million) tokens. SFUEL will be launched as a BEP20 token on the Binance Smart Chain in Q4 of 2020.

What are the uses of SFUEL and its benefits to holders?

Decentralized Governance

SFUEL holders can govern and decide the path of the SparkDeFi platform through voting power on certain economic factors such as interest rate, collateral, Loan-to-Value (LTV) ratio, inflation, and liquidity pool rewards.

2. Profit Distribution

SFUEL tokens will be used for paying the platform’s fees in SparkDeFi either in the form of interest income for the lenders and savers or interest payments from the borrowers.

3. Staking Rewards

SFUEL tokens will be used as rewards in the Liquidity Mining and Savings Pool when users stake either SRK or SFUEL pairs.

4. Governance Incentives

SFUEL token holders who participate in SparkDeFi governance for its continuous and sustained improvement and growth are entitled to SFUEL rewards.

What is the token distribution of SFUEL?

Twenty percent of the total supply of SFUEL will be allocated for the private and early supporters.

SFUEL will not be offered through Initial Coin Offering (ICO) but instead, it will be available to the public through an Initial DEX Offering (IDO). Fifty percent will go to liquidity staking, 10% will go to the team, 10% will go to marketing and community airdrops, and another 10% will be reserved for vesting which is locked up for the next five years.

Learn more about SparkPoint and SparkDeFi from the following links:

SFUEL Private Sale Whitelist: https://forms.gle/ML8ZENTmEq7z3daJA

SparkPoint Website: https://sparkpoint.io/

SparkDeFi Website: https://srk.finance/

SRK-ETH on Uniswap: https://srk.sh/uniswap

Trade SRK: https://srk.sh/trade

Telegram Announcements: https://t.me/sparkpoint

SparkDeFi Telegram: https://t.me/SparkDeFi

SparkDeFi Twitter: https://twitter.com/SparkDeFi

SparkDeFi Facebook: https://www.facebook.com/SparkDeFi

SparkDeFi Instagram: https://www.instagram.com/sparkdefi/

LinkedIn: https://www.linkedin.com/company/sparkpointio