It is exciting to witness the growth trajectory of the CUDOS blockchain network from testnet to the mainnet launch. The Cudos ecosystem is fueled by its utility token which has many use cases and applications that run on the Cudos network. With the mainnet launch, the token utility has expanded beyond trading and staking of it for rewards.
One of the key objectives of Cudos is to be the go-to platform for dapps looking to deploy scalable solutions in areas such as DeFi, NFTs, Gaming, Oracles and DAOs among others. To meet this objective, infrastructure providers are encouraged to pool their resources into the Cudos network either as validators or apps. In all these, the Cudos token is used to perform various tasks within the Cudos ecosystem.
Staking
Any Cudos token holder can stake their tokens for a period and earn up to 25% APR in rewards. Cudos staking is available on partner exchanges and staking apps that support the Cudos token.
Node Validation and Validator Staking
The Cudos token is made of validators who run nodes to make block proposals and validate these transactions on the network. They are the gatekeepers of the chain and are therefore required to stake about 2,000,000 cudos tokens before being accepted as a validator. In addition, any Cudos token holder can stake their tokens behind any validator as a form of support and earn part of their cudos rewards.
NFT Minting
Cudus makes it easy to create, transfer and trade NFTs at a very lower cost. But doing so requires Cudos tokens to pay for gas fees in using creating and using NFTs
Buy Goods and Services
The Cudos token is not accepted as a payment currency on various payment gateways such as NOWPayments and Shopping.io. This means that users can not pay for goods or services on from Shopify powered shops and marketplaces such as Amazon and eBay.
Trading the Cudos Token
The Cudos token is now available on major crypto exchanges where users buy and trade the token. The token is traded on major major exchanges: Crypto.com, Huobi Global, Kucoin, Bittrex Global, AscendEX, and Liquid. The token will be listed on more exchanges in the future.
Governance Participation
Everyone can create a governance proposal for changes to the Cudos network. However, these proposals have to be voted on by the community. One way to do this in a transparent way is true a governance proposal. The creator of a governance proposal will require cudos tokens and voters will likewise, require the tokens to cast their votes.
These are but a few of the token use cases and applications. As the Cudos chain expands, more utilities will emerge. This is just the beginning.
About Cudos
Cudos is powering the metaverse bringing together DeFi, NFTs, and gaming experiences to realise the vision of a decentralised Web3, enabling all users to benefit from the growth of the network. We’re an interoperable, open platform launchpad that will provide the infrastructure required to meet the 1000x higher computing needs for the creation of fully immersive, gamified digital realities. Cudos is a Layer 1 blockchain and Layer 2 community-governed compute network, designed to ensure decentralised, permissionless access to high-performance computing at scale. Our native utility token CUDOS is the lifeblood of our network and offers an attractive annual yield and liquidity for stakers and holders.
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