INU Token: What Is It and What Is It Used For?

Important information: This is a sponsored story. Please remember that the value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. If you are unsure of the suitability of your investment please seek advice. Tax rules can change and the value of any benefits depends on individual circumstances.

Meme cryptocurrencies have started being seen as purely speculative assets over the last few months, where people simply gamble their money hoping whales will carry the token’s price up and help them get rich overnight. Their true origin stemmed from a united community with a common goal.

The INU token is bringing back the true purpose of meme tokens with one that will empower an entire decentralized ecosystem offering users accessible products and services. INU is a deflationary token with a built-in transaction tax meant both to help the project move forward and reward users.

$INU: A Deflationary Token With a Working Ecosystem

The INU token team is creating an all-in-one cryptocurrency ecosystem with a built-in tax, as mentioned above. The built-in tax will see 0.5% of every transaction get burned in a bid to reduce the total circulating supply, and an additional 0.5% get redistributed to all INU token holders.

The INU token ecosystem will encompass a number of decentralized finance (DeFi) services, including a rewards-based staking platform that ensures rewards are distributed in a timely manner and allocated to users according to the percentage of tokens they stake.

The team has developed a diamond architecture that followed the EIP-2535 token standard to allow its smart contracts to be upgradeable and add new features that will benefit users as these become available. Users will also, through an easy-to-use interface, be able to create their own smart contracts without any coding skills being necessary.

Ecosystem users will pay a one-time fee to allow $INU tokens to go through the platform’s architecture that serves as a general proxy routing all of the users from the same contract and allows them to save more on fees. This means a one-time fee is all that’s needed to access all of INU’s services.

The INU project is run through a decentralized autonomous organization-like system wherein users can join the platform’s social media groups and vote to participate in the development of the platform.

$INU’s Ecosystem

INU’s ecosystem is expanding through a number of new platforms that already include a cryptocurrency exchange. INU is entering the non-fungible token (NFT) world through its own NFT Marketplace, which will allow users to create and trade NFT collections with an added advantage: a part of the fees is redistributed to its users.

A fixed 2% fee is set to be attributed to the marketplace, where 1% of the fee will be used to sustain self-feeding staking platforms. On top of the NFT marketplace, there will be an exchange running on an automated market maker (AMM) protocol called INUSwap, running liquidity pools and token swaps.

The team is also working on CasINU, a decentralized gambling platform that will host a range of single and multiplayer games for the cryptocurrency’s community. INUtility will be a platform hosting a number of useful decentralized finance utility functions that allow users to, for example, transfer multiple NFTs or create their own tokens.

To better support smaller investors, staking ETH 2.0 pools will be created to allow investors to become validators on the Ethereum blockchain while holding less than 32 ETH.

The $INU Token

The $INU token was launched back in June of this year on the decentralized exchange Uniswap. It has been listed on multiple token-tracking platforms such as CoinMarketCap and CoinGecko, and is available on numerous decentralized exchanges.

$INU is also launching on the Binance Smart Chain (BSC) network to take advantage of the lower transaction fees there and its Ethereum Virtual Machine-compatibility. BSC will help its ecosystem grow to reach a wider audience.

Source: Read Full Article