How Will City Coins Bring Scarcity To The EGG Token?

We are currently witnessing a new cryptocurrency trend called “City Tokens” and as time passes more and more people are getting involved in this cryptocurrency trend. This is becoming one of the most advantageous technology for the Web3 world where worldwide developers are jumping in order to create a decentralized community without any third-party involvement like in the old traditional system of banking.

That’s why in this article we are going to talk about the main City Tokens’ feature on EGG Protocol and the benefits of the City Tokens in general. So overall, City Tokens are cryptocurrencies that allow you to support your favorite cities while earning yield in Bitcoin, Ethereum, Stablecoins, or any other cryptocurrency tokens. It also enables you an opportunity to be a part of the community course by your voting power.

Minting City Tokens on EGG

The first step of your City Tokens trip is to join the community of your city or create one if not already done by a local citizen.

The fun part is that everyone can mint City Tokens on EGG.FI and earn rewards for every City Token that is not created in the EGG Database. The City Tokens minting can be easily created through our simplified steps, all you have to do is:

– Add your city location;
– Connect your web3 wallet address;
– Verify your email;
– Fill your full name;
– Fill your skills;
– Convert your profile data to NFT
– You get your coins!

With Every City Token Minted, EGG Token Builds Up Scarcity

EGG Token Builds Up Scarcity

We are always trying to improve EGG’s economics by adding new features that will increase the demand and reduce the supply, therefore, we are adding a new burning mechanism for our EGG tokens. So with every City Token minted, no matter the city, a portion of EGG tokens is being burned forever, this will help the EGG token scarcity to improve and make the token rarer.

This will be the main advantage of EGG token and its holders, users will be able to enjoy the deflationary system built on EGG ecosystem. The more cities are added the more EGG tokens are needed in order to be burned, so this will help the EGG token to expand its demand and improve its price.

Benefits of City Tokens?

Some of the main benefits of the City Tokens is the voting power that city token holders will have by holding their City Tokens on their wallet address, they will be able to vote on major decisions and updates in the token community, the more tokens you have, the more voting power and influence you will have over the decisions and direction that the community takes. Other than that, City Tokens are built in a decentralized way and thanks to this token holders will be able to enjoy the perks of no third-party involvement to cut their salaries, rewards, etc.

Are City Tokens Already Working?

As we are speaking, the City Tokens in some of the major cities like Dubai, London are already fully working on this matter and they are trying to launch their City Tokens as soon as possible so they can present this idea to their citizens and enable them to enjoy a fully decentralized and independent rewarding system that will benefit them all.

Final Thoughts

We believe that City Tokens will be the major cryptocurrency breakthrough on a global scale and sooner or later more people will join the cryptocurrency sphere and that will make more crypto users to join the City Tokens community, become token holders and enjoy all benefits.

That’s why it is very important for DeFi projects like EGG Protocol to continue to bring the DeFi world closer to everyone and help them understand the main importance of decentralization and ownership while excluding third parties and protecting the user’s funds by reducing the centralized fees and hidden costs.

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of EGG Finance. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.