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Ethair Market has listed ETHR token on Uniswap as a result of its first governance vote by the holders. Utilities of the token are directly tied to a user’s interaction with the marketplace. On top of the proprietary token, Ethair Market currently supports fiat and cryptocurrencies such as: Bitcoin, Ethereum, Litecoin, Stellar and USDC, and more.
The marketplace is currently in beta, allowing sellers to their items before the full release. Ethair Market operates in the traditional B2C/C2C modes with two types of listings: Market which are new fixed price items, and “Buy Offer Bid” (referred to as BOB on the platform) which includes new and used auction items that customers can buy outright, make an offer on, or bid on like in traditional auctions.
Ethair is aggressively marketing through Google, YouTube, Yahoo, and Twitter ads. Running Uber ads in Los Angeles, Chicago, and New York with soon to have nationwide major highway billboards.
You may check ETHR’s token contract here.
What’s the ETHR token utility?
ETHR is Ethair’s native token that is integrated into crucial components of the marketplace. Its utility expands across the marketplace and allows for users to enjoy various benefits. That means that they can enjoy the “off-chain” benefits of using ETHR as a form of payment on the platform thus having no gateway or blockchain fees by having a token balance in their account.
For sellers specifically, the token offers various discounts. By holding 100 ETHR in their account, sellers can get a 10% discount on the Final Value Fees on every sale. They will also receive a 15% discount on advertising fees when they are paid for with ETHR and receive access to exclusive ad spots for token holders, which are also paid for with ETHR.
These utilities are currently only available to token holders and will be expanded to all users once the deposit functionality is fully implemented to enjoy these benefits.
Governance Voting
All Ethair Market users with any amount of ETHR in their accounts are eligible for governance voting rights on certain token matters. This allows for the token to be utilitarian and gives users the ability to control potential actions.
Tokenomics & Minting
ETHR is an Ethereum based token (ERC-20) with an initial supply cap of 2 million. There is no maximum supply cap. However, the creation of additional tokens is directly tied with users’ marketplace transactions. ETHR can only be minted by exchanging customers’ transaction-generated points for ETHR. This is the only way that additional tokens are created and promotes platform utilization.
These points are Ethair’s rewards system and they are gained on every successful transaction. They function as part of the 25% reimbursement of Final Value Fees for each transaction given to both parties, and as such reduce marketplace fees even further.
When a user requests to exchange their points into an ETHR token, our smart contract first gives them a platform-exclusive bonus of 10% more than the value exchanged in ETHR. This multiplies the request by two. The newly minted ETHR is then supplied to the user and the remainder is evenly distributed between two pools.
The referral program rewards users who have referred verified marketplace customers with a share of generated pool rewards. These rewards will be doled out monthly for a limited time 1-year period after which the governance voting will decide what the next use of this pool will be.
Company Account pool is aimed (but not limited to) to be used for promotions and partnerships.
Company goals and expansion
Ethair’s goal is to be a more customer-friendly platform. They are aiming to improve what a marketplace can offer to its users with a primary goal of supporting its sellers and their businesses.
With Stripe integrated as its form of payment processing, Ethair currently supports users in the US and Canada, and is already looking to expand to another 45 countries.
The next big step is the implementation of the NFT marketplace. The way Ethair imagines NFTs is a hybrid of on-chain and off-chain states allowing for cross-chain, feeless and instantaneous transactions while bringing the technology closer to the masses with unique use-cases.
Socials
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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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