Ethair Market listed ETHR tokens on Uniswap as a result of its first governance vote by holders. The token’s utilities are directly tied to a user’s interaction with the marketplace. In addition to 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 so sellers can receive their items before they are fully posted. Ethair Market operates in the traditional B2C / C2C mode with two types of offers: Market, which is new fixed price items, and “Buy Offer Bid” (referred to as BOB on the platform), which includes new and used auction items Customers can buy directly, make an offer, or bid as in traditional auctions.
Ethair aggressively markets through Google, YouTube, Yahoo and Twitter ads. Uber adverts in Los Angeles, Chicago, and New York, with billboards for major highways soon to be nationwide.
You can check ETHR’s token contract here.
What is the ETHR Token Utility?
ETHR is Ethair’s native token that is built into key components of the marketplace. Its utility extends throughout the market and allows users to enjoy various advantages. This means that they can enjoy the “off-chain” benefits of using ETHR as a form of payment on the platform and thus have no gateway or blockchain fees by having a token balance on their account.
The token offers various discounts especially for sellers. By holding 100 ETHR in their account, sellers can get a 10% discount on the full scale fees on every sale. You will also receive a 15% discount on advertising fees when paid with ETHR and get access to exclusive commercials for token holders who are also paid with ETHR.
These utilities are currently only available to token holders and will be rolled out to all users once the deposit functionality is fully implemented to enjoy these benefits.
All Ethair Market users with any amount of ETHR in their accounts are entitled to governance voting rights on certain token matters. This allows the token to be useful and allows users to control potential actions.
Tokenomics & Coin Minting
ETHR is an Ethereum-based token (ERC-20) with an initial supply cap of 2 million. There is no maximum offer limit. However, the creation of additional tokens is directly linked to the users’ marketplace transactions. ETHR can only be minted by exchanging transaction-generated points for customers for ETHR. This is the only way to create additional tokens and promote platform usage.
These points are Ethair’s reward system and are accumulated with every successful transaction. They act as part of the 25% full-value fee refund for each transaction paid to both parties, further reducing marketplace fees.
When a user requests to exchange their points for an ETHR token, our smart contract first gives them a platform-exclusive bonus of 10% more than the value exchanged for ETHR. This will multiply the query by two. The newly minted ETHR is then delivered to the user and the rest is evenly divided between two pools.
The referral program rewards users who have referred verified marketplace customers with a proportion of the pool rewards generated. These rewards are paid monthly for a limited period of 1 year. The governance vote then decides on the next use of this pool.
The corporate account pool is intended to be used for (but not limited to) promotions and partnerships.
Company goals and expansion
Ethair’s goal is to be a more customer-friendly platform. They aim to improve what a marketplace offers its users, with the primary goal of supporting its sellers and their businesses.
With the integration of Stripe as a payment processor, Ethair is currently supporting users in the US and Canada and is looking to expand into 45 additional countries.
The next big step is to implement the NFT marketplace. The way Ethair envisions NFTs is a mix of on-chain and off-chain states that enable cross-chain, non-contact and instant transactions while bringing the technology closer to the masses with unique use cases.
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