XSP crypto is a governance token of XSwap Protocol. It was launched by XFinance for the governance of various projects on the protocol. These projects included XFI, XTT, and XCORE tokens. The organization was launched with great hype but the struggles soon started to appear. Let’s analyze everything and learn about the interesting story of XSP and XFinance.
What is XSP Crypto and what were its promises?
XSP crypto is a native token of Xswap; a project of XFinance. Furthermore, it was a governance token of the XSwap Protocol. Each XSP token provides one governance vote on the blockchain. Moreover, at the time of release, it was promised that the XSP crypto will provide various utilities. These utilities included a payment system, farming, voting, and staking options. Furthermore, the project promised a one percent monthly reward during staking. Moreover, you can reinvest your profit without unstacking. However, the minimum requirement for staking was one million XSP.
What is XFinance and why you should know about XFinance?
XFinance was the company behind the XSP crypto. They have launched the XSP token, XFI, and XTT along with the XCORE token. The XSP token has already been explained above. The XTT also known as the XSwap Treasure token is the farming reward token on the XSwap Protocol. Meanwhile, the XCORE was an ambitious project that was launched but it lost public confidence within days.
You must know about XFinance because it is the real organization behind the project of XSP. Therefore, XSP can only survive and thrive if the XFinance thrives. A deep analysis shows that XFinance is in deep trouble! Let’s find out how!
What is XCore and How XFinance launched and closed XCore?
XFinance launched the XCore token with great hype. The community was asked to stake Ethereum and in return, they were supposed to get XCORE tokens. It came across as a great bargain. Anyone can stake Ethereum and can get new crypto. Afterward, they can get their Ethereum back. Indeed it was a great deal. So, a lot of people staked Ethereum and received XCORE.
Instantly after the launch, the value of XCORE increases manifold. However, when people tried to sell XCORE to lock their profits, the transactions were never processed! The reason was simple, the tokens had been locked. As a result, the price of XCORE plummeted. The ETH that people had staked was committed and they were unable to withdraw!
Afterward, the company came forward and said that XCORE was a mistake! Therefore, they will return the ETH and the affected people have to send them XCORE LP tokens. XFinance simply blamed the uni swap bots and technical issues for the failure of the project.
The community has no option but to send back XCORE to XFinance in the hope that they will get back their ETH. However, when XFinance received XCORE, they started selling XCORE for more ETH.
Afterward, the community received another announcement that the organization is about to cease its operations. However, a new ray of hope was shown when an announcement came from Mr. Ming! Let’s analyze it.
Who is Ming and is he really the CEO of XFinance?
In all of this drama, another announcement was released from Mr. Ming, the CEO of XFinance. He accepted that XCORE was a mistake and he endorsed the previous communication and blamed everything on bots and technical issues. Here is the image of his announcement.
In this way, the chapter of XCORE was closed! Now let’s analyze how XSP, the other project of XFinance also appears to be shady.
Why XSP Crypto appears to be shady and has the appearance of a scam?
Here are the reasons XSP crypto looks shady and seems like a scam.
· The official Websiteof XFinance is Closed and the Domain on Sale
The official website of Xfinance is closed! In fact, the domain is available for sale now. Indeed, it clearly shows that someone has packed up the project. Therefore, if the organization behind the XSP is not present then investing in the project would not be a wise decision.
· Negative Popularity of XFinance, the company behind XSP
The organization behind XSP was XFinance and they had huge baggage on their back. Their official website is long gone and the team is nowhere to be found. Even though, Xswap Protocol is alive and still has a social media following; the trust of the community has been lost. Hence, it is too sketchy for my investment risk tolerance and it is better to avoid it until time proves or discredits their reputation.
· Shady Buying and Selling like XCore
XCORE episode, as explained above, is a clear indication that XSP and other projects on the infrastructure are vulnerable. The pump-and-dump technique can evaporate your investment funds very quickly and easily. Therefore, it is better to consider it a shady project and avoid it for now!
· The Pattern of the Project
The pattern of the XSP is similar to XCORE. People had lost complete trust in XCORE. The same issue is going on with XSP. The community has lost complete trust due to a similar pattern. Therefore, instead of getting caught in the storm, you should avoid it. Remember, history predicts the future, and the history of XFinance is not good at all!
· Silence of the XFinance on Previous Projects
Lastly, XFinance is now completely silent about its previous projects. Instead, the shady team behind XFinance which has closed its official website and put it on sale is trying to maximize gains through XSP. Therefore, it is better to avoid this project in any case. Everything related to this project can fall at any moment. Hence, it is better to steer clear!
While we do a lot of research before presenting, this information is expressed as my perspective based on the public info available. We urge our readers to do their own research. We do not provide financial advice in any shape or form. Therefore, we have no responsibility for any financial decision that you take. Moreover, always remember, investing in cryptocurrencies is risky. Therefore, do it at your own risk.
In conclusion, XSP was a project of XFinance. However, XFinance has vanished in thin air. Therefore, it is not wise to consider whether the XSP token will ever rise or revive. Hence, if you are still holding a position, you should get rid of it!