What Is Quid Token (QUID)?

Quid token describes itself as an ever-growing liquidity token. According to the documents of the project, the Quid token is a part of the Solana Program Library (SPL) tokens. SPL program or the token program provides a common interface for creating fungible and non-fungible tokens (NFTs). The document further states that Quid is the first social and universal utility token. According to its website, the token is said to be Solana’s equivalent to ERC-20. The token’s aim is to become the most liquid digital asset on the Solana blockchain.

To achieve this aim, all the initial liquidity provided by the Quid token foundation in any liquidity pool intends to be locked for a certain time. Further, the fee earned by the foundation by any means on the project seeks to be funnelled back into the Quid’s liquidity pool. Thus, in this way, no matter the trade of Quid increases or decreases, the liquidity of the protocol intends to increase with every trade. The foundation tries to increase the liquidity of the Quid token via various NFT fundraiser campaigns and incentive programs for liquidity providers.

The document further claims that such increasing liquidity of the Quid token makes it an ideal store of value for holders. Also, the token seeks to be a fit as a utility and a social token for developers who are looking to adopt a native currency for their decentralized finance (Defi) and other decentralized projects.

QUID is the native cryptocurrency of the Quid token project. QUID is based on the Solana blockchain network. According to its website, QUID is swappable on Raydium.io, which is a decentralized finance protocol. The token is also capable of burning. Burning is when a fraction of tokens is sent to a wallet with no private key. This means the tokens are lost forever. Tokens are usually burnt to reduce availability and increase market value.

History of Quid Token (QUID)

The QUID token got launched on November 12, 2021. The token further got listed on various exchanges in the month of November 2021. The total supply of the QUID token is eight billion coins.