What Is Spore (SPORE)?

Spore (SPORE) is a cryptocurrency and a non-fungible token (NFT) platform deployed on the Avalanche network. The project self-proclaims to be one of the first reflect tokens to exist, inspired by the Avalanche network’s initial generation of pools. Avalanche is a platform for open, customizable smart contracts for decentralized applications or Dapps. The Spores project envisions to be more than just a cryptocurrency and seeks to find its way into the wallet of every holder.

According to its website, Spore aims to deploy products such as the Avalanche-Binance Smart Chain (BSC) cross-chain bridge, NFT collections, and a next-generation NFT prediction market. A cross-chain swap is an entirely decentralized mechanism for swapping one’s tokens for other non-native tokens that do not require an intermediary. Cross-chain swaps are carried out with the use of specific smart contracts that handle both or more types of tokens. The platform lists a set of newly launched first-generation NFTs,  for setting up an on-chain/off-chain governance mechanism. 

Represented by SPORE, the platform’s native token is deflationary, meaning the supply decreases as the token continues to burn. Token burning is a process of transferring cryptocurrency to a zero-address. Accordingly, the SPORE token seeks to burn 6 percent on every transaction on the BSC network and 4.6 percent on Avalanche. The platform also states, holders receive rewards at a rate of 1.4 percent in the Avalanche ecosystem. As tokens burn, rewards also diminish indefinitely. This ever-decreasing circulating supply seeks to benefit SPORE token holders.

History of Spore (SPORE)

The project self-proclaims to be formed by a community of artists, developers, and scientists in March 2021. SPORE has no hard cap on its maximum supply.