LOS ANGELES — Flame Technologies has announced the launch of a trading pair for its cryptocurrency Flame Token on Uniswap.
The Flame Token (XFL) is a blockchain-based utility token for the creator economy that is compatible with the ERC-20 standard of the Ethereum blockchain. Its maximum supply is 21 billion XFL.
The token is trading under the symbol XFL and can be swapped for USDC. The trading of Flame Token has now started in preparation for the launch of a Liquidity Provider Program where everyone will be rewarded for adding liquidity to the Uniswap USDC/XFL pool, the company said.
It is built on top of the social media platform Sharesome to enable "open, instant and low-cost payments" for goods and services on the platform. Sharesome is billed as a social discovery network for adult content creators and brands designed to connect all stakeholders in the adult industry.
The platform reports 1.6M monthly active users (MAU), 7,000 content creators, 500M monthly post views, and 1,200 active advertisers.
To read a white paper about Flame Token, click here.
To read the Flame Token Economy Paper, click here.
Robert Knapp, founder of Flame Technologies, remarked, "Social media has reshaped the way brands are being built and how they advertise. Today, everyone has the power to build a brand online, or even become a brand. This is called 'the creator economy,' but adult content creators are banned from participating. Sharesome gives this power back to adult content creators, who generate billions of dollars in revenue every year. Flame Token is the first social media bound token that is being used to untap the $100 billion potential of the adult industry. I am happy to announce that, after several years of building and growing Sharesome, we can now finally launch XFL on the blockchain.”
Flame Technologies is based in Zug, Switzerland. The company has built a team of engineers, designers, researchers, blockchain specialists, marketers, and financial experts who work together to bring the XFL token to the NSFW social media site Sharesome and beyond. The company has obtained a no-action letter from the Swiss Financial Market Supervisory Authority FINMA. FINMA has assessed the business model as compliant with applicable laws and stated that there is no financial market licensing requirements for the issuance of the Flame Token. This means that the legal requirements are in place for the XFL Token to go live as planned.
Uniswap is a decentralized exchange protocol built on Ethereum. It is an automated liquidity protocol. There is no centralized party required to make trades. Prices are set automatically by smart contracts, and liquidity is provided by LPs (liquidity providers).
