Token
nRide fosters a token economy that puts the value of the network in the hands of its users.
Last updated
nRide fosters a token economy that puts the value of the network in the hands of its users.
Last updated
NRIDE is the native utility and governance token of the nRide platform. It serves as the underlying currency of the escrow mechanism that protects users from late cancellations or no-shows. To use the platform as a rider or a driver, it is necessary to have NRIDE tokens.
The value of NRIDE tokens is anchored to the convenience fee for cancellations, which reflects the inconvenience caused by a late cancellation or no-show. The escrow deposit adapts to the price of the token, targeting a deposit value of $10 (indicative). As a result, the price of the token is not capped by the market value of a cancellation fee, and it can increase freely with demand.
Token holders have the opportunity to invest in the growth of the nRide ecosystem and own a stake in its financial value. They can benefit from the network's growth and adoption, as well as indirectly benefit from rides booked on any nRide-compatible application. In addition, NRIDE token holders have governance rights, which allow them to participate in the decentralized governance mechanism of the nRide DAO. The DAO controls a significant portion of the total token supply, and token holders can vote on governance proposals based on their relative holdings. The DAO can fund initiatives that benefit the community or introduce changes to the protocol, ensuring that the nRide ecosystem evolves to meet the needs of its users.
The nRide ecosystem is designed to create a vibrant token economy that encourages community participation and incentivizes growth. As the platform continues to expand and attract new users and developers, the value of NRIDE tokens is expected to increase, providing opportunities for token holders to benefit from their investment in the ecosystem. Through the combination of utility and governance features, NRIDE tokens play a key role in the success of the nRide platform, and help to ensure its long-term sustainability and growth.
When swapping ATOM for the NRIDE tokens on Osmosis, you will need to pay a transaction fee. By default, transaction fees will be payable in OSMO, the native Osmosis token. You can override this to pay the transaction fee in ATOM if you don't have OSMO tokens in your account. Note that this Override function is only available when swapping ATOM tokens for another. Please see the demonstration below.
