LYX is the native utility token of the LUKSO blockchain and serves the following functions:
Pay Transaction Fees
LYX tokens are used to pay for transaction fees on the LUKSO blockchain. Like other blockchain networks, users must spend LYX tokens when conducting transactions or interacting with smart contracts on the platform. These fees help secure and validate transactions.
Other Functions
LYX tokens have utility within the LUKSO platform. They can be used for a range of activities, including creating digital assets, interacting with decentralized applications (dApps), and participating in network governance.
Own Digital Assets
LYX tokens enable ownership of digital assets on the LUKSO blockchain. Users can represent real-world assets, such as fashion items, art, music, and more, as non-fungible tokens (NFTs) on the LUKSO network. LYX tokens are used to acquire and manage these NFTs, providing a secure and transparent way to establish ownership.
Staking
As a PoS network, LUKSO supports LYX staking. As an LYX holder, you can stake your tokens on the network and contribute to securing the LUKSO blockchain, earning rewards.
Trade or HODL LYX
Trade LUKSO coin against other cryptos on the KuCoin Spot Market to make the most of changing market conditions and volatility. Buy or sell LYX, or hold it long-term if you believe in the future potential of the LUKSO project. Ensure that you make any new trading or investing decisions in the crypto market only after you do your own research.