What is the SwissBorg Token?
The SwissBorg (BORG) token, formerly known as CHSB, is SwissBorg's official utility token that lies at the heart of its wealth management ecosystem. Serving as the backbone of the SwissBorg ecosystem, BORG offers multiple utilities such as governance, loyalty, and Premium membership access.
The original token, CHSB, was minted in 2017, during SwissBorg’s genesis ICO. On October 17, 2023, CHSB was migrated to the new BORG token, in order to expand its features and utility in the decentralised finance (DeFi) space.
Availability on Blockchains
The BORG token is now available on two major blockchain networks:
- Ethereum: BORG remains compatible with the Ethereum network, where it functions as an ERC-20 token.
- Solana: Since May 2024, BORG is also available on the Solana blockchain, allowing users to interact with it through Solana’s decentralised exchanges and enjoy the speed and low fees associated with this blockchain.
This dual-chain availability makes BORG more versatile and accessible for different DeFi protocols and wallets.
Utilities of the BORG Token
The BORG token serves multiple purposes within the SwissBorg ecosystem:
- Premium Membership : Holding a certain amount of BORG tokens unlocks different tiers of premium memberships within the SwissBorg app. These memberships offer benefits such as reduced trading fees, increased APY (Annual Percentage Yield) on Earn strategies, and more.
- Governance : BORG holders can participate in SwissBorg’s decision-making processes, known as the Guardians' votes. This feature allows the community to have a voice in important decisions related to the platform’s development.
- Borger Journey : Users can accumulate "Borger Points" by holding BORG tokens, which allows them to progress through different levels in the app, known as "Camps." As users advance, they unlock rewards, including access to exclusive investment opportunities.
History and Evolution of the BORG Token
- Creation: The BORG token was officially launched on October 17, 2023, as an evolution of the CHSB token. The CHSB token, which had been in circulation since February 2018, was migrated to BORG to adapt to the rapidly changing DeFi space.
- Migration Process: The migration from CHSB to BORG was automatic for those holding CHSB tokens in the SwissBorg app, maintaining a 1:1 ratio to ensure value preservation from CHSB to BORG.
- All-Time High: BORG (still as CHSB) reached its all-time high (ATH) value of $1.25 in November 2021, marking a significant milestone.
Contract Address and Technical Information
The BORG token operates on two blockchains, and each has its unique contract address:
- Ethereum (ERC-20) Contract Address: 0x64d0f55Cd8C7133a9D7102b13987235F486F2224
- Solana Contract Address: 3dQTr7ror2QPKQ3GbBCokJUmjErGg8kTJzdnYjNfvi3Z
You can find the technical details of the BORG token, including its contract addresses, contract code, decimals, and total supply, on trusted blockchain explorers like Etherscan for Ethereum and Solscan for Solana.
Where to Buy and Track BORG Token
- In the SwissBorg app: The most convenient place to buy BORG is directly through the SwissBorg app, where users can enjoy various rewards and benefits for holding it.
- External Exchanges: BORG is also available on several decentralised exchanges like jup.ag or Raydium.io, where users can try further opportunities to yield their tokens.
- Price Tracking: You can see the latest metrics about BORG price, burning transactions, tokens locked in Premium and the circulating supply at BORG Overview .
Protect & Choose mechanism
The Premium users can become Guardians of BORG and decide on how to use the BORG held in the Protect & Choose pool.
The Protect & Choose program has two components — ‘protect’, which involves buying back BORG, and the ‘choose’, which involves re-allocating the tokens to boost our ecosystem. Monthly, the Premium members of SwissBorg can use their voicing power regarding what should be done with the allocated funds. The core options will be the following:
Safety Net: The DeFi path is not an easy one. Following the multiple black swans that occurred this year, we are never over-prepared for an unforeseen event. Creating, maintaining and fueling a Safety net is a way to protect all Premium SwissBorg users against incurring losses on their holdings. The Community pushing for a Safety Net perfectly embodies the vision of SwissBorg, striving to become the safest place to invest in crypto.
Burn: Making BORG a deflationary token has always been a community-favourite option. Reinforcing the tokenomics, it’s an option that favours the long-term holders as each individual BORG becomes more scarce, making them regularly and permanently more valuable.
Contribution Reward: As a form of appreciation for all the Guardians who actively participated in the Protect and Choose and influenced its outcome with their decisions, SwissBorg will allocate a contribution reward based on their voting power. This reward applies regardless of their chosen options.
Pass: It’s possible that the time is not right to choose, or one doesn’t feel one option is better than the other at that time. Although likely to be less popular, we have decided that the right to skip a turn whilst expressively doing so is valuable and shall be respected.
You can find more details about the Guardians of the BORG in this article .
Conclusion
The BORG token is an essential element of the SwissBorg ecosystem, offering a wide range of utilities and benefits. Whether you’re looking to participate in governance, earn yields, unlock premium membership perks, or gain access to exclusive investment opportunities, the BORG token has a lot to offer. As SwissBorg continues to evolve, BORG remains a vital tool for users to manage and grow their wealth in the decentralised finance space.
