HomeCoinsICON (ICX)What is the ICX Token?. The ICX token is the currency of...

What is the ICX Token?. The ICX token is the currency of all… | by ICON Foundation | Hello ICON World | Jan, 2022

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ICON Foundation

The ICX token is the currency of all applications that are built on the ICON blockchain. ICX can be used for sending or receiving payments on the blockchain and pays for ICON transaction fees as well.

What is the ICX Token?. The ICX token is the currency of all… | by ICON Foundation | Hello ICON World | Jan, 2022

Using the ICX token

Most decentralized applications (dApps) within the ICON Ecosystem use the ICX token as their basic means of payment. Whether you are buying NFT’s, trading on a decentralized exchange or transferring assets across blockchains with ICON’s Blockchain Transmission Protocol (BTP), the price/market/fee is most likely to be denominated in ICX.

Staking ICX token

ICX holders can stake their coins and receive some of the industry’s highest rewards for this. ICX staking involves locking up the ICX in your wallet for a set period of time in return for daily ICX rewards. You must delegate the staked ICX to a Public Representative (P-Rep) in order to receive these rewards. This delegating is also known as voting and it doesn’t mean that your ICX is sent to the P-Rep The ICX always remains locked up in your wallet and in your control. The lock-up period varies as network activity changes, but is currently at around 8 days. It is important to delegate to (vote for) P-Reps that add value to the ICON Ecosystem, as it ensures the growth of the network and your staked ICX.

Where can I buy ICX?

ICX can be traded on the world’s largest centralized exchanges with significant trading volume. Click here for a full overview of all ICX prices and exchanges within the ICON Ecosystem. Within the ICON ecosystem, several decentralized exchanges offer ICX trading. Check out the dApp section for an overview.

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