VGX, an Ethereum token used to reward and incentivise use of the Voyager centralised exchange, has gained 44 percent in the 24 hours since listing on Coinbase Pro.
The latest surge comes on the back of an overall lift for VGX over the past seven days in excess of 50 percent, with the token’s price soaring 70 percent on November 17 after the exchange revealed the new listing.
What is Voyager Token?
On Voyager, VGX holders can earn staking rewards, receive cashback on trades, and more. Like other exchanges such as Celsius that offer yields on cryptocurrency holdings, VGX has developed a model whereby the company earns enough fees via its lending activities to return high single-digit yields to investors, as much as 9 percent:
High Risk, High Reward, Additional Yield
In many ways, VGX is a high-risk, high-reward investment for those who believe digital tokens are only just beginning their march to glory. But VGX also provides investors with a unique benefit. By holding a given number of VGX tokens, they can take advantage of the Voyager yield program.
This program rewards loyal VGX holders with additional yield on their holdings. Accordingly, interest boosts of up to 1 percentage point on cryptocurrencies such as bitcoin are offered.
There are various tiers with the loyalty program, so the more VGX you hold, the higher the yield.
Earlier this month, Crypto.com’s CRO token rallied 30 percent after also listing on Coinbase. But for those investors who missed out, there’s always the Voyager Token.
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