The Upland community has voted overwhelmingly in favor of making the Spark utility token tradable on the Ethereum blockchain, according to a recent announcement by Upland, a leading web3 Metaverse Super App. With 87.25% of the community supporting the initiative, Upland aims to build the world’s most extensive digital open economy within the metaverse.
The decision to allow Spark to be tradable on Ethereum comes after the release of the Sparklet White Paper, which outlines the plan to bridge Spark to the Ethereum network. In the planned transition, the Spark token will be mirrored and minted on Ethereum as Sparklet, valued at one-thousandth of a Spark token.
The Sparklet White Paper highlights the essential role of Spark in driving value within the metaverse. It is used for various activities such as world-building, collaborative community initiatives, creating no-code NFTs, and acquiring 3D map assets like vehicles and decorations.
The White Paper also covers future utility, Sparklet vesting schedules, strategic implementation, and the logistics of token distribution. Additionally, community members were given the opportunity to provide their input ahead of the governance vote.
Dirk Lueth, Co-Founder and Co-CEO of Upland, emphasizes the importance of responsible decentralization, stating that offering tradability to users with protective mechanisms in place allows Upland to progress responsibly.
The next major step in this transition is the Token Tradability Event (TTE), where Spark tokens from the EOS blockchain will be mirrored and transformed into Ethereum-based Sparklet tokens. This event aims to make it easier for those who own Spark tokens to trade their Sparklet tokens in open markets, thus contributing to Upland’s decentralization efforts and expanding its presence in the wider Web3 world.
During the TTE, 1 billion Sparklet tokens will be released on the Ethereum network. These tokens will be matched by 1 million Spark tokens created in Upland on the EOS blockchain. The community-approved Sparklet White Paper ensures that the number of Spark tokens owned within the Upland game will always be equal to the number of Sparklet tokens held in an escrow on the Ethereum bridge.
Currently, staking Spark in Upland is necessary for item construction or manufacturing. The white paper reveals that there are over 130,000 Spark holders in the game, with nearly 94% using Spark for building activities. Sparklet will exist on the Ethereum blockchain as an ERC-20 asset, and it can be converted back and forth between Spark and Sparklet using an x/1,000 multiplier.
The ability to trade Spark in liquid markets presents various opportunities for players, creators, entrepreneurs, and brands. Players can acquire more Spark to expedite their virtual construction efforts, while others may choose to liquidate their Spark holdings through Sparklet. Additionally, the introduction of Spark’s tradability is likely to inspire developers to create new utilities for the token, further increasing its demand and adding another layer to the Upland ecosystem.
Furthermore, with the recent developments in the regulatory landscape, token tradability has become less uncertain, making Upland’s timing crucial and relevant. The Upland community’s support for making Spark tradable on Ethereum demonstrates their belief in the value and potential of the token within the metaverse.