Monolith is a decentralized financial platform on Ethereum which provides wallet and exchange services. The project allows users to spend their digital assets in the real world by exchanging their ERC-20 tokens into fiat and loading them onto their Monolith Visa debit card.
What are TKN tokens?
TKN is Monolith’s native token and allows users to top-up their Monolith card without paying a 1% commision fee.
When any other token besides TKN is used to top-up a Monolith card, the user will be charged a 1% commision fee which will be sent to the Community Chest smart contract. TKN holders can burn their tokens in exchange for a proportional amount of the tokens stored in the Community Chest.
How does Monolith work?
Monoliths aims to provide users with a portal to interact with the DeFi ecosystem seamlessly through:
The Monolith app allows users to view their balances, track their spending and convert their digital assets into fiat or other cryptocurrencies, including interest-bearing tokens such as aDAI. Unlike conventional wallets, Monolith makes use of a main wallet and a “gas tank” wallet. Before users are able to spend their funds, they would have to top-up their gas tank, which allows them to top-up their card in the future and to send tokens to other wallets.
The Monolith Visa debit card uses GBP (£) or Euros (€) and can be used at any merchant that accepts Visa. There is currently no monthly fee to maintain the card but fees may apply for purchases and ATM withdrawals.
For example, when a user converts their cryptocurrency into fiat to top-up their card, they will be charged 1% community contribution fees if they are not converting TKN tokens. On top of that, a 1% license fee will be charged and paid to Monolith if the tokens converted are not stablecoins such as USDT or USDC. For more details on fees, you may refer to Monolith’s pricing page.
Monolith requires users to undergo a Know-Your-Customer (KYC) process before they can receive their debit cards.
How do I get TKN tokens?
You can obtain TKN tokens by purchasing them from cryptocurrency exchanges such as Uniswap.
