Why do I need SOUL?


I’m well invested in this project and have been here since before the start, so I obviously want to see it succeed and because of that I want to know why it will succeed.

If it’s the fastest, cheapest multi-chain exchange and farm then I can see people will want to use it over other similar exchanges so in that case I can see it surviving and I believe that’s possible so I’m confident it will grow and survive.

However, even if that’s the case, why do I need the SOUL token? What’s its value, what is its use? Sure I can stake it to get more of it but beyond that I can’t use if for anything that I can’t use any other coin for. There are thousands of such coins on the market. Their only value seems to be to sell them once their price is high. So this question I’m asking could be asked of almost any coin out there, it’s not specific to SOUL.

The coins I NEED are the coins that I have to use, like Fantom, BNB or ETH because I have to pay fees in them in order to transact in any way on their chains. So they get accumulated and grow in value long term.

Apart from the tech and innovation side of things for decentralised finance, censorship resistant social media platforms, instant cheap world payments, copyright tracking for artists and whatever else crypto can create, which I am definitely all for, I’m also in it for the money.

I can look at crypto as a sea of waves (the coins’ graphs) and I want to jump from the peak of the highest riser to the trough of the next upcoming. I don’t care what the waves are called, I just care about their relative movement. I don’t really need any of them beyond their peak. But I do need the water and energy - it is how I get from wave to wave. The water is the exchange(s) and the energy is ETH or FTM or BNB etc. - the coins that require me to have and spend transaction fees to get from coin to coin.

If SOUL was necessary as the only way to transact or buy things with then I’d need it but it doesn’t seem to be. So why should its price go up long term and stay up and why would people accumulate it? Why is there a demand for SOUL? Not Soulswap the platform, but SOUL the token.

One could say “You need to accumulate it because its price will go up” and that’s speculatively probable but once its price goes up the only purpose of most of these coins is to then sell them for the thing you actually need – FTM or BNB or ETH or BTC or Fiat.

Accumulating money isn’t done for the sake of it, it’s so that you can ultimately buy more things. It’s the things that are actually wanted – a house, car, shampoo, shoes, things – and money is basically the only way to get them so you need the money so everyone accumulates it.

So in the crypto world, what do I need SOUL for or the thousand other tokens of their respective protocols? At the moment I can only see that I need to have it to sell it later. But if it’s to have any long term increasing value it has to be demanded, accumulated and held onto but there’s no reason to hold onto it, beyond speculation, which is the same as most other coins. The ones that people reliably and predictably really hold onto are the ones they need all the time – ETH, BNB, FTM etc. - the chain base coins that they have to pay fees in or buy things with.

If SOUL were the only way that I could buy things with within the Soulswap ecosystem then I can see it becomes more necessary. Maybe it’s the only way to buy NFTs on the exchange or maybe if every pool pair was comprised of SOUL and another coin (which currently isn’t the case) then I could see you’d need SOUL if you wanted to farm. Or maybe if every time a transaction occurred it also cost a tiny fraction of SOUL, like the FTM fees, then it becomes necessary. But currently these things are not the case.

I can see I need Seance in order to get my SOUL and for governance later but if the Seance price goes very high compared to SOUL I wouldn’t bother swapping it out for SOUL 1:1, I could just sell the Seance and leave the SOUL as a worthwhile loss.

So as it is, why do I need it? I can see a good, fast, cheap exchange like Soulswap could be demanded, but why SOUL?

If it can be made to be demanded, necessary, useful then it will grow. Is there a use case I don’t know about or that is in the pipe-works and if not, could one be created?