SXP (SXP)

Overview

From a payment token to a blockchain coin

SXP began as the token associated with Swipe, a cryptocurrency wallet and payment-card business. Today, SXP is the native coin of Solar, a public blockchain. The connection between the two names matters: articles about Swipe’s card rewards often describe an earlier stage of the project, while Solar’s network uses SXP to process transactions and help select the people who maintain the chain. (binance.com)

Solar is a layer-1 blockchain, meaning it keeps its own record of transactions rather than relying on another chain to do so. SXP holders can send coins, pay network fees, and vote for block producers—the operators who add transactions to Solar’s ledger. In 2023, exchanges supported a one-for-one move from older Swipe tokens to Solar’s mainnet coin. That history explains why the same SXP ticker appears in material about both Swipe and Solar. (github.com)

History & Team

Swipe, Binance, and Solar

Swipe was built around making digital assets easier to use for payments. Joselito Lizarondo served as its CEO. Binance bought a majority stake in Swipe in July 2020 and announced plans to acquire its remaining shares in December 2021. Binance said Swipe had served as a card-program manager and technology platform for crypto-linked Visa cards in permitted markets. It also announced that Lizarondo would step down after the purchase was completed. (binance.com)

Nayiem Willems became a key leader in Solar’s development. He described joining Swipe’s blockchain work and later taking on the project that became Solar. The shift gave SXP a new role: it became the coin of an independent network, supported by open-source contributors and elected block producers. Exchanges carried out the mainnet change in 2023; Binance, for example, converted supported Swipe SXP holdings into Solar SXP at a one-to-one ratio. (blog.solar.org)

Willems announced his departure from Solar in November 2025. In January 2026, the Solar team reported that operational constraints had slowed further protocol development. The network continued to produce blocks under its existing rules. Solar’s history therefore includes both a completed move to its own blockchain and a later change in project leadership. (blog.solar.org)

Technology & How It Works

Elected block producers

Solar uses delegated proof of stake, often shortened to DPoS. SXP holders vote for block producers, and 53 active producers take turns adding blocks of transactions to the chain. A round contains 53 blocks, with a target time of eight seconds for each block. This design gives coin holders a way to take part in choosing who operates the network. (docs.solar.org)

Voting works differently from locking coins in a deposit contract. Solar’s wallet guide says a voter’s SXP stays in their wallet. The weight of the vote changes as coins are received or sent, and a holder can cast a new vote to support a different producer. A vote requires a network transaction and its fee. Block producers may share some of their rewards with voters, but each producer sets its own reward-sharing terms. (docs.solar.org)

Solar Core is the software behind the network. Its documentation describes a framework adapted from ARK Core and the use of Schnorr digital signatures, which help prove that a transaction was approved by the holder of a wallet’s private key. Developers can use Solar’s software kits to read blockchain data and prepare transactions. Solar also published plans for broader features, including token creation and smart contracts. The network’s documented, everyday functions center on transfers, fees, voting, and block production. (docs.solar.org)

Tokenomics & Utility

Rewards, fees, and burning

SXP has several connected jobs. It pays for transactions, gives holders voting weight, and rewards block producers for operating the chain. A producer earns newly created SXP when it adds a block. Solar’s 2023 whitepaper describes a rank-based reward system, so the amount earned per block varies with a producer’s position. New block rewards add coins to the supply over time. (docs.solar.org)

Fees work in the other direction. Solar’s documentation states that 90% of transaction fees are burned, meaning those coins are removed from circulation. The remaining 10% goes to the producer that added the transaction to a block. Solar’s supply is shaped by both processes: block rewards create SXP, while fee burning removes some SXP. The size of each effect depends on network activity and the applicable reward rules. (docs.solar.org)

Holding SXP also lets a person vote without running a server. A holder can support a block producer whose approach to network maintenance or reward sharing they prefer. The voting process gives SXP a role beyond payment: it connects ownership of the coin to the operation of the blockchain. (docs.solar.org)

Ecosystem & Use Cases

Network activity and related products

The clearest use of SXP is on Solar itself. Wallet holders send the coin to other addresses, pay for transactions, and vote for block producers. Developers can use Solar’s published tools to build software that reads network records or creates signed transactions. These are direct uses of the blockchain, regardless of which consumer products a business offers alongside it. (docs.solar.org)

The wider Solar effort has also included products aimed at people outside blockchain development. Solar reported that its Card app was available as a web app in early 2025, allowing users to register and complete identity and residency checks as part of the card application process. It also reported releases and development work involving a mobile wallet, the tymt gaming platform, and BrighterVPN. These products show the project’s interest in payments, gaming, and digital services, though each product has its own functions apart from SXP’s basic network roles. (blog.solar.org)

The distinction between Swipe and Solar is especially useful here. Swipe’s earlier card program helped establish SXP’s name in crypto payments. Solar’s lasting technical use of the coin is as the asset that moves through and supports its own blockchain. A card transaction, a game purchase, and an on-chain SXP transfer can involve different companies, systems, and rules. (binance.com)

Advantages & Challenges

What the design offers

Solar combines short target block times with a voting system that lets holders participate without operating a node or locking their coins. Its public code and developer tools make the network’s basic workings available for inspection and application building. Burning most transaction fees also gives SXP a clear, rule-based use whenever someone makes an on-chain transaction. (docs.solar.org)

The same design leaves important work to a defined set of 53 active producers. Holders must choose representatives, and decisions that need broad producer support depend on participation. Solar’s January 2026 vote on whether to develop an optional migration framework illustrates this point: participating producers favored it, but the vote did not reach the required quorum, so the proposal did not pass. Solar said block production continued and its rules remained unchanged. (proposals.solar.org)

Product development presents a separate challenge. Solar described constraints on further protocol work in 2026, after years of plans for more advanced features. The difference between an operating blockchain and its wider product ambitions is an important part of understanding SXP’s place in the ecosystem. (blog.solar.org)

Where to Buy & Wallets

Exchanges and mainnet storage

SXP can be purchased on platforms that list Solar, including KuCoin and Poloniex, subject to their regional services. Exchange support changes: Binance ended SXP spot trading in April 2026, and Gate US ended its SXP services in May 2026. Poloniex has stated that its Solar deposits and withdrawals use the Solar mainnet. (kucoin.com)

Solar’s Desktop Wallet holds mainnet SXP and supports transfers and block-producer voting. Its documentation also describes using a Ledger hardware wallet with the Solar app to approve transfers and votes. SXP has appeared on other networks during its history, so the network selected for an exchange withdrawal needs to match the receiving wallet’s address and supported chain. (docs.solar.org)

Regulatory & Compliance

Rules for services and religious assessment

Rules generally apply to the activity around a crypto asset—such as exchanging coins for customers or issuing a payment card—and to the business providing that service. In the United States, FinCEN explains that a business exchanging or transmitting convertible virtual currency can qualify as a money transmitter under its rules. Card programs also involve licensed issuers and customer-verification requirements. (fincen.gov)

In the European Union, the Markets in Crypto-Assets regulation, known as MiCA, sets rules for firms that provide crypto-asset services. A firm offering covered exchange or custody services in the EU generally needs the appropriate authorization. This framework concerns the service provider and what it does; holding SXP or voting on Solar is a different activity from running an exchange or card program. (esma.europa.eu)

For Islamic finance, an assessment of SXP would consider how the coin is obtained and used, as well as the terms of any associated service. Solar’s ordinary network fee pays for a blockchain transaction. Its optional voter rewards come from arrangements made by block producers, who may share newly created block rewards. A Shariah judgment on a particular use would examine those details rather than the coin’s name alone. (docs.solar.org)

Future Outlook

An operating chain with an open direction

Solar’s January 2026 governance update said the network would continue operating, with producers maintaining blocks and core services receiving maintenance. It also said there were no immediate protocol changes or new governance proposals planned. The unsuccessful migration-framework vote left the existing chain, balances, and consensus rules in place. (blog.solar.org)

That makes Solar’s future direction a matter of stewardship and participation. Block producers and contributors can maintain the current network, while any later change would need its own proposal and approval process. For SXP holders, the coin’s established roles—transfers, fees, voting, and producer rewards—remain the clearest way to understand what Solar does. (blog.solar.org)

Summary

SXP has changed with its project. It began in Swipe’s payment ecosystem and became the native coin of the Solar blockchain. Today, its main functions are paying transaction fees, moving value on Solar, voting for block producers, and supporting block rewards. Its history also shows why current network functions should be read separately from older card features and plans for future products. (binance.com)