[PRESS RELEASE – Calabasas, CA, United States, 18th July 2022]
ViralCoin, an emerging cryptocurrency project centered around subscription payments and price stability, has revealed details of its novel stabilization mechanism. According to James McLendon, ViralCoin founder, the ViralVault contract utilizes on-chain arbitrage to keep the price relatively stable, regardless of crypto market conditions.
“If the VIRAL price increases too high, then the ViralVault mints additional VIRAL and transfers the newly-minted VIRAL into the liquidity pool. Similarly, if the VIRAL price decreases too much, then the ViralVault purchases the excess VIRAL and burns it to rebalance the price,” explains McLendon.
According to the project’s founder, there is no incentive to sell or exit early because the token price is broadly the same for all users, regardless of when they bought in. “With ViralCoin, holders earn a 3% reflection on every transaction on the network and the price maintains stability, resulting in peace of mind as their VIRAL balance will continue to increase without drastic drops in the cryptocurrency’s market price.”
He adds: “This design allows holders to direct their attention to their VIRAL balance increasing, rather than focusing on price fluctuations, as with many other tokens. ViralCoin is designed to succeed in a bear, bull, or unprecedented market.”
ViralCoin is designed to become the gold standard for crypto subscription payments. Holders of VIRAL can pay their recurring subscriptions for various services, simply by spending the excess balance they’ve earned. As McLendon explains, “We’ve reimagined how subscriptions should work, eliminating the need to constantly refill account balances. This is a huge paradigm shift for subscription payments.”
The ViralCoin smart contracts feature mechanisms that operate across seven EVM networks to allow “gas stations” to be set up. This enables holders to pay subscriptions with VIRAL instead of using the network’s primary tokens (e.g. ETH, MATIC, or BNB). “Requiring a gas token such as ETH to spend another token you are already holding is ridiculous,” ventures McLendon. “This is why the VIRAL gas stations are pivotal to the subscription industry and will allow us to insulate ourselves in a bear market.”
ViralCoin is currently raising $10 million USDC for an extended three-year outreach campaign to bring awareness, utility, and community growth, making VIRAL the de facto token of the crypto subscription industry.
ViralCoin is a blockchain-based cryptocurrency project. Comprising the native VIRAL token, a highly engaged community, and the ViralWallet, the project is committed to making cryptocurrency subscription payments more accessible in everyday life.