Monolith Price(TKN)

Monolith (TKN) was a Web3 project that aimed to offer a decentralized banking alternative powered by the Ethereum blockchain. The project provided users with a non-custodial contract wallet designed for securely storing Ethereum-based tokens. This wallet allowed users to manage their crypto assets while maintaining full custody. A key feature of Monolith was its associated Visa debit card, which allowed users to convert their Ethereum-based tokens into fiat currency and spend them globally wherever Visa was accepted. This card was primarily available to residents of the European Economic Area (EEA) and the UK. Monolith's goal was to bridge the gap between the cryptocurrency world and mainstream finance, allowing users to spend digital assets in real-world transactions. The platform emphasized an interoperable system, supporting various DeFi applications. The TKN token was Monolith's native cryptocurrency. Its purpose was to give community members a way to participate in the success of the Monolith card. TKN was backed by a growing basket of ERC-20 tokens. A unique mechanism involved a 1% contribution sent to a "Community Chest" smart contract whenever a Monolith card user spent any token other than TKN. TKN holders could then burn their tokens to redeem a proportionate share of the assets within this chest. Using TKN to top up the Visa card allowed for zero-fee conversions to fiat currency. However, the Monolith card was deactivated, and the Monolith account service closed on October 8, 2024. The company stated that increasing regulatory requirements in the EU and UK made it challenging to keep Monolith operational without significant investment. The project is preparing for a global rollout of its successor, Token.com, which is described as a mass-market consumer crypto platform. Learn more

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