Payment

Payment.

Payments on the ⁠⁡Favrr⁠⁡ platform can only be carried out in the native ⁠⁢Favrr⁠⁢ token ($Favrr). At the very beginning, Favrr tokens will be available only from Favrr’s OTC desk, but soon after they will also be sold via a 3rd party DEX and CEX.

Auto conversion.

In order to facilitate the easier on-boarding of non-crypto native users, the platform will also accept payments in FIAT, but those will be automatically converted to ⁠⁢Favrr⁠⁢ tokens on the back-end. This conversion carries a 5% fee. As such, paying in the token directly can be considered as having a 5% price discount compared to its FIAT counterpart.

Dynamic pricing.

The platform will incorporate dynamic pricing for purchases, where the cost of the purchase automatically adjusts to the price of the token. The cheaper the token, the more tokens a purchase would cost and vice versa. This approach is used by several successful projects in the space. Another way of putting this is that prices on the platform would be denominated in ⁠⁣USD⁠⁣, and the payment amount in tokens would automatically adjust based on the current ⁠⁢Favrr⁠⁢/⁠⁣USD⁠⁣ exchange rate.