During the current beta phase, $Pill refers to $Pill points, which are issued to reward community contributions and enable governance. These points are fundamental to building out the platform's functionalities and solidifying its tokenomics, laying a strong foundation for future expansion. In the future, $Pill points may be converted into the platform's official token, $Pill.
In the current beta testnet, $Pill points are anchored to a fixed value:
1 $Pill is equivalent to $0.5 USD
❗️This valuation is solely for facilitating exchanges and interactions with the wGPT token during the testnet phase and does NOT reflect the future market price of $Pill.
The pricing of $Pill points is primarily operational within the node ecosystem.
For instance, when an API Provider wraps USD 10 worth of $wGPT, they are required to over-collateralize by providing a 200% margin in $Pill, equating to USD 20. At the testnet price of $0.5 USD per $Pill, this amounts to 40 $Pill points. These points are released back to the API Provider’s wallet once the API node successfully completes its service cycle. However, if the node fails to provide services due to any issues, the collateralized $Pill points are burned.