$PHYSsolana

Solana utility token Quip PHYS is a utility token for the Quip real-money skill-gaming platform on Solana. Quip PHYS (PHYS) serves as the native utility token on Solana for Quip's 1v1 physics-based duels. Players use it to participate in matches, access platform features, and engage with the ecosystem. The token integrates directly with the site's wagering and rewards systems. In-platform uses It enables PHYS-vs-PHYS matches, rake discounts, and purchases of cosmetics or crates. Holders stake PHYS in head-to-head duels that follow the same escrow and referee mechanics as USDC wagers. Paying match rake in PHYS provides a 50% discount. The token also prices store items like crates and cosmetics. Launch and backing Quip issued it with a fixed 1 billion supply and a player airdrop, backed 1:1 on-chain. Quip launched the token with an upfront allocation that reserves 14% for players via airdrop. Every PHYS held on the platform is backed 1:1 by an on-chain vault with public solvency verification. The project emphasizes play-driven distribution over other allocations.

AI-written summary, not the project's own copy