SETL

What is SETL?

SETL is the cryptocurrency coin that powers Settlus, and the ticker symbol is also SETL. The denomination used for staking, governance and gas consumption is the SETL. The SETL provides the utility of securing the consensus mechanism through minimum staking amount at PoSA phase, token used for governance proposals, distribution of fees to validators, and as a mean of gas for running smart contracts.

SETL uses Atto SETL(=asetl) as the base denomination to maintain parity with Ethereum.

1 SETL = 10^18 asetl

Usage

Validation Reward

SETL will be distributed to validators as a validation reward when each block is created. There's no other way to acquire new SETL except for the validation reward while in PoSA phase. Our reward policy is explained in Running a Validator page.

Gas & Fees

As a native coin of Settlus, SETL is fueling all the transactions on Settlus except for settlement records. To learn more about how SETL is used in Settlus, look at the Gas & Fee page.

Governance

Also SETL works as a governance token in Settlus, users who hold SETL can participate in Settlus governance process. But in PoSA phase, only validator can vote to proposals. Users must 'bond' SETL to validators if they want to participate in the process. Check the detail at Governance page.