Sponge Finance family is (soon) growing !
The very last token of Sponge finance & a whole new feature are coming soon !
Hello Spongers, Decentralized Stef speaking ! Happy Valentine’s day 🥰!
Today I’ll talk about the next step for Sponge Finance !
But before that, I would like to thanks our community and our partners that let us grow in a unexpected way !
Basically we were not expecting $SPG to rise before the end of the farming and that the supply is fully circulating (which will happen in less than a month from now !). This is very encouraging, and we are super excited by what is coming 🚀🚀🚀 !
So this medium article is kind of special, we don’t want to reveal all at once so we decided to keep some supense 😈!
Therefore I will update it every few days with new informations (the reveal agenda is detailled after). And know that, if everything goes well, we plan to deliver the feature before the end of the month.
So before begining the teasing, here is what we want to achieve with this new feature :
- Giving love and regulating SOAK emission (and by giving love to $SOAK this should pump $SPG also ) !
- Becoming a ‘Community Launchpad Platform’ for BSC projects, with real added value for partner projects (not only farms & visibility like we do now).
- Adding a ‘true use case’ to Sponge Finance by farming ‘true’ tokens like BTCB, BNB, ETH …!
… Trust me it is, and it’s coming soon !
So the article will be split into 4 parts, only the first one will be revealed today 💩 !
So first a new token ! ⌛
Ok ok, I already know what most of you think… “Meeehh a new token to farm… always the same stuff, nothing new… looks like a ‘hyunsuck bait’ (🤣) , always grinding new tokens…etc”…
Well I hope you’ll change your mind in the next weeks !
So first know that it will be our last token for the Sponge Finance ecosystem !
It has a real use case that I will detail in the next days, and it’s tightly connected to $SOAK (and remember $SOAK is connected to $SPG with buyback and autoliquidity).
So basically this new token will benefits to both SPG and SOAK holders !!
But how will we get that token ? ⌛
So basically besides the little liquidity that we will provide at launch (that we technically need at launch for the buyback mechanism, but I will talk about that in next section), the token will be minted throught SOAK burning !
So be prepared to BURN those SOAK !!!!
So I guess you already figured out, this will help a lot with SOAK emission regulation !
However just burning Soak to get this token did not feel enough for us… We wanted this burn to grow with time… To have more and more Soak burnt but without expanding too much the new token supply 🤔 !
So we decided that the burn rate would vary with the new token supply ! The more the new token is circulating, the more SOAK you need to be able to mint it !
Here is the math equation we will use to determine how many SOAK you need, and know that there will be an initial supply of 20k:
Ahah I know this doesn’t mean so much to most of you, but the curious guys here will probably try to draw a curve !
Anyway here are some key value examples (approx.) :
- When Steam supply is 20000 (initial supply), then 1SOAK=1 Steam (previously 0.96)
- When Steam supply is 50000, then 1SOAK=0,4Steam (previously 0.8)
- When Steam supply is 100000, then 1SOAK=0,2Steam (previously 0.5)
- When Steam supply is 200000, then 1SOAK=0.1Steam (previously 0.2)
- When Steam supply is 1M (not sure we get there…), then 1SOAK =0.02Steam (previously 0.01)
By the way I’ll expose the tokenomic of the new token in the next section (so you’ll have to wait again 😈), but know that the new token has burn mechanism. It’s supply is theorically unlimitted but with burn + minting getting harder and harder, we can call it a hard capped supply !
Anyway don’t forget to get your SOAK ready for early days ! Because, as you understand, this will quickly cost a looooot of SOAK to get this token !
What the hell this new token is used for ? ⌛
So basically this token will be our “governance” token.
You’ll be able to vote holding the token ! But as you will see in the next section this vote will take an extremly important part in the Sponge finance ecosystem… I’ll talk about this only the 22nd of February, but know that it will be directly connected to the ‘true coins’ farming pools.
But beside the voting part, let’s talk about this new token tokenomic !
On every transactions :
- 1% is burnt, so it’s kind of a deflationary token.
- 0.12% provides autoliquidity on ‘S’/BNB LPs. But know that a farming option to earn SOAK for ‘S’/BNB will also be provided.
- 0.45% will buy SOAK and burn it forever !! Which should help a lot with SOAK price and supply
- 0.93% will be converted to BNB that will help to buy the ‘true tokens’ that you will be able to farm using this new token.
This leads us to 2.5% tax on each transactions !
This tax will help a lot SOAK (which will help SPG also), and will help the team to generate enough money for the ‘True Coins’ pools that will be described soon.
Also understand that the 1% burn part will help a lot with the supply of ‘S’ that is ‘hard capped’.
And the next part (which is probably the most important one !) will help you understand why you will really want to have this token, so stay tuned and come back on Feb 22nd !
So what about those juicy ‘true tokens’ pools ? ⌛
So now you’ll finally understand why this new token is so important !
You’ll be able to stake this new token in some ‘special 7 days pools’ ! And these pools will be filled with ‘true tokens’ by the Sponge team.
As I explained previously the new token will allow you to vote on our platform. And each 2 weeks a new vote will be launched to decide which token you will be able to farm in the next ‘special 7 days pool’ !
For example we will provide a list of multiple cryptocurrencies, like BTCB, BNB, ADA, LINK, DOT, XVS… but it can be also coins from the BSC ecosystem like Cake, Hypr, Auto, Supra… And we let the community vote and decide which token to farm for the next week pool. The winning token will be bought by the team and distributed as rewards of next ‘7 days pool’.
Remember that you will only be able to stack our new token in these pools, and this is why you will probably want to burn some SOAK to get some !
Our goal is to be able to buy multiple hundreds of thousands dollars worth of tokens each week 🤑, to give you the best APY % possible !
Ok, so now I guess you wonder what will happen during the other week (because you probably noticed that the vote happens only each 2 weeks).
The other week it will be the team that will decide which token to buy and provide to the pool.
And this is where our new partnership program comes !
The goal here is to be able to become a launchpad platform for new projects or solid partners, by buying and delivering their tokens to the community through our pools.
This will be especially worth for new projects, where buying a few hundred thousands dollars worth of their tokens can be a huge project accelerator !
However, know that our team will select only projects that we think safe and interesting. If no projects fill our criteria for the week, we might just provide BNB (or also SPG that we bought back with the allocated pool money).
Concerning the first pool we will let you vote on Twitter in the coming days (as the new token is not released yet !).
That’s all for now Spongers, stay tuned in the coming days for more infos !