OTEN ECOSYSTEM:
OTEN will unveil farming pools where users will be able to stake their LP tokens to farm new GOTEN and OTEN tokens & get new token rewards as an incentive to liquidity providers for the entire OTEN Ecosystem. LP tokens will be locked on farming contract for 30 years by Unicrypt during its presale for all three pools. Yield farmers earn an annual rate of return on locking their funds into liquidity pools. These returns are expressed as an annual percentage yield (APY). The Annual Percentage Yield (APY) whatever the farmer earns from its respective pool; it will be distributed to the farmer’s wallet.
Users can buy OTEN tokens connecting to a variety of available wallet options such as install Metamask, WalletConnect, Coinbase wallet, Formatic & Portis. OTEN farming initiates when the farmer/user connects to the WalletConnect — compatible wallet.
The project offers Non-Fungible Token (NFT) rewards for liquidity providers contest to increase OTEN/ETH liquidity. Users can qualify for NFT airdrop on holding 0.01 OTEN and equivalent liquidity in the OTEN/ETH pool for a minimum of 21 days.
NFTs are commonly known as cryptographic tokens that have the potential to establish ownership of the unique digital asset within a blockchain network. NFTs are not interchangeable with each other, thus introducing scarcity to the digital world. They can be easily transferred between applications & helps in reducing friction in global trade and power the digital economy.
GOTEN Token:
GOTEN token is a native ERC 20 token with a maximum cap of 100K, intended to create real scarcity to push demand and price for the token.
GOTEN Token will be available with a supply of 10K during its first presale, starting from Monday, 12/01/2020 at 11 PM PST.
The hard cap will set to 50 ETH. The price will be equilibrium in proportion to 200 GOTEN/1 ETH. The minimum purchase of the GOTEN token will be equivalent to 0.5 ETH & maximum purchase up to 3 ETH.
Initial liquidity will be locked on Unicrypt. However, fund rewards allocation for all three pools will be for initial liquidity on Uniswap (10,000 GOTEN) and marketing (10,000 GOTEN).
Yield Farming with GOTEN:
Farming pools provide an opportunity to liquidity providers (LPs) to earn high returns as rewards in accordance to the pool reward rate on deposit their crypto assets, locking up the tokens using farming protocols to stake their LP tokens.
OTEN Farming:
OTEN Farming refers to staking LP tokens & earns rewards by holding a pair of OTEN or GOTEN ERC-20 tokens with ETH or OTEN/GOTEN pair. The Liquidity providers add funds to the three separate liquidity pools with the provided below pairs of tokens to its respective liquidity pools:
· Pool 1 — GOTEN / ETH
· Pool 2 — OTEN / ETH
· Pool 3 — OTEN / GOTEN
Description of OTEN Farming Pools:
OTEN introduces three (3) separate pools to stake their LP tokens to farm new assets that are GOTEN tokens and to earn tokens as a reward. Each liquidity pool adds up a different pair of LP tokens for staking tokens.
Description of Pool 1 — staking LP tokens & yield farming:
Pool 1 will live on December 5, 2020. Liquidity providers could be able to provide a pair of GOTEN/ETH to the Liquidity pool 1 for staking LP tokens. Pool 1 would lock up 5% of its total token supply to the pool. OTEN has allocated a 15,000% APY. There will be 15, 0000 GOTEN reward allocation in pool 1.
Description of Pool 2 — staking LP tokens & yield farming:
OTEN will introduce Pool 2 on December 10, 2020. Pool 2 will use a pair of OTEN/ETH for staking LP tokens & lock up 10% of its total token supply to the pool, vesting period for 30 years. The initial APY of Pool 2 will be 15,000%. Reward allocation in this pool will be 15,000 GOTEN. In contrast to Pool 1, pool 2 will incentivize liquidity providers after applying a 1% staking fee as well as a 1% unstake fee.
Description of Pool 3 — staking LP tokens & yield farming:
Pool 3 will be effective from December 15, 2020. It will grant a high APY of 30,000%. The LP token holders deposit a pair of OTEN /GOTEN & lock up 10% that constitutes (5% lock and 5% dev). Liquidity providers earn LP tokens as a reward for staking their tokens. OTEN allocates 30,000 GOTEN as a reward. The pool will incentivize after applying a 2% staking fee & a 2% unstake fee.
Yield Farming returns are calculated annually. These returns are expressed as an Annual Percentage Yield (APY). The APY of each pool whatever the farmer earns will be distributed to the user’s wallet.
GOTEN farming protocol works on deflationary policy:
Fiat currency is based on an inflationary model that decreases the value of money over time. Simultaneously, purchasing power also goes down. The world witnessed how the Central bank bailout organizations by printing more money to address the financial crisis of 2007–2008, which led to a drop in the value of currency overall.
Contrary to this, Bitcoin is based on a deflationary model. The total supply of Bitcoin does have a maximum cap of 21 million. It is gradually released to add value to the asset’s scarcity, keeping the appreciation of currency with ongoing time.
Burning GOTEN tokens:
GOTEN Farming protocol following a deflationary policy where GOTEN token will burn to decrease the supply of token to be set to 10K supply. Burning tokens is a popular way to drive deflation. Burning is a self-destroying token to maintain balance to incentivize users on spending and holding tokens. The deflationary model of GOTEN farming drives up value for the limited supply of tokens.
Above 50K supply, the token burn will be set to 7.5% while below 50K, the burning token will be set to 3.7% to reduce the impact of inflation.
Deflation is coupled with a fixed supply of 10 K GOTEN tokens & smart contracts that prevent miners to create more tokens.
Please remember, there will be no burn during presale so investors have the opportunity to get the full amount.
Important dates to remember:
The launching date for Pool 1, Pool2, and Pool 3 will be December 05, December, 10 & December 15, 2020, respectively.
References:
https://onlyten.medium.com/goten-the-next-step-for-oten-ecosystem-90856909a9c7
https://academy.binance.com/en/glossary/non-fungible-token-nft
https://micky.com.au/what-is-token-burning-and-how-does-the-crypto-space-benefit-from-it/
