Community Vote on CurryV2 Developments
As CurrySwap gets ready to launch the CurryV2 token, there are a number of decisions that still need to be made. Below are a number of items that the community will need to vote on in coming weeks, please read through carefully and reach out if anything is unclear.
The CurryV2 Token (CURRY2)
The V2 token designated as CURRY2 will be issued as a BEP-20 token on the Binance Smart Chain (BSC). BSC is a side-chain to Binance Chain, and was created to support smart contract dApps, where Binance Chain is non-turing complete and does not have native smart contract capability. By issuing CURRY2 on BSC, it will have native interoperability across all other BEP-20 tokens in the Binance ecosystem. The CURRY2 token will be distributed via the auction lobby and each day in the Auction Lobby, participants will bid a certain amount of LP tokens to earn a percentage of that day’s token allocation. I.e. if a user’s bid makes up 30% of the total bids that day, they will receive 30% of the token allocation that day.
Running for 365 days, a total of 9,125,000 CURRY2 tokens will be dispersed, averaging 25,000 a day. Below is an indication of the token allocation, after which no new tokens will be minted.
CurryV2 also holds governance rights, allowing members of the community to have their say in the project’s direction. The voting process runs as follows: first an initial tallying of interest on the community forum, then a consensus vote, and finally implementation.
- Spicy staking rewards and Curry pools
- Initial Curry Offering
- Trading Discounts
- Liquidity share mining
- Liquidity pool fees
- V1 to V2 conversions
- A token burning mechanism
- A platform reserve
Below are all the proposed changes in more detail.
Spicy Staking Rewards and Curry Pools
CurrySwap will issue a secondary token to power its ecosystem called CHILI. CHILI is a BEP-20 token issued on the Binance Smart Chain and is earned by staking CURRY2 in the CHILI staking contract. CHILI holds the following characteristics:
- CHILI is a reward token that can be redeemed for future rewards such as custom trading card NFTs.
- CHILI is required in combination with CURRY2 to create new liquidity pools and project listings on the CurrySwap platforms.
- CHILI can also be staked in new Binance Smart Chain projects listed in Curry Pools to farm new tokens from these platforms.
- CHILI will initially accrue 10,000 tokens per day with a 1% per month inflation rate. The inflation rate will decrease after each 12-month period by 10% and will continue to do so without expiration or until the DAO votes to end CHILI rewards.
One week before the start of the Farm Vault event, CurrySwap will perform an airdrop of CURRY2 tokens to all PancakeSwap wallet holders on the Binance Smart Chain. The airdrop economics will be based on a pro-rata distribution of CURRY2 by the amount of CAKE held in addresses. A snapshot of all CAKE balances will be taken prior to the airdrop.
Initial Curry Offering
New Binance Smart Chain Dapps can launch their projects on CurrySwap’s platform through an Initial Curry Offering. Token buyers can participate in the offering by first staking on the CURRY2-BNB liquidity pool to obtain their LP tokens. They can then stake these LP tokens into new project offerings. The project will then receive the BNB, and the CURRY2 is burned at 50% of the total raised, and the token buyer receives the dapps tokens.
When the sale concluded, participants can claim their Initial Curry Offering tokens along with any unspent tokens. Projects may be required to stake CURRY2 and/or CHILI to be eligible for listing.
CURRY2 can be used to pay for all trading fees. The user will need to connect a wallet address through their wallet software (i.e. Metamask) containing a balance of CURRY2. After the event, CurrySwap will offer a discount of 50% on all trading fees collected from all liquidity pools on the platform in the first full year for any wallet holding CURRY2.
These fees will be deducted in CURRY2. Each year thereafter, this amount will be reduced by 50% until the 4th year. After 4 years the amount will be set and changed only under the instruction of a DAO vote.
Liquidity Share Mining
When providing CURRY2-BNB liquidity, users will earn liquidity shares based on their pro-rata shared contribution. Users can further deposit these liquidity shares into the CURRY2-BNB liquidity mining contract, where they will be allocated 50% of the previous day’s collected ETH and BNB from the auction lobby based on their pro-rata share of contribution to the liquidity mining pool.
The liquidity share mining contract will be active for a period of 365 days. ETH and BNB disbursements will be made into the contract and held until they are claimed by stakers exiting the contract.
Penalty Fees and Rewards
All users engaging in CurrySwap V2 liquidity mining pool will be locked into a 100 day contract. Any withdrawals made prior to the 100 days will be liable to a penalty fee, starting from 10% and decreasing by 1% for every 10 days held or 0.1%/daily.
These penalties will be held in a special penalty pool as a bonus payout to long term stakers. Liquidity mining participants that have staked for 200 days or more will be eligible to receive daily disbursements of the funds held in the penalty pool based on their pro-rata share divided by the number of days remaining. For example, a participant that holds 1% of the pool share of liquidity mining tokens will receive $10 daily if there is $100,000 in penalties accumulated in the pool and 100 days remaining until the end of the Food Vault event. The pool value is subject to change based on actual penalties paid in and new eligible participants that have crossed the 200-day staking period.
Liquidity Pool Fees
CURRY2 holders can earn transaction fees from the pool when contributing liquidity to traders through the CURRY2-BNB pair. Fees will be set at 0.30%, with 0.25% allocated to the liquidity providers and 0.05% allocated to the platform.
For providers whose liquidity shares are deposited in the liquidity mining pools, their portion of the pool transaction fees will go towards the platform reserve, while they earn their respective rewards in the liquidity share mining pool.
V1 to V2 Conversion
CurrySwap has created a decentralized swap contract that allows users to redeem their CurryV1 tokens for CurryV2 tokens at a ratio of 1:1. All CurryV1 tokens collected will be destroyed. All remaining CurryV2 tokens not collected will be locked and not entered into circulation. The V2 token from this pool can only be redeemed directly from the V1 token.
Token Burning Mechanism
This mechanism will be responsible for reducing the supply of CurryV2 and will be funded by trading fee revenue.
During the Farm Vault event: the portion of trading fees that would otherwise be allocated to LP miners will be burned at 50% of all collected fees.
Post the Farm Vault event: 50% of all fees collected from all liquidity pools in the first year will be burned. Each year following this until the 4th year, this amount will be reduced by 50%. After 4 years the amount will be set and changed only under the instruction of a DAO vote.
A platform reserve pool will be created to cover development, operations, maintenance and marketing costs and will be maintained by the CurrySwap DAO. This will be funded by auction lobby sales, specifically 15% of the daily BNB-ETH balances.
These changes have been proposed in order to best maintain and grow the CurrySwap ecosystem. Please follow updates on when the voting will take place and ensure that you have CURRY tokens to participate in the vote.
A few additional bits of information
New farms will have auto compounding and harvesting features on most pairs.
Migrator codes that were an issue with pancake swap will not be involved with CurrySwap.
Farms that do not contain either Curry or Chili’s will have a withdrawal fee attached.
Stable coins will be available but will have higher entry and exit fees.
There will be a substantial marketing push as well as a pre launch schedule and QC reports prior to the testnet. Once all of this is completed we will start the test net and farming phase followed by the first audit. The final audit will be completed after any changes are made and implemented. This will be followed by another major marketing push prior to going live.
As the lobbies will last 365 days this is a long term community based project and we are very excited to have you all along with us building the ecosystem.
Please take a look at the Poll to have your voice heard about the migration to BSC.