Chillswap week 1 recap & Tax system update (18/12)
Chillswap had an amazing start. In our first week, we have reached $420,000 of TVL, with CHILL/ETH pool leading the charge with more than $190,000 worth of tokens staked.
Currently, the market cap of Chill is about $270,000, and while it does not sound like much we are very proud to have achieved it with a fair launch ( NO ICO, NO PRESALE and NO PREMINE), and extremely grateful to our community for the massive support.
Meanwhile, we have also updated our web UI providing users with more detailed information. Now every pool has an information tab with the full dollar value of tokens in the pool and your personal stake. We also added NIRVANA! Notification icon in the CATegory tab and a direct link for staking UNI LP tokens.
Incentive pools, TAX and burn
Nirvana incentive pools :
We launched the Nirvana Incentive pool program on Wednesday starting with the Chill/ETH pool to which we allocated 20,000CHILL tokens from the developer wallet to kickoff the reward season. Additional 14,000 were split between the USDT/ETH and DAI/ETH incentive pools. We used 100% of the funds in the dev wallet (34,000 tokens) to bootstrap this reward for you guys, enjoy :)
Addressing TAX :
When we initially designed our economics and yield farming we were looking for a solution to a problem which plagues the majority of platforms that use farming rewards to incentivize liquidity for their own token. Big farmers that come in early are incentivized to harvest their yield from stable coin pools (USDT/DAI/USDC) as often as possible so they can use that to stake and compound their profits from the high yield pool ex.SUSHI/ETH essentially capturing the majority of the rewards on the platform.
We are very happy to observe that our TAX system combined with the $20,000 limit per account, has successfully deterred such behaviour and allowed for a much more fair early distribution than what we have seen in farms like Sushi, Pickle and many others.
Now that our users have had a week of practice achieving Nirvana! We are increasing the challenge :)
-The time required to level up (reduce tax by 10%) increases to 16 hours (up from 8)
We believe that this change will allow us to keep up with our amazing growth and help us achieve our goal of building a stronger and more Chill community :)
ITS ALL ABOUT THAT BURN
So far approximately 150,000 CHILL has been burned, or about 5% of the supply. We expect that with the increase from 8 to 16 hours for level up, we will see a lot more tokens being burned as well as more tokens being sent to the Nirvana Incentive pools. This design would protect our long term supporters at the expense of short term speculators.
What's coming soon?
- WBTC/ETH, USDC/ETH and CHILL/USDT pools to be added
- Fast staking: 1 click deposit and staking of LP tokens only using ETH
- Community chosen pools and pool weight distribution
- Continue improving the UX/UI of Chillswap.org
- Increase of block rewards from 75 to 100 Chill per block, starting Christmas :)))
Our long term vision of the project:
- Our goals and aims remain the same, build a yield farming AMM DEX with the best APYs on the market for each possible pair
- Allow our users to capture value from multiple sources of yield
- Have a simple and clean UX/UI allowing us to onboard more people to DeFi
- Cooperate with a major L2 scaling protocol and launch our exchange
- Build a token with more price stability and value long term than most of DeFi tokens
- Build a strong and engaged community that governs and benefits from the growth of Chillswap
