The launch of Wealth Locks kicks off the Wealth ecosystem and its unique tokenomics system. Currently, the protocol caters to new projects and early investors, removing the parties’ trust barrier.
Wealth is an experimental De-Fi project built on the Binance Smart Chain (BSC). Wealth aims to allow users to build Wealth through holding and buying $WLT, which boasts frictionless yield amongst the Wealth ecosystem. This is achieved through leveraging smart contracts to transfer WEALTH from sellers to buyers using a variable burn mechanism. Even further, this token rewards users who are continually purchasing WLT while taxing those who sell the token. This system utilizes smart contracts to automate distributing transaction and seller fees to those who buy and hold.
On top of adopting a frictionless yield tokenomics structure, Wealth is to boast a fully functional ecosystem. WLT will be the governance token at the center of this ecosystem. Currently, the protocol offers Wealth Locks, a time-locking service that allows blockchain projects to lock BEP-20 liquidity tokens in a noncustodial and secure manner. A pseudo anonymous team has started this project, but the lead developer has experience working on two projects, $BASE2 and $FST.
–Wealth Transfer Vault
The first product to come to the Wealth ecosystem has been dubbed as Wealth Locks. This Dapp utilizes smart contracts to lock LP tokens onto the Wealth Platform. The duration of the timelock can be customized for each token. This timelock is viewable by all and aims to bridge trust between projects and investors.
The integration of Wealth locks allows projects to lock their tokens in a noncustodial manner. This is a powerful tool for projects as investors feel much more secured when developer funds are locked. A common theme is that founders of projects can dump tokens whenever but Wealth locks provides investors and projects with a tool to combat this.
Wealth Locks offers users a user-friendly lockup dashboard that displays all needed information. This dashboard displays lockup and project details, allowing users to gather information on projects quickly. In short, Wealth Locks introduces a seamless and user-friendly interface to timelocks assuring investors further.
These contracts cater to projects and investors in a decentralized and secure manner. The time lock smart contracts are tested and audited, minimizing the risk for any security flaws. Overall, these smart contracts boast decentralized time locks in a secure manner that can only be unlocked upon completing the lockup period.
Wealth token is set to be the core governance tokens for the Wealth ecosystem. Its use cases will revolve around the BSC-focused services that the team is currently building out. This token is an RFI (Reflect Finance) fork with an added buying incentives. WLT utilizes the following functions:
1) Transfer Fee: There will be a 1% transaction fee for every transaction on $WLT which gets proportionally distributed among holders automatically (Similar to $RFI)
2) Seller Fee: There will be extra added fee of 1% for sells on PancakeSwap. This added Fee increases by 1% with each sell and goes upto maximum of 5%. After Maximum, it again resets to 1%. This Fee amount gets collected in NextVault until transferred to new upcoming buyer. This transfer of seller fees to buyer is called Wealth Transfer.
Eligibility for Wealth Transfer:
To win the reward collected in NextVault. There is minimum buy condition of 1000 $WLT. So whenever there is a buy of 1000 $WLT, the wealth transfer is initiated and the tokens sitting in NextVault are transferred to the buyer.
This system rewards buyers and holders of WLT while simultaneously taxing sellers to create these rewards. This tokenomics structure is structured to promote buy-side pressure and long-term holding. This token allows users to collect transaction fees as frictionless yield, meaning tokens are regularly distributed to all WLT holders. On top of this, Wealth features a reward for buyers in NextVaults and a Bonus Event to incentivize buying. The NextVault collects all seller fees and distributes them into the vault; this vault distributes the vault tokens to the first person to buy over 1000 WLT. This system allows large and constant buyers to earn rewards.
Even further, the team has integrated a bonus even that occurs at regular intervals. This bonus event rewards users who purchase more than 500 WLT tokens, claiming an additional 100 tokens. These rewards are given out to five entrants and distributed on a first buy, first-serve basis. In turn, Wealth has created a token that capitalizes on RFI’s frictionless yield model while also providing additional buy-side rewards through the NextVault.
Wealth locks are only the initial product to be featured in the Wealth Ecosystem. The team aims to develop a plethora of features that will cater to Binance Smart Chain users. While there is no hard-set roadmap, the team has outlined a floating roadmap that hosts exciting features. The Wealth ecosystem plans to integrate the following services:
Once released, these services will make Wealth a one-stop DeFi ecosystem governed by WLT token holders. This project aims to provide multiple solutions and services to the Binance Smart Chain uniquely and innovatively. I am excited to see the team deliver some of these releases in the near future.
The launch of Wealth Locks kicks off the Wealth ecosystem and its unique tokenomics system. Currently, the protocol caters to new projects and early investors, removing the parties’ trust barrier. Projects can efficiently utilize Wealth Locks to incorporate a timelock on LP tokens which drastically reduces the trust in developer/investor relationships. Overall the Wealth ecosystem already boasts unique tokenomics alongside Wealthlocks, and this is just the beginning. The team has packed a roadmap, and I am excited to see if they can deliver the products outlined above. As the team continues to innovate in the space, I am sure that we will hear more from this protocol.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.
BSC NEWS is a private news network. All posts posted by this user belong 100% to bsc.news All rights are reserved to BSC NEWS for more information about BSC NEWS contact BSC NEWS HERE.