Name of Project
Ticker for Token
1) In one sentences or less, describe your token. This isn’t the time to get wordy, just to the point!
DeFi Farming Pool.
2) Do you have a video to introduce yourself or explain the token? Upload it here and share the link here. (Not required)
3) Do you have a logo for your token? If so, upload it here. (Not required)
Not at this time.
4) How does your token work? Be as detailed as possible
A simple contract where users can ‘stake’ or buy the token with eth, or perhaps any asset, depending on complexity of the contracts. The idea is to make it as simple as possible for the end user; especially non-power users. They should be able to buy the token in just one or two transactions. The interface should be very simple, similar to comp. Have eth? deposit here. Have wbtc, deposit here, etc.
The pool of funds would take over all the difficult work of buying the necessary token(s) and providing liquidity, then farming the token. For this example lets use an eth-wbtc lp pool. A user deposits 1 eth and receives X amount of SMPFI representing their % of ownership in the pool. The pool then takes that users 1 eth along with all of the other new users eth in batches and performs all required transactions together. It would swap half of the pooled eth into wbtc, then provide liquidity in sushi-eth-wbtc LP.
Further, as the pool earns from farming, it would also handle harvesting and recompounding. The benefit here is that for the vast majority of power-users, the fees make it pointless to harvest and recompound until the harvest becomes large enough to warrant doing so. With a giant pool of users the funds will quickly pool together and make harvesting/recompiling worth the tx fee which would be very small when divided amongst all pool participants. Finally, there are non-power users which do not understand defi nor comprehend all the steps necessary to earn from defi.
5) What problem is your token aiming to solve? How will this positively impact the crypto industry?
TX fees making defi impossible for anyone other than whales. Similar to how difficulty increases made solo mining impossible, fees have done the same for defi. The idea is to pool users resources together to minimize fees and maximize returns by compounding more often and reducing fees per participant to miniscule levels.
6) What was the inspiration of this token? How did you think of it?
I would like to participate more in DeFi and provide liquidity for more projects, but tx fees ensure I cannot as often times tx fees are a large % of funds i even have available.
7) Are there any projects out there doing something similar?
I have not come across any.
8) What phase is the token in? Explore vs. Build vs. Launch vs. Scale. (If there has been no coding yet, your token is in the explore phase)
9) Will this token be inflationary, deflationary, fixed, or dynamic token supply?
10) How long do you think it would take to build a minimal viable token?
Unfortuantely i am not a developer, so no idea.
11) What skills do you have that would help bring this token to reality? (ex: Marketing, Development, Branding, etc)
Brain storming and abstract thinking.
12) Are there any inherent weaknesses or obstacles to building this token? Any items you still need to figure out?
Not in tune with solidity enough to know what roadblocks may exist. At this point its just an idea in my head that seems it should be able to work.
If you want to share your Twitter/Telegram handle here for people to reach out and discuss this idea with you, post them below.
This is where you can put anything you want that was not directly asked above! Anything and everything related to your token idea can go here. Any files, links, info, etc