Crudeoil Finance 🛢🔥: Hybrid of Staking/Farming and Deflationary crypto-asset built on BSC to power the Defi Economy.
Crudeoil Finance is a next generation decentralized deflationary farming platform/ yield aggregator and AMM built on Binance Smart Chain for DEFI economy
Cryptocurrency is the new global economic revolution built to diminish traditional economic monopoly built around fiat currency. Inflation is the main concern as far as fiat currency is concerned. Dollar $ One of most prominent and dominant fiat currency in the world had major inflation through out the years. According to the Bureau of Labor Statistics consumer price index, today’s prices in 2020 are 1,962.84% higher than average prices since 1800. The U.S. dollar experienced an average inflation rate of 1.39% per year during this period, causing the real value of a dollar to decrease.
In other words, $1 in 1800 is equivalent in purchasing power to about $20.63 in 2020, a difference of $19.63 over 220 years.
Dollar $ inflation with time (Source: www.in2013dollars.com)
The 1800 inflation rate was 2.44%. The current year-over-year inflation rate (2019 to 2020) is now 1.31%1. If this number holds, $1 today will be equivalent in buying power to $1.01 next year.
In 2009 Satoshi Nakamoto introduced Bitcoin into the world as the first digital currency. The purpose of the underlying asset was to make a monetary system without a middleman. P2P transactions between users which in theory will eliminate the central figure by making it decentralized. Bitcoin has a fair share of pros as well as cons. However, the main point is that It has a fixed supply, 21 million coins. That will be the maximum amount of bitcoin ever exist in the world. Sathoshi Nakamoto somehow managed to put a dagger into the every running inflation issues associate with the fiat economy.
Subsequently, Etherum/BNB (Binance Smart Chain) were born, with smart contract capabilities which paved the way towards global utilization and much more use cases of cryptocurrency. And now after almost 11 years after the first viable digital currency was created, here we are at this important juncture for the digital assets and decentralization.
Decentralized Finance (DEFI)is the latest trend of cryptocurrencies. It was started way back in 2019 and never had a huge transaction at the beginning as many new innovations. And Now in 2020 We are in a huge DEFI bubble, growing exponentially everyday.
🏦 WHAT IS DECENTRALIZED FINANCE (DEFI)?
In a nutshell, a cult with many decentralized financial applications which have been innovated to replace the traditional centralized counterparts. Although still small when compared to the global economy, DeFi has seen rapid growth in 2020. In early 2019, there was only $275M of crypto collateral locked in the DeFi economy. By February 2021, that number had grown to $40B, and it has continued to grow impressively throughout the year, hitting $2.5B in early July 2020, $3B by mid July 2020, $4B on 25 July 2020 and currently sitting at $40B. This growth shows that there is significant interest in DeFi from within the crypto community, but it’s still a small enough sector that many outside the industry may not have heard of DeFi yet.
📈 WHAT DOES THE DEFI MARKET OFFER TODAY?
Today, there is a wide range of DeFi apps available that provide much of what the traditional, centralized financial system provides. From borrowing and lending to investing and insuring, the largely Ethereum/BSC -powered DeFi market caters to many of the most pressing financial needs of the individual.
- Decentralized Lending/Borrowing Platforms
- Decentralized Trading Platforms (DEXs)
- Oracles.
- Payments
- Wallets
- Infrastructure
- Assets (Stable coins)
- Decentralized Marketplaces
- Analytics Platforms
- Yield Farming and Staking
And many more… (Please refer to The complete list here in DefiPrime)
🙋🏻♂️ WHAT’S YIELD FARMING AND STAKING?
Since our project is about Farming and Staking, We will dig a bit more towards that subsection (You can learn a lot about other section by going through the provided link)
Simply put, “Staking” is the act of locking cryptocurrencies to receive rewards. “Yield Farming” a shorthand for clever strategies where putting crypto temporarily at the disposal of some startup’s application earns its owner more cryptocurrency. Essentially Both terms are pretty much similar.
Here are some articles about Staking by Binance and Yield Farming by Coindesk
There are few well-known farming/staking projects already exists such as YFI (Yearn Finance) , Sushi (Sushi Protocol, etc…
❓ MAIN DRAWBACK ASSCOIATED WITH CURRENT STAKING/FARMING MODELS
Traditional staking gigs require an infinite supply. New tokens need to be minted in order to keep the users staking. This “inflationary staking” causes a lot of sell pressure, and diminish the value of the token.
📖 INTRODUCTION TO CRUDEOIL FINANCE
This is where crudeoil finance comes into play. We are building a perfect hybrid staking/farming model with a deflationary crypto asset. Unlike most of other project, Our native token maximum total supply will be 100,000 OIL, No new tokens will ever be minted again. In fact Total supply will keep reducing with the immutable burn function built in the contract with every transaction going through the smart contract. Those tokens will be gone forever. This is just a DEFI experiment build by bunch of crypto geeks and We build it for the community. We would love to see how community is gonna embrace this. How the community react to a deflating currency :)
📉 CRUDEOILMETRICS
1% of OIL each transaction will be burnt 🔥 forever (This is the initial plan might change bit after the feasibility study).OIL token is a hyper deflationary crypto asset as mentioned above. This will reduce the total supply over time all the while demand goes up, put a stop to inflation. Once the total supply is burnt by 90% (This is the initial plan might change bit after the feasibility study) the burning function will be terminated automatically by the smart contract.
Following is a rough deflation chart for OIL token (This might change significantly depending upon number of transactions)
TOTAL SUPPLY OF OIL TOKEN WILL REDUCE BY 90% OVER THE TIME 🔥
🥩 STAKE/FARM METRICS
Members will be able to stake OIL or Farm OIL/BNB and OIL/BUSD on our website initially. In return they can earn OIL tokens. More farming options will come later. APY depends upon numerous factors. Yearly APY is yet to be determined. More details will follow in a new article…
🗳️ DECENTRALZIED GOVERNANCE
Crudeoil finance protocol allows the OIL owners to delegate voting rights to the address of their choice. OIL token enables the holders to govern the protocol. The token holder can influence decisions and vote on the forward progress of the protocol.
🔀 Crudeoil SWAP
We will launch our own AMM decentralized exchange which will allow users to swap BEP20 based crypto seamlessly. More info will come in a separate article.
⛓️ WHY BINANCE SMART CHAIN?
Do you even need to ask this question? ITS FRIGGING FEES. Binance smart chain has negligible fees compared to abysmal fees on Ethereum. Frankly we wanted launch the project on Ethereum initially then we got the opportunity to migrate to BSC and we took it. Here are ready to add value to the BSC ECO system.
📊 CRUDEOIL FINANCE TOKENMETRICS AND OTHER IMPORTANT DETAILS
🌢 Total Supply➖ 100000 OIL
🌢 Staking Rewards➖ 70000 OIL (Locked Forever and will be automatically released to the farmers/stakers)
🌢 Private Sale➖ 6000 OIL (This will be limited)
🌢 Pre Sale➖ 10000 OIL(Unsold OIL tokens from pre sale will be allocated for the Farming rewards)
🌢 Pancake Liquidity➖ 8000 OIL (and 200 BNB Locked forever)
🌢 Community Airdrop ➖ 1000 OIL (Vested and utilized for the community expansion)
🌢 Eco System Development ➖ 5000 OIL (This will be vested and utilized for Future Development)
🌢 Private sale Token Price ➖ 1BNB = 60 OIL
🌢 Pre Sale Token Price➖ 1 BNB = 50 OIL
🌢 Private Sale Hard Cap➖ 100 BNB
🌢 Presale Hard Cap➖ 200 BNB
🌢 Pancake Listing price➖ 1 BNB = 40 OIL
🌢 Whitelist for the Pre Sale ➖ TBA
🌢 Private Sale ➖ Minimum : 5 BNB ┋ Maximum : 10BNB
🌢 Pre-Sale Caps ➖ Minimum: 0.2 BNB┋Maximum : 10 BNB
📊 TOKEN SALE DETAILS
We will provide a separate article on this
📋 TOKEN CONTRACT INFO
OIL TOKEN CONTRACT
🌢 Address: TBA
🌢 Ticker: OIL
🌢 Decimal: TBA
🌢 Bscscan Link: TBA
MAIN STAKING CONTRACT
🌢 Address: TBA
🌢 Bscscan Link: TBA
TIMELOCK CONTRACT
🌢 Address: TBA
🌢 Bscscan Link: TBA
🚨IMPORTANT🚨: We will update the details once everything’s finalized. Stay tuned!!!
CONTRACTS AUDIT
Once the original contract is ready. It will be passed to one of the best BSC smart contract auditors in the space for a comprehensive audit. The report will be open source and added to the website. Anyone form the community can do the audit and let us know the feed back. Plans are in the pipeline to organize a bug bounty program for the community.
💸 WHY ARE WE RASING FUNDS AND HOW THE FUNDS WILL BE UTILIZED?
Turning an innovative DEFi idea into reality is not cheap. It takes a lot of resources, time and effort. We have time and effort and need help from community to put together resources. Followings the areas of project in which we are going to utilize the raised funds.
✔ Initial Pancake Liquidity.
We will utilize 100% of the Pre-sale raised funds as the Initial Pancake Liquidity. LP tokens will be locked for 6 months.
✔ Developers’ compensation and future developments.
✔ Smart Contract Audit.
✔ Community awareness programs such as AMAs, Giveaways after the launch.
✔ Marketing and PR after the launch.
✔ Other Auxiliary Costs.
Hope The community got the basic idea about the concept. Our pitch deck will be coming soon along with the contract code. All the contract codes will be published on our github.
Stay safe!!
~ by Team Crudeoil
Please Join Our Social Media Handles
🌢 Website: https://crudeoil.finance
🌢 Email: contact@crudeoil.finance
🌢 Twitter: https://twitter.com/crudeoil_fi
🌢 Telegram Chat: https://t.me/crudeoilfinance
🌢 Telegram Channel: https://t.me/crudeoilfinance_ANN
🌢 Blog: https://crudeoilfinance.medium.com/
🌢 Docs: https://docs.crudeoil.finance
🌢 Github: https://github.com/CrudeoilFi
🌢 PitchDeck: https://docsend.com/view/yd3tkr5yamt4prga
