INTRODUCING “CRUDE” TOKEN
In depth dive in to our newest ECO system token and how OIL and DIESEL are going to merge together to form it.
As we are getting closer to our yield optimizer launch. Here is a detailed article on our newest ECO system token, CRUDE Token. This will effectively replace both our current tokens OIL and DIESEL. Once the CRUDE token is in effect. OIL and DIESEL will merge and removed from our ECO system. In a nutshell, there will be only one token in our ECO system from there onwards.
Fear not!!! Current OIL and DIESEL holders are safe and secured.
The reason is we will pre-mint a percentage of tokens from the total supply to compensate the OIL and DIESEL holders in a way that the monetary value (AKA dollar value of your holdings) of your holdings is preserved.
WHY CRUDE TOKEN?
After extensive research and discussions internally. We thought the best course of action to move forward with only one token (even with the multiple products). Too many tokens per project often create complications and difficulties to handle in many scenarios.
CRUDE TOKEN SPECIFICATIONS
The CRUDE token will be the fuel in our behemoth yield optimizer engine. Everything will revolve around it. Here is a detailed list of design features and benefits to the holders
- Crudeoil Yield Optimizer is a next-generation product that offers additional reward from CRUDE token per each smart vault. This results in realizing a higher cumulative APY in order to get a competitive advantage over competitors in the space.
Example: If someone stakes CAKE/BNB pancake LP on our platform. We not only compound the LP (which will result in a higher APY compared to the Farm APR) but provide an additional CRUDE reward as well. This will result in an additional APY boost from the CRUDE token which will result in a higher cumulative APY
- CRUDE stakers will get an additional reward from our platform fees.
A portion of the platform fee will be distributed among the CRUDE stakers in our platform which will be an additional reward.
- Buyback and burn will make CRUDE Hyper Deflationary
A portion of the platform fee is directed towards buying back CRUDE from the market. These bought-back tokens are burned forever which will result in the reduction of the total supply over time, making it a scarce asset. This process will continue till the total supply becomes 5000 CRUDE.
- Trading and Exchange listing.
We have plans to list CRUDE on few centralized exchanges over time.
- Driving fuel for the other products such as NFT marketplace, playground, etc…
Our other ECO system products will be driven by CRUDE token
CRUDE is a native BEP20 token on Binance smart chain. The following diagram illustrates the breakdown of the total CRUDE supply.
➖ CRUDE Total Supply: 100000 CRUDE
➖ Compensation for the OIL and DIESEL holders: 10000 CRUDE
➖ Marketing and Exchange Listing: 15000 CRUDE (15%)(This is heavily vested over 2 years unless required for an immediate CEX listing)
➖ Staking Rewards: 75000 CRUDE (75%)(Not minted at the beginning. Once the platform is live, rewards will get minted and locked in the smart contract)
This will be added to the circulating supply gradually over the many years
➖ Initial Circulating Supply: 10000 CRUDE
MATHEMATICS BEHIND THE MERGING OF OIL/DIESEL INTO CRUDE TOKEN
The math behind the merge is pretty straightforward. We have taken the $ value of the holdings into the consideration to preserve the monetary value of OIL and DIESEL holdings for each holder. Hence, No holder will be losing the overall value of the holdings. When we list CRUDE token in pancake swap later on, we will make sure to list at the derived price in a way that all the holders will get the same $ values for CRUDE that they got for OIL and DIESEL (or both together).
Following is the list of parameters and formulas used for the calculations.
Important Point: We will exclude our own OIL and DIESEL reserves from the circulation. Otherwise it won’t be fair to the users even though we have no reason to sell at all. Circulation will only comprise with the tokens which are already in the market.
Now Let’s take a peek at how we are going to calculate the CRUDE token compensation for each OIL and DIESEL holder.
THE PROCESS OF CLAIMING CRUDE TOKEN (FOR THE OIL AND DIESEL HOLDERS)
We will provide a separate guide for this closer to the date. However, here is a brief walkthrough of the process.
➖ We will take a snapshot to have a reference point for the circulating supply, OIL/DIESEL prices and the holders count with the amounts. The snapshot date and time will be communicated well in advance. so that users can prepare for it.
➖ Current OIL, DIESEL, OIL-BNB LP, DIESEL-BNB LP stakers don’t have to do anything. We can take your staking amounts through our staking contracts seamlessly. They will be automatically included to the snapshot.
➖ It’s very important to know that snapshot alone WILL NOT make you eligible for the compensation. Once the snapshot is done, we will immediately open a portal on the main website to swap your OIL and DIESEL to the CRUDE token. Holders will be able to seamlessly swap their OIL/DIESEL holdings to CRUDE
❌ IF YOU SELL YOUR TOKENS RIGHT AFTER THE SNAPSHOT, YOU WILL NOT BE ELIGIBLE FOR THE COMPENSATION ❌
➖ Our swap smart contract will automatically issue the CRUDE tokens according to the snap date holdings, prices of OIL and DIESEL of each user. And the acquired OIL and DIESEL will be automatically burned.
Phew!!! There you have it. The full guide to our new token CRUDE. If you have any further questions, please join the main group and contact an admin.
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