DogeChain’s DEX ElonSwap at the forefront of innovation with its new sustainable mechanism to match rewards with emissions.
Almost at the same time as the $LUNC burn supply proposal, we launched $ERROL and effectively solving one of the biggest problems our friends and LUNA classic also foresaw. Big inflation needs active burning.
The problem
The biggest problem of a yield farm is their token used only to dump the rewards , appealing APRs at first that then dump to the abyss in an inflationary process that ends up badly in most cases.
The solution
We have implemented a simple 1% tax and launched farms that preferably use $ERROL, either as part of the LP or as staked assed to earn another currency as reward.
In our first 6 days of farming rewards, we have burnt 800 thousand $ERROL tokens. We print 265 thousand per day, with a total emission so far of 1.5 million tokens. This accounts for a 53% reduction of inflation, from a monthly 30% inflation the first month to 14.1%.
We believe that as the token gains traction this number will increase. With the right use-cases and volume, following the same concept as Ethereum’s EIP-1551, we can make our currency deflationary and effectively reduce the supply as one of the most ambitious objectives in the crypto space.
While this is a long term play, it depends now on the users of our protocol to make it go to the moon.
Read more at: https://docs.elonswap.dog/welcome-to-elonswap/tokenomics
Join us at: elonswap.dog
