DEV Log#11 — SAVENFT successful tests, start of development of 5 contracts, Mystery Box Platform sketches
We tell you what we have done recently
Successful test of SAVENFT token
We created a test token on the Rinkeby network and made test transfers. You can see the token here — https://rinkeby.etherscan.io/token/0x14eddb17211b8a9d896300253868ddc26e193c8d
During the testing process, certain points were revealed that we will implement in the main version of the token:
- The minimum number of tokens to receive% for all holders. We will have it at around — 100M. For example, in Safemoon, the reward is divided evenly among all holders. If you have 1 token or 10M, everyone will receive the same amount of tokens. The limitation will exclude the creation of many wallets with a minimum amount of tokens just to receive a reward
- Anti-whale system. The contract contains an algorithm that does not make it possible to perform operations for more than 1% of all tokens.
- Payment of a fee after a volume of 1% of all tokens. The commission is not paid after every transaction, because it is not economically viable. Commission. accumulates in a smart contract until the volume of transactions reaches 1% of all tokens. When the volume is reached, the payment is made
- We decided to create “SAVENFT Billionaire Club”. Anyone who keeps more than 1 billion SAVENFT in their wallet will become an honorary member of the club. All members can receive a free Mystery Box from different authors, special merchandise, receive an exclusive invitation to private club meetings and much more.
We are starting to develop 5 smart contracts
- 3 smart contracts for farming pools
SAVENFT farming will be radically different from NFTL farming in that SAVENFT tokens will already be issued. Therefore, 3 separate contracts will be created, where we will send tokens and when the farming starts, their distribution will begin. To avoid a sharp sale of tokens during farming for all pools for 30 days, we will introduce a 10% commission on the withdrawal of a SAVENFT reward. From day 31, the commission will be 0%. Withdrawal of the deposit is still 0% for all pools
- Smart contract for burning tokens
We will create a special smart contract for burning tokens. This is done to ensure that the process of burning / generating liquidity / farming occurs gradually.
- Smart contract for the formation of liquidity
We plan to channel 30% of SAVENFT tokens into liquidity. But since we did not do the pre-sale, the start of the liquidity pool will start with a small amount. Let’s say with $ 5000. We found a vulnerability, if we add 30% right away, then with low liquidity someone can buy 5–10–20% of all tokens very cheaply. To avoid this, we will build up liquidity gradually.
How will the algorithm work?
1. At the start, we create LP with 0.5% -1% tokens and block them in CryptEx Locker
2. Every day the smart contract will sell 0.5% of tokens in BNB and with another 0.5% SAVENFT will add to LP. LP data, together with LP of 1% fee, will also be sent to CryptEx Locker.
With this approach, we will avoid the problem of early redemption of tokens for next to nothing from the market + form a sufficient supply of LP by the end of the farming, which will be blocked in Locker.
Creation of the first sketches of the future NFT Mystery Box Platform
We started to work out the logic of the platform. It turns out that the concept of the Mystery Box itself is not so simple, and connecting it on the Blockchain is even more difficult. But in the process of working out the logic, the general picture began to emerge. This week we will finalize the logic and start prototyping and design. Therefore, the platform is not some kind of mythical beast in 6–12 months, but a completely achievable story in the next 1–2 months