HotPotato: A new “rebase +fomo” mechanism
The idea behind Hot Potato
Due to high inflation rate, people usually quickly change currencies because they are afraid of currency devaluation. In other words, the potential return of holding currency at this time is negative. When a sum of money is transferred, it must be used immediately, otherwise, a lot of value will be lost. At this time, currency also loses its function as a measure of value, which in turn will exacerbate the decline in currency value leading to the collapse of the money system. The currency in your hands is like a hot potato that has just been baked. You must flip it quickly between your hands, to avoid burns in your hands.
A Centralized Financial system can be seasoned with unlimited offerings, while the total amount is predetermined in major blockchain projects. Whereas, in the case of Hot Potato, the total amount is determined by the community. Hence, there will be no arbitrary issuance of hot potato tokens, nor a cap on the total amount. It’s up to the community to decide.
2. What is Hot Potato?
HP (Hot Potato) is a malleable base-money. It coexists with the community and adjusts its supply based on the number of organizations.
As long as the holder of HP does not engage in any activity (transfer, trading, etc.) at the original address of the token received, the amount of token held by the holder can always remain at a fixed percentage of the total amount of token issued, and this percentage will not change from time to time or from events. However, at the same time, the number of HP owned by the holder changes with the total number of effective token-holding addresses, and the holder’s token number is automatically rebased.
Rules:
a. If there are n addresses holding HP, the total amount of HP will be n*100.
b. For each additional address, the system issues 100 tokens and prorates them to all holders. And vice versa, for every address that is reduced, 100 tokens are removed from the total, and all users’ holdings are proportionately reduced.
c. 3% of each transfer will be deducted as taxes, 0.5% of which will be used as the cost of development, audit, and iteration of the founding team, the remaining 2.5% will be allocated to the incentive bounty pool, which will be allocated as follows::
· Staking Pool: 35% will be allocated to the Staking Pool to award the liquidity mining users.
· Hot One: 30%will be used for the Hot One. That is, the last address to purchase HP within the specified time and the purchase amount of 0.5ETH or more is considered a valid transaction. (The specified time: every active trade will refresh the new countdown. For each additional valid transaction of 0.5ETH, the countdown will be increased by 20 minutes; If the transaction volume is greater than or equal to 10ETH, the countdown will be refreshed to 2 minutes; For valid transactions between 0.5ETH and 10ETH, the added time decreases linearly between 20 minutes and 2 minutes)
· Recycle Pool: The remaining 25% will be allocated to the Recycle Pool as the next round of bounty funds.
· Lucky One: 10% will be allocated to the Lucky One. Namely, 10% of the bounty pool is allocated to the participant with the highest purchase in the last 24 hours. When it comes to the situation that two participants have the same price, the rewards will be allocated to the one who comes first. The prize is distributed if the purchase amount is greater than or equal to 0.5ETH.
3. About Presale
HP’s presale lasts 3 days, and the detailed rules are as follows:
a. Maximum to 160 addresses can participate in the presale.
b. The purchase limit of each address is 1–12 ETH.
c. All the ETH collected from the presale will be allocated to Uniswap to provide liquidity.
Unlike other projects, the initial pricing of HP is also determined by the community based on the total amount of tokens and ETH raised and the number of presale addresses. The presale price will be 20% off the initial price of Uniswap.
For example, if 150 addresses participated in the presale and 450 ETH was raised, then 15,000 HP will be minted before being listed on Uniswap, of which 7,500 HP will be distributed proportionally to all address participating in the presale and for the remaining 7,500 HP will be used for bounty pool.
For the bounty pool, 1500 HP will be allocated into the incentive bounty pool, 6000 HP and 450 ETH will be allocated into the liquidity pool.
Contact us:
Twitter:
https://twitter.com/HotPotato_DeFiTelegram:https://t.me/Hotpotatoglobal
Medium:https://hotpotatoblockchain.medium.com/
Website:www.hotpotato.one
