We held an AMA with Chads.VC in our public Telegram channel on October 23rd.
The CHADS token is a social experiment designed to teach Virgins how to trade like a Chad. It is a deflationary coin utilizing a novel burn curve mechanism where the lower the price you sell or transfer CHADS, the more of your tokens are burnt.
CHADS is the first meme token to be built on Polkadot.
What started as a basic token has now evolved into an entire CHADverse, where not only CHADS and STACYS now meet, but where SUSHI and CORE tokenomics collide…
The CHADverse consists of -
You can learn more about the Chads.VC project here —
The Voyage Till Now: A Chadrospective
With all that’s happened since then, it’s hard to believe we launched only two weeks ago on September 13th. Before we…
Here’s what Chads.VC Founder Chadimus Prime had to say in the AMA.*
*This AMA has been edited for clarity.
WC (Wolf Crypto Telegram Member)
Welcome to yet another edition of Wolf Crypto AMA…the last for the week…phew…just a shame it starts all over again next week…
Joining us today is Chadimus Prime, the head Chad of Chads.VC
TEAM & TEAM GOALS
Chadimus, it’s our pleasure to have you here in the channel today…I’m feeling more like a Chad and less like a Virgin just based on your very presence…
I know you’re the lead Chad, but I’ve heard rumours that you’re not the only one…why don’t you tell me a little about this mysterious cabal of Chads and how you managed to find each other in a crypto space full of Virgins?
Sure, our core team is made up of three people. There’s myself, the project lead… our designer, whose excellent work you can see on chads.vc and chads.limited… and our lead developer… who has worked on some very high profile crypto projects in the past.
Aside from us, there are a few other part-time and full-time team members, including our Chadmins, our social media manager, and some basement Virgins who handle coding tasks for us.
I’ve been involved in crypto since 2017 and I’ve met a lot of crypto people since then — mostly Virgins, but also some Chads. I assembled the core team from the best people I knew in my network, and some of the team members we’ve brought on since then have been community members who have really taken initiative and stood out.
THE CHADS LIFE
There’s always a few basement Virgins…I heard if you feed them a bit of Mountain Dew and Doritos they’ll do anything for you…
Speaking of Virgins though, before we get into what you’re building, since we have…unfortunately…more than a few Virgins in this chat, so why don’t you give me some background on what it takes to be a crypto Chad?
What’s the process…and how do I apply?
Yes, Mountain Dew, Doritos, and occasionally we’ll let them smell Stacy’s hair as a rare treat…it’s all they live for between LAN parties.
There’s two types of Chads in crypto — those that are born and those that are made.
Some Chads have been Chads all their lives. They’re the guys that come into crypto, follow the right influencers instinctively, like Wolf Crypto, ape into their calls with no DD, and live their gym and Stacy-filled lives. They check their portfolios a week later and find out they’ve 100x’d their money.
Then there’s the Virgin’s who follow 100+ Twitter influencers, over half of which are paid shills and spend all their time doing careful DD on projects, putting in a small percentage of their portfolio into the two or three they like the most. They obsessively watch every price fluctuation and panic sell or buy based on their emotions. Usually they end up breaking even or losing money.
This is the vast majority of crypto.
The process for them to convert Virgin to Chad is long and hard, and many don’t make it, but it’s one of the most rewarding journeys a Virgin can make.
The Chads.VC mission is to help Virgins through this process.
So you’re telling me just owning CHADS tokens isn’t enough…It seems like I have a couple of things I’m going to have to work on…or work out…as it were…
Speaking of the CHADS token though, can you give me a bit of background on how CHADS came to fruition?
Our mission is to teach Virgins in crypto how to trade more like Chads. Weak-handed Virgins are one of the biggest barriers to wider adoption of crypto. The March 12th selloff would have never happened if most crypto holders were Chads.
And so we started the CHADS token as a social experiment — Virgins are punished by burning and Chads are rewarded for holding when the token price goes up. It’s a simple system, but it’s been effective.
Our community is the most Chadworthy in all of crypto, and continues to grow as more and more people hear about our NFT projects, ChadSwap, work with Polkadot, etc. As more Virgins find out about CHADS, more will ascend to Chadhood.
That is our mission.
So take me through the CHADS launch…when and how did you raise for it, what was the reception and how has the token performed thus far?
We launched CHADS with a single 4chan post on September 7th with a link to our website and our Discord group. The project grew organically as people flooded into the Discord, including some very well-known crypto personalities. By the time of our TGE, we had over 5000 people in the Discord.
We had some amazing creativity from our community members pre-launch. We were blown away by the quality of the memes and the launch album they put together —
Despite the massive hype, we stuck to our guns and raised only 150 ETH for the project — all of which was locked in our Uniswap pool, along with 20M CHADS tokens at a listing price of 133,333 CHADS:ETH.
It began trading on September 12th at a price of 6200 CHADS:ETH (21.5X multiple over listing) and peaked at a price of 1925 CHADS:ETH shortly after announcement of our NFT staking program (chads.limited), a 69X multiple over listing price and a nearly 100X multiple over the presale price.
You can find more information about our launch in our Chadrospective Medium article —
The Voyage Till Now: A Chadrospective
With all that’s happened since then, it’s hard to believe we launched only two weeks ago on September 13th. Before we…
That’s amazing, sounds like you launched it like a CHAD should. Before we get further into this though, can you share with me the CHADS token metrics?
And yeah, I know, that’s a really Virgin thing to ask…before you say anything…token metrics…LOL! Haha!
Haha no worries, to ascend Virgins we need to speak their language! Our token metric info can be found at celibate.info, our site for Virgins.
For Virgins who don’t click on links, or know how to read here’s the most important info —
- 40.6% Initial Liquidity Pool (28M tokens)
- 29% Uniswap Pool (20M tokens)
- 15.9% marketing/ecosystem rewards (11M tokens)
- 10.1% Dapp Development (7M tokens)
- 4.3% Team (3M tokens)
Total Raise — 150 ETH — all liquidity locked in the Uniswap pool via smart contract.
- INITIAL LIQUIDITY POOL — 186,666 CHADS/ETH
- UNISWAP LIQUIDITY POOL — 133,333 CHADS/ETH
What really sets CHADS apart is its burn curve mechanism. A portion of CHADS is burnt according to what price you sold it at, the lower the price you sell the more of your CHADS are burnt.
This punishes Virgin behavior and rewards Chadly behavior.
So you locked all of the raise in the LP on Uniswap hey? Do you have a Unicrypt transaction or some other proof this is actually the case?
Yes sir. All funds were collected trustlessly via smart contract and then locked in Uniswap, also trustlessly. There was no opportunity for rug pull at any point in the process.
Let me ask one of the basement Virgins to look up the liquidity burning transaction —
What’s the current liquidity on Uniswap look like right now? I assume it’s a bit higher than 150 ETH now?
Yes, thanks to our NFT staking program and various yield farms listing us we’ve enjoyed some of the deepest liquidity of any pair on Uniswap.
In fact, you can chart CHADS:ETH on TradingView for this very reason.
Our Uniswap pool currently has $1.8M USD worth of liquidity —
As you mentioned earlier, CHADS is a deflationary token, and that tokens are burned when they’re sold or transferred…
Since the token has been trading for some time now, can you tell me how many CHADS have been burned along the way?
Yes, in the first month and a half of trading 2,377,515 tokens or 3.4% of the token supply have been burnt.
You can see the current burn statistics here —
…a site put together by a Chadmunity member. An additional 2,284,383 tokens have been sent to the burn reserve fund —
Wow, you’ve only been around for a month and a half…feel like…forever…
So what happens to the 49% of burned tokens that are “reserved for redistribution”?
How these tokens will be used is entirely under community governance control. After our STACY launch next week we’ll be shifting our focus over to setting up our CHADS DAO governance structure.
We’re using a novel governance mechanism here which has never been seen before in crypto.
Speaking of sold tokens…from your website, if you’re selling under a 100x, that makes you a Virgin!
Firstly, what’s a 100x from the initial starting price, and how many Virgins have you gotten rid of along the way…and in the same respect, how many Chads have you acquired?
A 100x from the listing price would be 1,333 CHADS:ETH. We almost got there after the announcement of NFT farming. Many Chads have joined us along this journey, and many Virgins have burned.
The path to Chadhalla is long and not all are worthy.
We have 1847 unique wallets holding CHADS now, and that’s not counting people staking. I’m not sure how many Virgins have fallen off the path so far but the size of our burn reserve fund and number of burnt tokens (almost 7% of the total token supply) show how many people have sold since we’ve started trading.
I see as part of the token metrics you have some tokens that are reserved from the circulating supply…There’s a marketing tranche, a dApp development tranche and a team tranche…
What’s the distribution schedule like for those?
Our mission to Chadify crypto will be long and hard, and we wanted our vesting schedule to reflect our long term commitment.
There are 3M team tokens which are locked until December 12th, after which they vest linearly for 6 months. This is the only way our team makes money from CHADS, so our upside is entirely dependent on the performance of the token over the long term.
Our development funds are 5M tokens, and unlock linearly over the course of 6 months since TGE on September 12th. Finally, the marketing tranche of 11M tokens has no lockup.
When I search out CHADS on CoinGecko (real CHADS use CoinGecko, not CoinMarketCap, by the way) it has you classified as a Polkadot project…but you’re an ERC20 token…
What’s the deal there?
A Chad token can only belong on a Chad blockchain. We believe strongly that ETH, with its anorexic founder and anemic TPS, cannot support our Chadworthy long-term vision. So we decided to build on Polkadot, the Chaddest blockchain in crypto.
We launch as a provision ERC-20 token like many Polkadot projects. Our final roadmap takes us onto the Moonbeam Network once their mainnet launches in mid-2021.
We’re starting our inroads into Polkadot even now with the launch of ChadSwap next week, our cross-chain AMM built in partnership with Meter.io.
Nice, I’ll ask more about ChadSwap and Meter.io a bit later, but in the meantime, it’s impossible to ignore, the official title…and website…of CHADS is actually Chads.VC…
Is the VC thing just a joke or is there more substance to it?
It isn’t just a joke… it’s something which is fundamental to the entire Chadverse.
Everything we have been doing, from our NFT projects to ChadSwap to the burn curve is building towards something bigger.
It’s something I wish I could share with you now, but it just isn’t the time. All I can say is it’s going to blow your mind…
Speaking of websites, you seem to have more domain names than a domain squatter in the 90’s…
Can you list them off for me and tell me what they’re all for?
Sure, there’s -
Chads.vc — our homepage.
Celibate.info — our whitepaper page for Virgins.
Chads.limited — our NFT farming page.
Chadswap.finance — our cross-chain AMM, STACY will launch next week here but it’s just a landing page for now.
One thing I have to say, looking through all these websites is…who is your web designer and when can I do whatever drugs he’s doing with him?
Also…what’s the community feedback been like on this uniquely Chad design spec you have going on?
Our designer is anonymous like the rest of the team. If you ever meet him in person, I’m sure he’d be happy to do LSD or shrooms or DMT with you. The only thing I can say for certain is that you’ll only remember bits and pieces of meeting him and you’ll definitely have a story to tell.
Our community loves our style, it’s what brought everyone together in the first place. There’s never been a project quite like Chads.VC in crypto.
We do what we want, and our design reflects that.
CHADS AND NFTS
Send this to your designer for me!
chads.limited is probably a great segue into what you’re doing with NFTs, as I see from clicking on that, chads.limited is billed as “the finest NFT collectibles”.
What makes CHADS NFTs so fine in a world where it seems like everything is now a NFT…
Yes, the NFT farming space has gotten pretty saturated over the past few weeks. We were one of the first to experiment with the model after MEME. And even now, our NFTs are higher quality than the ocean of mediocrity we see out there.
We’ve got several different types of NFTs we focus on, the first are our collectible card NFT series — Chads, Virgins, and Inmates of DeFi.
We also have our limited artist series — NFTs produced by professional and well-known artists — we started with the launch of our Penfold Series (by Mr. Penfold) last week.
We’ll be releasing more artist series in the future from artists who have worked with Lil Uzi Vert, Wu-Tang Clan, Paul Stamet, and more.
You can find more information here —
“Higher quality than the ocean of mediocrity”…that’s quite a claim…I’m going to have to ask you to back that shit up sir…
Lay some of these NFT creations on me and let’s let the crowd judge just how fine they are!
You can see all of the NFTs we currently have available for minting at chads.limited or on Opensea —
Chads.Limited Marketplace on OpenSea: Buy, sell, and explore digital assets
CHADS LTD presents our Season 1 Chads of DeFi collection. Mint these NFTs by staking CHADS/ETH LP tokens for CHADLETs…
Take a look and tell me how good you think they are!
Not bad, not bad!
So when did you issue the first of these NFTs…and what’s been your inspiration for doing something that’s not…pineapple’s? Lol…
Haha, do we even need inspiration for not making one million pineapple NFTs? MEME pursued a fad long after it had passed, and it’s price action reflects that.
We began our NFT farming program on September 28th. We started off with our Chads of DeFi collection (which included a few Virgin surprise cards) and have since branched into our artist series as well as building novel utility into NFTs.
It seems like the collectors card model pushed by MEME doesn’t attract long-term value to token holders, and so we’re evolving our NFT ecosystem in novel ways.
Obviously my last question was a MEME reference…can I ask, does your NFT collectibles follow a similar structure…Common, Rare and whatever else?
We have four tiers of NFTs — Common, Rare, Limited and Artist.
Common and Rare NFTs follow a similar structure to MEME, 1000 supply for each of the commons and 100 for each of the Rares.
We also drop limited NFT series from time to time, currently we’ve been doing this with our Inmates of DeFi series. This has been having a really good reception, with both limited NFTs selling out in seconds (max supply of 10).
Finally, there’s our artist series where we commission NFT artwork from well-known professional artists from our designer’s connections in the art world, most of whom have never made an NFT before.
As you mentioned, you have a couple of recurring themes with your NFTs…the “Chads of DeFi”, the ”Virgins of DeFi”…very on-brand haha…and “Inmates of DeFi”…
What’s the deal with the different variations? What other themes can we expect in the future?
NFT is a very new space in crypto, and that means experimentation to find out what works and what doesn’t. Sticking with the same thing and not trying anything else is how you end up like MEME. We are trying different things and seeing what works. True Chads adapt to win.
We are launching a Stacys of DeFi collection after the launch of ChadSwap. These NFTs will have special utility — you will be able to stake them for bonuses on STACY rewards. You will also be able to stake Chads of DeFi NFTS on the CHADS/ETH LP pair in ChadSwap for STACY rewards.
Common and Rare NFTs are burnt after staking. The burning decreases the supply of these NFTs as well, making them more valuable over time.
Interesting, I’ll get into the NFT as art debate in a second, but first past the MEME factor…I’m sorry, I’ll stop using that reference in a sec…Haha…what’s the point of holding these NFTs?
All of these NFTs have limited supply and several have a burning mechanic in place designed to make them more valuable over time. So not only do the Chads of DeFi and Stacys of DeFi NFT series give you extra yield on ChadSwap, but those NFTs which aren’t staked also become more valuable as their supply becomes more scarce.
Some NFTs, such as our limited McAfee Inmates card which sold for 20 ETH, are already pretty valuable.
How does one even go about acquiring a CHADS NFT? You buy them from Opensea?
You can buy them from OpenSea through this link here —
Chads.Limited Marketplace on OpenSea: Buy, sell, and explore digital assets
CHADS LTD presents our Season 1 Chads of DeFi collection. Mint these NFTs by staking CHADS/ETH LP tokens for CHADLETs…
You can also mint them on chads.limited by earning CHADLETs. CHADLETs are earned by staking CHADS/ETH LP tokens. Essentially, we reward true Chads who provide liquidity to the Chadverse by giving them the right to mint exclusive NFTs.
Each mint of the Penfold series cost 2500 CHADLETs, which was the equivalent of providing $30,000 worth of liquidity for one week.
Even with that higher barrier to entry, six were minted within the first hour of the series going live.
So run me through the stats for the NFTs thus far…How many have been created, what are they worth, what’s the max value you’ve sold one for and how many CHADS NFT holders do you have?
The max value we’ve sold an NFT for our McAfee Inmates of DeFi NFT which sold for 20 ETH.
Our common NFTs sell for anywhere between 0.15 to 1.5 ETH and our rare NFTs sell for 1 ETH+. No one has sold one of the Penfold Series yet so we’re not sure what they are worth, but it looks like no one is willing to let one go for less than 69 ETH.
We’ve minted about 750 NFTs so far which are being held by 130 wallets.
Just looking at your OpenSea storefront now, I notice that you’ve minted A LOT of commons…I’m assuming with this stake and burn structure this will reduce the supply a bit right?
Yes, once STACY farming goes live next week we expect the NFT market volume to heat up as people mint, buy, and burn these NFTs to chase higher yield.
I gotta say, you got one thing right with “Sam the Slick” as a common NFT (he’s commonly attached to every project/scam these days!)…but a Chad?
Haha, so anyways tell me about this Mr Penfold range of NFTs? Is this some wanky art thing that I probably don’t understand?
Art for me is band posters on my bedroom walls…Strategically located in my Mom’s basement…
The great thing about art is that it’s very diverse and personal. We’ve had a range of reactions to the Penfold series… some people say they love them and some people don’t get it.
Universally, everyone loves the Penfold 69 NFT.
Funny you mention band posters… we may soon introduce the ability for NFT holders to get physical copies of their NFTs.
So past holding NFTs for the meme factor, speculative value and the stake and burn program, is there any other point to owning a CHADS NFT?
Well… again this is one of those things that I don’t want to reveal too much about too soon. Last month, we contracted the 3D rendering artist Renderfruit to create custom 3D models of our Chadvolution forms, Chadvolution is how we track how big of a Chad our holders’ are.
Holding a Chadvolution form over a period of time will give you the ability to mint one of these special 3D rendered NFTs. These NFTs will also feature custom sound design.
So not only will these NFTs be of a much higher quality than anything else in the space, they will also have special powers within the Chadverse such as governance abilities over the burn reserve fund.
As our ecosystem grows and matures, some of the upper level NFTs might be worth hundreds of thousands of dollars. Snapshots will be applied retroactively, so Chads who have had steel hands since trading started will be rewarded appropriately.
Now you mentioned STACY before…I let it slide then, cause like a Virgin, I gotta work my way up to talking bout STACY, but what’s the actual deal here…they’re just another version in your series of NFT themes?
Yes, as a series they are similar to the Chads, Virgins, and Inmates of DeFi series we currently have available.
However, they will have a much deeper tie to the ChadSwap ecosystem — Stacys of DeFi NFTs can only be bought with STACY, which will then be redistributed as staking rewards to LP providers.
The NFTs will also provide staking bonuses on all ChadSwap LP pairs through the stake and burn model.
So if my small virgin brain understands this (not all Virgins are smart, RIP me…) you’re introducing new utility into both the CHADS token and the CHADS network…I think we can call it a network considering how many websites you have!…by the way of…ChadSwap?
What’s a ChadSwap, is that some kind of swinger thing?
I like to think of it as the Chadverse and you got it, ChadSwap actually is kind of a swingers thing. It’s a cross-parachain AMM we’re building in partnership with Meter.io.
STACY is the governance token for the AMM, and is being distributed in our LGE (liquidity generation event) next week in ChadSwap Phase I to liquidity providers on the STACY/ETH, CHADS/ETH, EMTRG/ETH, and other pairs.
After Meter finishes development of their smart AMM in three to six weeks, all liquidity will be migrated over in ChadSwap Phase II. Eventually, all liquidity will be migrated to a cross-chain AMM in ChadSwap Phase III.
STACY likes to party, but she also likes to make sure everyone is having a safe and good time. ChadSwap is all about liquidity providers and users getting the most bang for their buck, and has many key innovations over existing AMMs.
You can read more about the ChadSwap phases here —
Explain to me why CHADS needs its own AMM in the first place…and why you’ve chosen Meter.io as a tech partner to build it?
The ChadSwap roadmap is ambitious, and though we’re confident in our team’s ability to execute there’s also no reason we have to do so alone.
On our initial calls with the Meter team we were shocked by how similar our roadmaps were with regard to our cross-chain AMM plans.
It was a no-brainer to work together.
So what’s the downlow on the Meter.io guys…Chads, Virgins, or a mix of both?
Every good crypto team needs a mixture of both. They’ve got their own basement Virgins, and we’re combining our virgins to make a Virgin army. That’s just the kind of dev power we’ll need to make ChadSwap a reality.
Maybe some of these Virgins will ascend to Chadhood along the way.
Maybe you’re the wrong guy..Chad…to ask, but how does Meter’s AMM differ to any other AMM?
Why not just fork Uniswap/SushiSwap or something like that?
I’ll have to consult the Virgins for anything too tech heavy, but I can explain it without their help. Even our ChadSwap Phase II AMM will be superior to Uniswap in several key ways.
By using Oracle guided price quotes and a novel bonding curve, the AMM allows for no impermanent loss and adding/removing liquidity from one side of the pair only.
Eventually, once the AMM reaches Phase III, it will be a fully functioning cross-parachain AMM which allows for trustless swaps between Polkadot parachains, ERC-20 tokens, and wrapped equivalents of other blockchains.
There are some cross-parachain exchanges which have already been in development, but make some tradeoffs on decentralization to be feasible now.
We’re aiming for full trustlessness with Chadswap phase III.
I’m almost hesitant to say it, as by its very nature, with market buys and sells, it’s really quite a Chad platform in itself, but a lot of Virgins are used to trading on Uniswap these days…
Are they going to be able to handle moving to such a Chadlike platform…or are we putting the Virgin to Chad training wheels back on again?
With any kind of new technology, it has to be substantially better than existing tech to capture users. We believe ChadSwap will provide that kind of superior experience for liquidity providers.
Right now it’s impossible to LP in crypto profitably due to impermanent loss — you are almost always better off holding the tokens in your wallet even after fees. We think LPs will favor Chadswap over Uniswap for this reason alone, but we’re also providing STACY staking rewards as additional incentivization.
Speaking of moving to a more Chad like platform, you’re going to migrate liquidity from Uniswap to ChadSwap as a part of this process?
Yes, this is the key goal of Phase I, in which STACY will be distributed to liquidity providers and participants in our LGE (liquidity generation event) on October 26th. We’ve designed the process using a deflationary farming model (like CORE), since it’s been proven time and time again by the food farm experiments that the inflationary model just ends up rekting governance token holders — these are the people we want to reward.
We think our plan, which uses key elements of the CORE model while also enabling SUSHI liquidity incentives, strikes a balance between high APYs and rewarding governance token holders the most.
You mentioned that they’ll be LP’s on ChadSwap in which tokens holders can supply liquidity to the pools and earn STACY as a result…
What are the LP’s going to be…and any indication as to the expected APYs on them?
We are still finalizing the launch LP pairs on ChadSwap. Meter’s smart AMM requires highly liquid LP pairs which have oracle guided price quotes available. It will default to Uniswap’s model for less liquid pairs, but we’re exploring integrations with other oracle providers to provide price quotes here as well.
The current listing and rewards breakdown can be found in our Medium article —
STACY — SUSHI meets CORE meets NFT
It’s late Friday night. The virgins are in the basement playing Starcraft over a local area network. We’re throwing a…
We can adjust these to add/remove pairs and change reward percentages as necessary. A yield farm like this has never been attempted before, and our data Virgins will be watching and adjusting to optimize ROI for everyone. Our goals are to outperform existing APYs for our liquidity incentivization pairs, which we should be able to do easily.
For CHADS, EMTRG, and STACY LP providers we are looking to provide high APY rewards (at least in the hundreds of APY percentages range). And this will all be done under a sustainable deflationary farming system.
How long is it going to take your basement Virgins to actually code up ChadSwap…and what can we expect from it when it launches?
We going to start calling you Chef Chad at that point in time?
Well, we’re not looking for ChadSwap to follow quite the same trajectory as SushiSwap here. Our current ETA for ChadSwap Phase I launch is October 26th. This is when STACY staking rewards start. Phase II is scheduled for three to six weeks afterwards.
Phase III, our cross-chain AMM, is planned to go live in 2021. The Polkadot ecosystem needs to mature a bit before the tech is feasible. Cross-parachain swap standards need to be defined, and at the very least parachain auctions need to be live.
We are friendly with the Polkadot folks so we’re well positioned to take advantage of these changes as they happen.
So despite the name, the STACY token is fundamental to the ChadSwap platform…and just remember, I’m a smooth brained Virgin at heart…so spell it out for me, TLDR style…how do I earn STACY’s on ChadSwap…and is there any other way to acquire STACY?
We prefer Too Chad, Can’t Read (TCCR) for our community but we do need a virgin equivalent…
The smooth brain answer is you can provide liquidity to the CHADS/ETH, EMTRG/ETH, STACY/ETH, and several other TBD pairs on chadswap.finance once it launches on October 26th.
The other way to acquire STACY is to participate in the LGE (liquidity generation event). This is analogous to CORE’s LGE. STACY’s LGE has a very small hard cap (1000 ETH, or 0.4% of CORE’s max market cap).
We’re currently giving out whitelists for STACY allocation now, one will go to one of the attendees of this AMA!
STACY LGE & SUPPLY
Ok ok, we might have to step it back a bit at this point…Explain to me…what’s an LGE?
This is like your initial CHADS raise or what?
Yes, it is similar to our initial CHADS raise in that all of the eth raised will be trustlessly locked in our smart contract forever along with 1 billion STACY.
The only point of the LGE is to provide initial liquidity for STACY. Same as CORE, all liquidity will be locked in Uniswap forever and whitelist contributors will receive LP tokens in return for their ETH contributions.
Due to the dynamics, these LP tokens will be worth 2X the initial value of their ETH contributions, and can mathematically only go up from there — this is the price floor.
So what’s the structure for the STACY LGE…the same as CHADS…or we treating the girls a little differently to the boys?
As the Thai’s like to say… same same but different. Like CHADS, we’re collecting ETH through a whitelisting process with a highly undervalued market cap to guarantee high upside for whitelisters.
Here, we’re making 400 2.5 ETH whitelists available. About half of the raise goes to existing CHADS and EMTRG holders to reward the Chadmunity members.
The other half goes to influencers, is given away in competitions, and the remainder will be distributed in a community contribution round.
So this is similar to what you did with CHADS right? All money raised will be locked into liquidity on Uniswap to support the project?
Yes exactly, this is also a key feature of the deflationary farming model.
For the STACY/ETH pair, liquidity can only be added and never removed. This guarantees STACY holders are aligned with the long-term value of STACY and gives us the 2X price floor guarantee.
Hang on, so I buy STACY tokens from you, and you then lock them into a LP on Uniswap?
I mean, that’s not a rug, I’ll give you that, but it’s kind of like a reverse rug no? You take my money, give me tokens and then lock them up…how does that work?
(Sounds like every pre-sale I did in 2018…)
Yes, its counter-intuitive but the model has actually seen quite a bit of success. CORE was the pioneer here and has already inspired an army of clones. We’re taking it one step further and adapting the model to be used in the governance structure for ChadSwap. It’s the first time anything like this has been attempted.
The LP tokens you get in return for contributing rise in value as the price of STACY goes up, which it is almost forced to do due to the dynamics at play here. They can also be sold on secondary markets on Balancer so investors do have an exit ramp if needed.
Maybe it’s a good idea for you to give me a TLDR of the STACY tokenomics and distribution before we go any further…
TLDR WHAT AM I SAYING? …TCDR!!! FORGIVE ME!
Now you’re thinking like a Chad!
STACY distribution is pretty straightforward. There will be 1 billion STACY tokens initially minted and all of these will be locked in Uniswap with the ETH contributed in the LGE. No other STACY tokens will ever be minted, and the only way to obtain STACY after this will be to buy from this Uniswap Pool or as STACY staking rewards (which are also redistributed by various actions on this pool and other STACY transfers).
We chose 1 billion since the max supply of CHADS is 69 million (currently ~66.5M), so 1 billion STACY ensures there are many STACY per CHADS and, since CHADS is deflationary, ensures that the number of STACY per CHADS increases over time.
So what’s the benefit of all this for existing CHADS holders?
There are several important benefits for CHADS holders in Chadswap:
- CHADS/ETH LP providers have increased STACY staking rewards on ChadSwap
- Chads of DeFi NFTs provide staking bonuses on the CHADS/ETH pair
- Top CHADS holders will be given guaranteed allocation in the ChadSwap LGE (starting market cap of STACY will be 1000 ETH, or ~ 0.4% the peak market cap of CORE)
- ChadSwap raises awareness of CHADS and our budding NFT and Polkadot ecosystem and brings more people into our community
- CHADS holders can pop Stacy’s cherry
- More benefits TBD as ChadSwap enters Phase II and Phase III development
All CHADS ecosystem projects (NFT artist series, ChadSwap, Chadvolution) are designed to bring value to CHADS holders.
This will also become much more clear as we tie everything together in an announcement we will make after STACY comes out!
Smooth brain question again, based off the above, what’s the estimated STACY market cap on launch?
The launch market cap of Stacy will be 1000 ETH, or currently around $400,000.
As for how high it goes, that depends on the trading volume and the value as a governance token for ChadSwap.
Right, so if I understand this correctly, this isn’t an infinite mint type yield farm like so many of the food coins, but some of the yield actually comes from the transfer burns?
There’s a 2% burn on transfer and sell of STACY. This gets redistributed as rewards for STACY holders. We also introduce other elements to increase STACY rewards — our novel pool burn and NFT staking program.
A“novel pool burn” is some big brain shit…dumb it down for me hey…is this something that’s been used on a project before?
It’s something which has been a part of some other projects, but in a flawed way. We fix it here by combining it with a vesting model. Basically, 1% (adjustable) of the STACY supply in the STACY/ETH liquidity pool will be added each day to the staking rewards. You might think this shafts the LP providers, but due to the vesting model it’s impossible for the value for the LP tokens to be less than what it was prior to this process.
There have been around 4 billion CORE clones since CORE launched which collapse due to lack of transaction volume and LP getting no yield. We came up with the pool burn to ensure a steady supply of yield for LP providers.
Think of it like a centrally controlled economy where you can stabilize the yield in response to supply and demand.
“Popping STACY’s cherry”…Past the obvious…lol…what does this actually mean tokenwise?
The pool burn itself is triggered by a manual function call which costs gas. To ensure that people are rewarded for calling this function (which is called popping STACYs cherry), we distribute part of the STACY rewards to them (percentage TBD based on gas cost).
Only true Chads can pop STACYs cherry, so you must hold a minimum of 10,000 CHADS or 1,000 EMTRG to be able to call this function.
So I farm STACY tokens, but I only get 25% of them upfront? I’ve seen this done on LUA recently, but why have you chosen to do this on STACY?
Yes, this further ensures that STACY stakes are aligned with the long-term health of the ecosystem, and allows for the pool drain to be net profitable for LP holders as well.
You mentioned earlier that NFTs play a role in this whole STACY farming game. With some more context now in mind…how?
It’s like DEGO or something where they act as a booster from my understanding?
It’s similar to Dego but we’ve made some improvements on the model. Ours gives additional value to just collectibles (DEGO picks will go to 0 eventually whereas Chads NFTs gain value as they become more scarce due to stake and burn).
CHADS holders also get to choose between farming STACY or NFTs as the NFTs always have some intrinsic value from the 15% boost now.
Finally, the Stacys of DeFi NFT series gives more value to STACY because you can buy those NFTs for staking bonuses using STACY, which is selling pressure removed and redistributed as (vested) staking rewards.
I see from the EXPLOSIVE growth on your social channels, you’re running some type of airdrop…it’s nice to see you look after the crypto Virgins like that…It’s also nice you’ve got them all rounded up in one spot like that…I’ve been taking names for the crypto Virgin purge!
For the Virgins following the AMA though, how can one participate in the airdrop?
It’s pretty simple, just follow the instructions on our pinned Twitter post —
You can also find the instructions in this Medium article —
Ok, so for users with less Virgin-like tendencies, how does one go about contributing to the STACY LGE…what’s the path to becoming a Chad via Stacy?
STACY will always choose the biggest Chad, so the best way to obtain STACY is by proving how big of a Chad you are.
We have several ways to earn whitelists — first by being a CHADS or EMTRG top holder, we also have several ongoing competitions to earn whitelists and will be giving several away in one-off events (like one begin given away during this AMA).
Finally there will be a small community round on October 26th for any leftover allocation.
That’s a lot of different ways to earn a whitelist, how bout you detail them one by one for me?
- 100 whitelists — goes to top CHADS holders. We’re taking snapshots of Chadvolution levels now and will continue to take them until LGE. You must be a top CHADS holder and also opt-in to STACY allocation via our Google form (this can be found in our Telegram and Discord Announcement channels). Currently, an average of ~80,000 CHADS is required to obtain a whitelist this way.
- 80 whitelists — goes to top MTRG and EMTRG holders. Their team is managing their allocation separately.
- 5 whitelists — goes to winners of our invite competition, currently ongoing in our Discord.
- 5 whitelists — goes to winners of our /biz/ meme competition, currently ongoing in our Discord.
- 10 whitelists — goes to winners of our flash whitelist Chaddest Chad competition ongoing in Discord, 4 have been given out already.
The remainder will be given out in one-off events, to influencers, and in our final community contribution round for 400 total.
So CHADS holders get first shot at this, that’s nice to see you’re looking after the boys like that.
How does one check their Chadvolution level, and what’s the minimum CHADS holding required to scrape into that part of the whitelist program?
You can check your current Chadvolution level and how many whitelists you’re allocated in our daily snapshots which are updated on Github —
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These snapshots take into account CHADS held in LP tokens or staked on chads.limited, so this is the definitive source for Chadvolution level.
Currently you need around ~80,000 average CHADS tokens over the holding period to get a whitelist, or around ~160,000 tokens if you’re just buying today.
How about MTRG or EMTRG holders, how can they qualify for a whitelist spot?
MTRG and EMTRG holders have a similar process in place — you can find more details in the blog article —
Details of the CHADSWAP STACY Liquidity Generation Event for eMTRG and MTRG Holders - Meter
As you may know, we are working with Chads.vc to develop CHADSWAP, a decentralized exchange with price quotes guided by…
They’ve written about it in their Telegram group.
It might be too late now but I’m not sure on that. Those details are for the Virgins.
Ok well that’s enough Virgin questions from my end. Thanks for allowing me some insight as to the Chad life.
I aspire to be like you…
Remember, Chads live true to themselves and that’s what we do. Remember we’re following the vision of Chadtoshi.
If you’re ever unsure of yourself, ask yourself What Would Chad Do (WWCD).