Greetings dear Llamas! This is your Shepherd.
We at LlamaSwap know you’ve been waiting a long time for more information about the SPIT ecosystem. As we are nearing the launch of the SPIT farm (read it again: it’s coming SOON!) and its related prediction market platform, we want to introduce you a more comprehensive guide on what SPIT actually is and its use cases.
SPIT token metrics
Ticker: SPIT
Token type: BEP20 (BSC)
Maximum supply: 10,000,000
Initial supply: 1̶,̶5̶0̶0̶ ̶f̶o̶r̶ ̶l̶i̶q̶u̶i̶d̶i̶t̶y̶ ̶p̶o̶o̶l̶s̶ to be defined
Pairs: LAMA-SPIT, BUSD-SPIT, BNB-SPIT
Emission rate: 0.5 SPIT/block
Distribution:
SPIT will have a dedicated farm, much like the existing LAMA farm.
The pools and farms available at farm launch are:
● Pools
Stake [token] ➜ Get SPIT:
⋆ LAMA➜SPIT (special limited pools that will have the highest yield among the available pools)
⋆ SPIT➜SPIT
⋆ WBNB➜SPIT
⋆ stable coins (BUSD,USDT,USDC)➜SPIT
⋆ CAKE➜SPIT
● Farms
Stake [LP token]➜ Get SPIT:
⋆ LAMA-SPIT LP➜SPIT
⋆ SPIT-BUSD LP➜SPIT
⋆ SPIT-BNB LP➜SPIT
*some pools and farms will have a deposit fee. See below for an explanation on how fees will be used
● Special reward pool
We plan to open a special reward pool for SPIT holders at a later time, where you can stake SPIT to get BUSD. The feasibility (there will be a minimum threshold to open the pool) and the exact amount of the total reward will depend on the total fees collected by the treasury.
Fees usage:
The fees collected will be used to:
1) 25% buyback and burn LAMAs
2) 25% buyback and burn SPITs
3) 25% sold to BUSD to refill the reward pool
4) 25% for the treasury
* tentative figures
Initially buybacks and burns will be performed manually.
As you already know, we strive to be as transparent as possible and that’s why we will introduce an automatic on-chain (a smart contract) fee processor at a later time, so that anyone can verify the fees spending logic and all the related transactions.
SPIT ecosystem
Let’s now make a deep dive into SPIT actual use cases.
1. Binary prediction platform
As you may already heard, we are working tirelessly toward the release of our binary bet system, which is a simplified, decentralized and fully automated version of a traditional centralized prediction market. We’ll release more details in the coming days, as we are finishing testing and are almost ready for launch. In the meantime, these are the details of the role SPIT will play within the ecosystem.
● Winnings payouts are in SPIT
You will be able to bet in the binary prediction pools with SPIT, BUSD and BNB. Losers funds will be sold to SPIT and winners will receive their earnings in SPIT.
motivation: being able to bet in BUSD and/or BNB and receiving SPIT if you win, it’s an indirect form of buying SPIT (so more buying pressure to compensate the selling pressure from the SPIT farm and provide necessary balance).
● Commission discount
There will be a fee for betting in the prediction pools. The commission will be 50% lower if you bet in SPIT.
motivation: a fee discount is an economic incentive to buy SPIT for betting
● Position multiplier
A special staking pool for SPIT holders willing to get an edge on their predictions over the other betters. You stake some SPIT for a certain amount of time and you get a multiplier (consider it a sort of leverage) on your bet positions!
(This won’t be available at launch, but it’s a feature we’ll introduce shortly after)
motivation: a position multiplier is an incentive to lock some of your SPITs into the position multiplier instead of selling them (thus, mitigating the selling pressure)
● Custom binary pools
At a later stage, users will be able to create their own binary pools (initially, pools will be created automatically by LlamaSwap). Pool creators will receive all the pool betting fees
motivation: the requirement of owning SPIT for creating user-defined pools is an incentive to buy/hold SPIT instead of selling (buying pressure).
As you can see, all our measures and endeavors target stabilization and thus trustworthiness of the whole project. We’ve tried to prevent any “holes” or disequilibrium in the ecosystem - and we thank you for your patience.
2. Gambles
We already announced that we plan to launch a number of gamble games in the following weeks. All these games will require SPIT to play and/or will pay winnings in SPIT; losing bets and fees (if any) will be spent for SPIT buybacks/burns and special reward mechanics for SPIT holders.
We already have 2 games in the pipeline, more details on which we’ll reveal soon.
3. LAMA ancillary token
SPIT is also LAMA ancillary token, which will benefit LAMAs holders because:
1) LAMAs holders can get SPITs by staking their LAMAs in the SPIT farm
2) the fees generated by the SPIT farm will contribute as a deflationary measure for LAMAs
If you’ve read this far, you should have a clearer view of what SPIT is and the way we envisioned its design, economic model and utility.
Stay tuned for more details (and spread the word!!)
Llive, llove, llamas!
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