Samecoin token is the medium through which the Samecoin Protocol enforces governance, rewards users and incentivize activity and growth. It also provides a medium to raise capital in the early stages of the project.
Governance - Samecoin is the governance utility token that manages the Samecoin Protocol and ecosystem. Samecoin is a token that developers create, allowing token holders to help shape the future of the Samecoin Protocol. Staked Samecoin holders can exercise their right to vote on or propose new ideas that can be used to improve the Samecoin Protocol. Samecoin holders can also influence decisions concerning the project by proposing or deciding on new feature suggestions and even changing the governance system itself. The amount of Samecoin a node holds is one of the factors that determine its reputation. The Samecoin development team has the last decision to decide which proposals are implemented or not. This is to safeguard the long-term growth and safety of the ecosystem.
Liquidity Rewards - Samecoin can be earned by using certain functions (Mint, Save, LP Stake and Governance), promoting the growth of liquidity of the Samecoin Protocol. Samecoin can also be purchased directly from liquidity providers who sell their Samecoin in the secondary market, along with decentralized exchanges such as PancakeSwap or centralized exchanges such as Binance.
Gas Fee - Samecoin derives its value from its ability to successfully execute Samecoin Protocol Smart Contracts. Most notably, Samecoin is built into the network itself and is the only currency that can be used for key network operations. For example, Samecoin is used to pay node operators that retrieve data. In this way, it also plays a necessary role in moderating interactions among Samecoin protocol users.
Samecoin serves as a deposit that is required by the smart contract creators and paid by the oracles. This fee is refunded if their services are not accepted or once they complete the task. The smart contract creators keep the fee if an oracle fails to complete their end of the contract.
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Samecoin distribution on BSC
Like many other cryptocurrencies, the supply of Samecoin is limited. This means that, according to the Samecoin Protocol’s rules, there will only ever be 100 million Samecoin.
64% of it will be rewarded to the community (Liquidity providers & DAO), 36% will be distributed to Seed Fund Investors, IDO, IEO, advisors, and the team.
Community (Liquidity Providing)
Because it is a DeFi project, 32% of Samecoin is dedicated to those who contribute to the community. Based on the different smart contracts, the distribution also differs.
LP Stake 17.6%
These 3 parts of rewards will be released linearly in 4 years, which means that the Samecoin release rate will be adjusted once a year:
1st year - 34%
2nd year - 28%
3rd year - 22%
4th year - 16%
DAO - Governance
DAO will help the community govern the Samecoin Protocol at a suitable time. Thus, we plan to commit 32% share to motivate the community to take part in DAO governance.
Seed Fund Investors
The speed of technological innovation changes with each passing day. The best way to avoid a cold start is by using a seed round (3%) to detonate and speed up the progress of the entire project.
IDO will benefit DeFi users who are willing to participate in the Samecoin issuing and Dapp in blockchain via their own wallets. Thus, we plan to leave 8% share for these users.
IEO is planned for the user who does not know how to take part in DeFi or is unwilling to participate in the DeFi app. Thus, we plan to leave 5% share for these users.
We will reserve 18% of the share to ensure that project development tasks proceed smoothly. This is to support the development efforts of the teams, developers, and third-party communities who promote the implementation of projects and protocol, This will also provide incentives to ensure the long-term passion and fighting spirit of the team.
Finally, 1% of the share will be used for marketing activities. Another 1% will be used to reward consultants who have helped the project.