Layered Farming — In more details
Introduction:
Layered farming is one of the many methods coming up to battle the inflation of the $Egg token. We are not just copying from other sites but inventing our new method, therefore we came up with this layered farming + incubator system. You may ask, will it be enough? No, it’s impossible to have just 1 feature and create enough deflationary pressure to keep Eggs going, but we do not stop here. So let’s go into details about Layered farming.
We came up with the layered farming idea because we saw there are so many clones out there but people are super afraid of rug pulls and major dumps etc, and might lose all their assets. So we were thinking, why don’t we provide such a casino/playground for them to enjoy those high APY thrills? So in short, layered farming is for those who chase for high-risk high reward, imagine a new xxxxswap.finance on our site every 7–10 days.
Details:
Token:
So let’s start with the token itself. We are naming it Golden Goose X, (GGX), where X represents the layer, which will start at Layer 1. We are calling the Egg layer as Genesis Layer.
Each layer will have its own token, GG1, GG2, and GG3, etc… They will be automatically generated every 7–10 days (still being determined, but most likely will be 7 days).
The current ETA will be around 1/3 to 3/3. We have already finished writing the contracts and working on the Front-End now. We might not be able to finish the audit on this system as Hacken has 2 weeks of delay and we are still waiting for CertiK’s reply. We will most likely launch without auditing with following reasons:
- If there is an exploit, it will only be affecting layered farming, therefore anything in the genesis layer will be safe
- The contracts that we used for staking funds are very similar to the ones in the genesis layer. Therefore we are confident that staking funds are safe.
- Waiting for a full audit might require a week or more, if there are any changes required, we will apply those changes on Layer 2.
Layers:
Each layer will be similar to a new xxxxxswap.finance site, where there will be particular liquidity provided at the start. We are currently setting the starting price of Golden Goose at $10 (this will be modified in the future if required).
There will be GGX-BUSD and GGX-BNB LP pool, plus single token pools for users to farm. LP pools will have no deposit fee, whereas the single token pool will have a 4% deposit fee.
Farming Pool Deposit fee:
The deposit fee will be divided into 3 parts. 60% will be automatically swapped into BUSD and then buyback Goose and burnt. 30% will be automatically swapped and injected into the Goose House. 10% will be sent to a developer address.
Incubator:
The Incubator is a $Egg burner. It will have a very high multiplier (currently set at 60x (The total multiplier of all pools are150). The deposit fee will be 20%, which will be directly burnt. To ensure the APR is high for the Incubator, we will apply a MAX CAP of 50,000 eggs allowed in the incubator. People can unstake anytime if they want.
Goose House:
As we are trying to give value to hodling the GGX, we are adding a goose house in which users stake Goose to get BUSD (which is injected from the 4% of the transaction fee). The actual amount of BUSD giving out per block is still being experimented with (because we are innovative…), therefore the APR may or may not be attractive but we will continue to observe and see if we need to make any changes to that.
Layer X-1 Goose Transform Incubator
So you may ask, people might dump GG1 when layer 2 comes out! We are adding this GG1 -> GG2 incubator where there will be a % of the deposit fee (most likely 20% as well) to stabilize the price of GG1 during the start of layer 2.
FAQ:
Q: How long will a layer last?
A: Forever
Q: Will this layered farming able to solve the whole inflation problem in Egg?
A: No, definitely no. We are adding more innovative features to solve this issue, and one feature will not be enough.
