Today we discuss our Beta Releases, Airdrop, Presale, and Much More!
For those paying attention, you may have taken notice that things are heating up here in the $OVEN Coven and quite a lot of information is being solidified as we move towards our launch. Many of you have been contributing over the past couple months as we began to discover our identity as a protocol and organization. Your voices have been heard and have contributed to the information we are revealing in today’s highly-anticipated update covering a whole host of topics.
We will include LAYERX/ETH farmers, so please do not withdraw liquidity just to qualify for the airdrop.
Today, you will discover release dates for our Decentralized Exchange and Bakery V2 Betas and witness our finalized emissions schedule along with a breakdown of the built-in levers the community will be able to make use of in order to accommodate a wide variety of possibilities moving forward.
Enabling a more flexible MasterChef (bakery) contract has also enabled us to operate in a truly interoperable fashion.
Additionally, we will provide you with where you may sign up for our public whitelist pre-sale happening (soon), so stay tuned and read until the very end for the hottest alpha your salivating minds can handle.
💒 Rewards Distribution
We have decided to proceed with revealing our finalized OVEN distribution schedule after vetting a number of concerns brought forth by community members, which was almost entirely and enthusiastically in favor of the distribution we originally posited. However, there were a few considerations brought forth that have led to a few alterations to the proposal we constructed originally found here.
We decided to proceed with distribution percentages similar to those presented in our slideshow, with the caveat of 5% more allocated towards and shared across the team and the treasury. The reason for this is to account for team allocation typically provided in the exchange component, which we have decided to forego. Exchange fees will reduce accordingly to compete against other DEXs, offering rates lower than our competitors.
We utilize a blockchain-agnostic method of accounting for block reward intervals accounting for variations in block time from and within blockchains.
We also decided to proceed with a mining rate of 250,000 OVEN daily, which is roughly half the emissions of PancakeSwap former emissions rate, which up until today emitted close to 500,000 CAKE daily. There are two additional considerations when arriving at the OVEN distribution schedule: presale and airdrop distribution from the pre-mined tokens designed.
⛏ Premine: Airdrop and Presale
The total pre-mined supply will be 50,000,000 OVEN tokens, of which 20% will be used as part of the airdrop and 80% will be sold in our presale. The presale will be used primarily for the purpose of providing the initial liquidity for the pools, but also for backpay, marketing, and other operational expenses, which we will review in detail on Wednesday, May 12th.
❦ Oven Emissions: Illustration
The illustration below demonstrates the share of the total circulating supply broken down by the following recipients: Community Treasury, Operations, Bakers, and the Pre-Mine over time (monthly). As time passes, the Bakers clearly take the lead and hold the vast majority of the voting power over the protocol thus enabling a fair distribution of OVEN tokens into the hands of the community and beating out the pre-mined supply 5 months into distribution.
⏏ Premine: Airdrop
We are delighted to see the plethora of support for the inclusion of the UniLayer Community in our Airdrop. EasyBake was originally founded by a current member of the UniLayer team, so including the UniLayer Community was a no-brainer given the synergy between the two concepts. UniLayer behaves as a trading interface platform that runs on top of decentralized exchanges, such as EasyBakeSwap, making us key partners with a project with a proven track record of excellence in the DEX niche, aligning us as worthy competitors in an arena dominated by a small fews (in the Ethereum network as we prepare to migrate to Polkadot), namely Uniswap and Sushi.
As part of our initiative to grow our ecosystem, we have decided upon an airdrop distribution of 20% of our pre-mined supply. This accounts for a total of 10M pre-mined tokens allocated towards an airdrop. Please note that any remaining airdropped tokens will be burned.
✆ How To: Register For Airdrop
As mentioned Friday, we require users to verify their wallet address in order to have the opportunity to qualify for the airdrop. Doing so only enables you to be considered, it does not guarantee an airdrop, unless you fulfill any combination of the qualifications mentioned in this article.
Airdrop Registration: airdrop.easybake.finance
⎌ Premine: Presale
We will conduct 3 forms of a presale: seed, private, and public. After taking notice of the dialogue occurring in our forums, we decided to include a public sale of an amount equal to the seed sale, thereby enabling the public to also have access to our tokens prior to our official listing. Baker’s love having a piece of the pie and there is plenty to go around for us to enjoy!
We also decided upon utilizing a vesting contract for all pre-sale participants, so that we are able to diminish the impact of pre-sales on the liquidity that will be added to the exchange. The full amount will be accessible after 12 months from the start date of the OVEN exchange listing, which means the community may safely invest without worrying about a pre-sale dump, while investor benefit from the option to withdraw their accumulated share over time for the purpose of outperforming the emissions rate, if they so desire.
⍟ Facts & Figures
Want to check our data? Feel free to do so by visiting our worksheet extrapolating the formulas used to construct the distribution charted above. We invite you to play around with the numbers and use as a template for your own project or to provide analysis that may contribute to our conversations on token distribution mechanics.
➸ Airdrop & Presale: Want Details?
Read and discover the full details regarding our pre-sales and airdrop in a separate Medium post on Wednesday, May 12th. For immediate information upon release, please follow us on Medium, join our Forum and follow our Announcements Channel.
In response to those pointing out the economic cost associated with requiring users to withdraw LAYERX LP for the snapshot, all LAYERX/ETH farmers and LAYER stakers will be considered in the airdrop. Note: users will still need to register their wallet address. The ratio for LAYERX/ETH farmers will be 500 OVEN per 1 LAYERX/ETH UNIV2-LP with a minimum of 1 LP token. The airdrop for LAYER(X) holders will take into account LAYER(X) on any chain and will combine the balances across chains in addition to balances (staking, farming, wallet).
All balances associated with the registered wallet address will be accounted for. Made possible by the UniLayer team who has agreed to provide us with this snapshot data.
🎮 Bakery and Exchange V2 Beta
As promised, we will enable Bakers to interact with our platform before we initiate the pre-sales, which means you may expect a working beta for both our Bakery and our Exchange as early as Wednesday, May 12th and as late as Friday, May 14th. Stay tuned for the release, but in the meantime, here are a few things you may expect to experience in our upcoming beta.
♕ Exchange V2 Beta
The decentralized exchange (DEX) will no longer be apart of the Uniswap ecosystem and will become a branch of its own as our first iteration of our very own, proprietary exchange on the Ethereum chain. The beta will launch on Rinkeby and will require you to provide liquidity as it will begin without liquidity, since the pools are the first tied to our new factory contract.
♛ Bakery V2 Beta
Our bakery has been updated from both the frontend and the backend. The frontend configurations were primarily inspired by our community in our Bakery Beta feedback topic located in our forum, these include the addition of a compound button, a search bar for easily discovering your target oven, a new “oven racks” view (illustrated below), and so much more.
As for the contracts that control the emissions of $OVEN tokens, they have been amended to account for a number of concerns brought forth by the community — namely, we had to identify the best way to enhance protocol flexibility (as a DAO) while also enabling seamless interoperability with future chain integrations. We will expand upon how we managed to execute these feats in our update later this week alongside our announcement covering the launch of the Bakery V2 Beta, so stay tuned for more to come!
ツ ღ Decentralized: unlike competitors on other chains, we are truly decentralized on the Ethereum and eventual Polkadot blockchain // ecosystems.
⌘ Multi-chain DEX: exchange components and in-house liquidity with interoperability ingrained into our DNA (discover how, soon!).
⎋ DOT Bakery: experience a swap experience unlike any other planned to launch on the Polkadot Ecosystem. Bake liquidity tokens “DOUGH LP” and watch it rise over time. Experience ownership of a decentralized exchange that enables a plethora of means to accumulate a progressively larger share of the fees and other goodies we bake up as a community of eager, advantageous bakers.
❥ NFT Market: try out our upcoming NFT marketplace — enjoy our sweet designs (details coming soon, so stay tuned).