ChocoDoge: Innovating Entertainment with NFT
Entertainment is often deemed as a source of expenditure. But having a source of entertainment that ensures a passive return with a high yield rate seems implausible. ChocoDoge is an excellent platform for people to delve into high-profit earning entertainment activities.
CHOCODOGE is an algorithmic stablecoin created for DOGECHAIN, Inspired by Tomb, Frax, and other stablecoins that existed before, its purpose is to become a stable coin that will efficiently peg to $1.
However, this is only the tip of the proverbial iceberg. In addition to this, it provides Defi items that come with enticing profit margins, which ensures the long-term viability of the project as well as the safety of our investors’ finances. It implements a system that can automatically increase and regulate the token supply to match the current needs, all while maintaining a relatively stable value for the ecosystem’s universal payment method, which allows them to concentrate on expanding and innovating the project. This allows them to focus on growing the project.
How the system will work
“Expansion”: A percentage of the total USCD supply is minted. The minted USCD is given to users who staked their CD tokens depending on how many CD they staked.
– “Contraction”: USCD minting is stopped. Instead, USBD tokens (bonds) are available for sale. Users can buy USBD with USCD. For 1 USBD bought, 1 USBD is automatically burnt. The Tax will also be significantly higher during this time.
– USBD tokens can’t be redeemed (convert to USCD) when TWAP (Time Weighted Average Price) of USCD is under $1, but they can be whenever TWAP of 50C goes back over $1. This is a premium mechanism incentivizing users to buy bonds and helping the price to get back above its peg.
What are the types of tokens used?
- USCD – ChocoDoge Cash:
The purpose of the currency token USCD is to function as a medium of exchange. The protocol has a built-in stability mechanism that strives to maintain the USCD peg at 1 USDC throughout time. This mechanism is an implementation of the successful approaches of prior algorithmic tokens.
As the ecosystem continues to grow with the introduction of additional games and apps, USCD may also be used to make purchases more easily inside those games and applications.
- CD – ChocoDoge Share:
ChocoDoge Shares are one way to figure out how much the ChocoDoge Protocol is worth and how confident investors are that it will keep USCD close to its peg (CD).
Whenever an epoch grows, the protocol makes USCD and gives it out proportionally to all CD holders who have put their tokens in the BANK (boardroom).
Also, HODLers can pair their CD up as LP and farm for an extra CD.
Later on, when community voting is enabled, CD will become the governance token of the CHOCODOGE.
- USBD – ChocoDoge Bond:
The major purpose of ChocoDoge Bonds (USBD) is to stimulate modifications in USCD supply during an epoch contraction phase. This is done when the epoch is under contraction. When the TWAP (Time Weighted Average Price) of USCD falls below 1 USDC, USBDs are generated and may be bought with USCD at the current rate. USBD can only be purchased with USCD. When USCD tokens are exchanged for USBD, the price of one USDC goes up since this action causes deflation by removing tokens from circulation.
These USBDs may be traded for USCD at a later time when the price is higher than the peg, and there will be an added incentive for them to remain higher than the peg for extended periods of time. When the USDC rate is higher than the peg, this results in price inflation and increased selling pressure, both of which work to bring it closer to the 1 USDC level.
How are tokens allocated?
- ChocoDoge Cash – USCD
The maximum supply is uncapped and is generated using the Seigniorage Model.
Genesis Pools (The first 2 weeks)
As a prize, a total of 100,100 USCD tokens will be dispersed among the following pools:
USCD/WDOGE (x77): 77,000 USCD
DOGECHAIN (x7): 7,700 USCD
WWDOGE (x7): 7,700 USCD
USDC (x7): 7,700 USCD
There is no lock period for claiming 35% of the USCD token awards if they are claimed during the first two weeks. 16.25% of the awards that are still unclaimed will be distributed every 10 days (4 releases in total).
The start time for WWDOGE, DC, and USDC is 12:00 GMT on September 5, 2022, and for USCD/WWDOGE on September 6, 2022, at 00:00 GMT.
After the Genesis pools stage, the only entity that is permitted to mint USCD is the BANK.
Beside, at the time of lauching, September 10th, users may stake their USCD in order to earn USDC.
- ChocoDoge Share – CD
Maximum quantity available: 200,000 CD.
The following pools will have their awards distributed as follows:
- USCD/USDC: 19,500 CD for the first weeks, with a 15% decline in value per week for 104 weeks for a total of 104 weeks.
- CD/USDC: 10,500 CD for the first weeks, with a 15% decline per week for the next 104 weeks for a total of 104 weeks.
There is no lock period for claiming 35% of the CD token incentives if they are claimed during the first three weeks. The remaining awards will be distributed at a rate of 16.25 percent every thirty days (4 releases in total).
After a period of three weeks, all CD token awards are available to be redeemed.
Time of beginning:
USCD/USDC: 00:00 GMT on September 8, 2022.
CD/USDC: September 9, 00:00 GMT, 2022
How does the BANK work each epoch?
HODLers of CD may stake their CD tokens here in order to earn USCD at the end of each epoch (provided that the $USCD TWAP value is greater than $1 USDC). Whenever there is an expansion, newly minted USCDs will be sent to the BANK to be used as rewards and to the Hedge Fund to be used as operational funding for the project.
The duration of an epoch is four hours. If you take any action, your CD withdrawals will be locked for 12 epochs, and your USDC reward claims will be locked for 6 epochs.
The BANK will carry out a sweep at the beginning of each new epoch in order to check for
- whole supply of USCD.
- Price on the market for USCD.
- CD amount kept inside the bank’s vault.
The next move that the BANK makes will be determined by the price of the USCD market:
$USCD > $1: A proportion of the total supply of USCD is coined and awarded to users who contributed their CD tokens to the BANK depending on the percentile of their deposit when the price of USCD rises over $1.
$USCD =< $1: The printing of USCDs has been suspended. Purchase of a USBD token granted access.
ChocoDoge is dedicated to not pursuing profits or unnecessary metrics such as large TVL or exorbitant APR. Throughout the development phase, the objective is to create a sustainable procedure with sufficient ROI and safety. They closely adhere to the roadmap’s progress milestones and create events and incentive schemes to assist sell our goods. As the first GameFi project to use the Seigniorage Stablecoin Algorithm on Dogechain, they are devoted to constantly watching and improving the economy in our ecosystem to prevent losing control over inflation, which is the major weakness of most GameFi projects on the market.
To learn more about ChocoDoge visit https://chocodoge.dog/
Telegram Channel: https://t.me/chocodogechannel
Telegram Chat: https://t.me/ChocoDogeChat