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- Community Token
$SH33P is the Degen Protocol’s official elite token (CRC-20) on the Cronos Chain (Crypto.com's EVM chain) that captures value by having a scarce supply, a deflationary burn mechanism, constantly raising floor price via token buybacks, and by providing staking rewards for HODLers to earn passive dividends. There is a 6% transaction fee on all $SH33P token buys, sells, and transfers.
That 6% fee is distributed as the following:
*5% sent to a burn address
*20% towards the liquidity controller address – strategically used by the core team to initiate token buybacks and add additional token liquidity
*2% towards development costs
*3% towards marketing costs
*10% towards the team wallet splitter
*30% towards XSH33P staking rewards – first payout will be released 30 days from 12/15/2021 to ensure that those who purchased during the Sacrifice Phase will receive their fair share of the staking rewards
*2% towards XSH33P vault APY booster
*10% towards the Las Vegas party fund – the Degen Protocol community’s annual meetup event
*18% towards SH33P NFT holder rewards -- more details TBA, but HINT: you will want to hold A LOT of $SH33P for these 😉
People holding $SH33P can stake their $SH33P as XSH33P into the staking pool to earn passive $SH33P rewards from transaction fees collected by trading activity. At launch, there will also be a “vault style” contract released where users can deposit their XSH33P to earn rewards from both the instant and drip dividend pools. There is a 10% fee on deposits, compounds, and withdrawals distributed as the following: 2% towards the instant rewards pool and 8% towards the daily dividend pool. The daily dividend pool drips out 3% of it’s balance to all players per day. The rewards received are proportional to your percentage share of the total XSH33P staked in the vault and there are no additional fees for harvesting your rewards. Participating in the vault is completely voluntary, but it allows users to “double dip” by earning rewards from both the native staking pool and activity occurring within the vault. In addition, the team will be launching their “Woolshed” DeFi dApp in Q1 2022.
The Woolshed will provide additional utility for $SH33P, allowing users to mint NFTs and exchange their tokens for “WOOL,” which can be deposited to receive up to a consistent 1% daily return (365% APR). Not only will this benefit those staking XSH33P in the native staking pool (since it will help prevent dilution), but it will also lock up a large amount of the supply and speed up the token burn process. The goal of $SH33P is to not only create a community driven project that is fun, but also provide value to token holders and incentivize long-term strategies!