🆙 POOP
POOP is the core token of the Poop protocol.
Token Details
Name: Poop
Ticker: POOP
Decimals: 18
Total supply: elastic supply
Contract: 0x00000065cBADeAD116136940b302F938284f2BDc
POOP has no pre-sale and no investor.
Up-Only Mechanism
POOP adopts an over-collateralized elastic supply mechanism, which guarantees the price of POOP/L1 Coin goes Up-Only.
The mint and burn of POOP are supported by the deposits and withdrawals of the L1 Coin Backing Vault. Each time a POOP is minted or burned, a small-portion tax will be charged and collected by the Backing Vault. This ensures that the reserved L1 Coin in the Backing Vault will always increase at a greater rate than the total supply of POOP.
The Backing Vault is a smart contract (not a wallet address) and nobody can ever manipulate the L1 Coins in it. Code is the law.
Here's an example:POOP on BNB Chain adopts a 10% tax (60% of which is used for over-collateralization)
Mint POOP
When a user pays 1 BNB to mint POOP
0.9 BNB for mint, of which 100% goes into the Backing Vault
0.1 BNB for tax, of which 60% goes into the Backing Vault, 40% goes into the development fund
This results in
Contract mints 0.9 BNB worth of POOP,
Backing Vault adds 0.96 BNB collateral,
Value of BNB reserved (0.96 BNB) > value of POOP minted (0.9 BNB),
The price of POOP/BNB goes up.
Burn POOP
When a user burns POOP worth 1 BNB
0.9 BNB for repayment, of which 100% goes into the user’s wallet
0.1 BNB for tax, of which 60% goes into Backing Vault reservation, 40% goes into the development fund
This results in
Contract burns 1 BNB worth of POOP,
Backing Vault reduces 0.94 BNB collateral,
Value of BNB reserved (-0.94 BNB) > value of POOP minted (-1 BNB),
The price of POOP/BNB goes up.
Conclusion: Every transaction of mint and burn will make the price of POOP/BNB goes up, and it will go up only.
You can also trade POOP without taxes on DEXs.
| Chain | DEX |
|---|---|
BNB Chain |
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