CakeMonster, the hyper-deflationary DeFi protocol backed by $CAKE, arrives on Certified START
CakeMonster is an offshoot of the community at DeFi Labs, and it is bringing a revolutionary new approach to tokenomics
The team at DeFi Labs are relentless in their march to deliver interesting projects with unique and rewarding tokenomics. They started with PRIA and MetaWhale both ERC-20 tokens but limited by the exorbitant gas fees on Ethereum.
The team behind Cake Monster are an offshoot of DeFi Labs and represent the first foray into the people’s network that is Binance Smart Chain, a blockchain that is faster and cheaper to use than Ethereum. The low gas fees open up some new options in terms of features for the token, and Cake Monster is packed with them.
The world’s first $CAKE-backed DeFi protocol, and our next Certified START IDO, are you ready for Cake Monster? Let’s get stuck into the delicious details…
What is Cake Monster?
Essentially, $MONSTER is a hyper-deflationary and elastic supply token that has unique reserve and reward mechanisms featuring an automated hybrid monetary policy.
Now that might sound a little complicated to some of you, and we don’t blame you, so we have broken down the key features of how Cake Monster works below:
Deflationary & Designed for HODLers
$MONSTER isn’t just deflationary, it is hyper-deflationary. Every time someone buys or sells $MONSTER, or transfers it to another wallet, a total of 5% of the $MONSTER in that transaction is removed:
- 2.5% being burned (therefore increasing the scarcity and value of $MONSTER).
- And the other 2.5% is a tax that is sent to the $CAKE Gravity Vault (90% of this tax is then used to market buy $CAKE, which is used as rewards for $MONSTER hodlers, the other 10% of the tax is auto-added to the PancakeSwap Liquidity Pool.
So not only is the $MONSTER supply decreasing all the time through the burn, but the liquidity pool is consistently growing — and hodlers are being rewarded.
This innovative approach creates a trifecta of value-adding elements. The burn reduces the supply of the token, the LP is consistently growing which leads to a gradual tick up in the value of the token, and $MONSTER holders are being incentivised to HODL with rewards in $CAKE.
Make Cake and Earn $MONSTER
Not only can you earn $CAKE from the Gravity Vault, which is claimable by HODLers every time the total supply of $MONSTER reduces by 1%, you can also earn $MONSTER by “Cake Making” within the Cake Monster DApp.
“Cake Making” adds $CAKE to the Gravity Vault, and the devoted bakers of these cakes are rewarded with $MONSTER!
Each time the temporary vault is filled with 0.01% of the current total $MONSTER supply through taxes there are enough ingredients to Make the Cake.
Making the Cake is the action that does two things:
- Buys $CAKE and adds it to The Gravity $CAKE Vault which is owned by the community
- Auto-adds liquidity to PancakeSwap
To Make the Cake we need Monster Chefs from the community to help us!
Monster Chefs who do this are rewarded in $MONSTER for their service — The Monster Chef gets a minted reward at 1% of the $MONSTER value from the temporary vault for “Cake Making”.
Only Active Monsters are Rewarded
You may be thinking, well what if people stop buying and selling $MONSTER? How will the burn and tax benefit me as a HODLer?
This is where the Auto Cashout function comes in, and it is rather clever.
Any user can initiate an Auto Cashout on a target user’s address from the Cake Monster DApp if they have not moved/bought/sold 5.01% or more of their tokens in 50 consecutive days.
Those who initiate the Auto Cashout are rewarded with 5% of the inactive user's tokens to cover gas fees and for helping manage the protocol.
The inactive $MONSTER HODLer will have the rest of the $MONSTER (95%) sold for BNB at the market rate. The $MONSTER that is added to the Liquidity Pool when the Auto Cash Out happens is burned, so as to not adversely affect the price and ensure further deflation.
So HODLers can avoid this by moving their $MONSTER from one wallet to another before 50 days has elapsed, but of course, doing so will result in 5% of the tokens being removed (2.5% burned/2.5% taxed).
So quite quickly, you can begin to understand how the end goal of a total of 1M $MONSTER tokens can be reached.
How the Grand Cake Monster Game Comes to an End
Cake Monster incentivises HODLers in a ‘last man standing’ style game. Whoever is left holding their $MONSTER when the target End Supply of 1 million $MONSTER tokens is reached will be able to claim the remaining $CAKE from the Gravity Vault that corresponds to the amount of $MONSTER they hold.
For example: When there is only a total supply of 1M $MONSTER left, if you hold 10,000 $MONSTER tokens, that will equal 1% of the supply — as a result, you will be able to claim 1% of the $CAKE from the Gravity Vault.
How does the Game End?
Once the total supply drops below 1 million tokens, two years have passed, or no management activity has happened in 124 days; any user can call FINISH.
When the FINISH function is called from the Cake Monster DApp, liquidity added by the tax is removed, the remaining CakeMonster tokens are burned, and trading is disallowed.
Users who still hold $MONSTER tokens can call ‘claim’ to receive a proportional amount of the $CAKE from the Gravity Vault (as explained above) and a proportional amount of the new supply, ready for the grand game to be reset.
35 days after FINISH is called, anyone can call BIG RESET, which adds the collected liquidity from the previous deflationary cycle back to the LP and mints the initial total supply of 10 billion to the reserve — starting the protocol all over again.
Here is a short overview of the $MONSTER tokenomics:
- Initial supply = 10,000,000,000 (10 Billion/100%)
- End supply = 1,000,000 (1 Million/0.01%)
- 70% of the raised funds from presale will be spent on Marketing.
- Gravity Vault asset: $CAKE
- Temporary Vault asset: $MONSTER
- Each transaction contributes 5% to protocol mechanics (2.5% burn, 2.5% added to vaults & locked LP)
- Token Type: BEP-20 (BSC)
- Category: DeFi
- Initial DEX: PancakeSwap
- Pre-sale: 50% (IDO on Starter and Cake Monster Community Whitelist)
- Community Engagement: 30% (Community events and rewards, prizes, influencer marketing)
- Public Sale: 10% (Listing on PancakeSwap)
- Team: 10% (Vested)
Starter IDO details
Cake Monster has been audited by Solidity Finance: https://solidity.finance/audits/CakeMonster/
IDO date: 19th June, 2021
Starter pool details coming soon with pool creation…
There WILL be a whitelist for Cake Monster, to be eligible for the IDO, please stake a minimum of 50 $START as normal, and complete all the tasks here: https://docs.google.com/forms/d/e/1FAIpQLSdv1IlN8-uHxyOQtPt8YlSXrDKG27HWTbtY-X7PHHVwfl3bXg/viewform
✉️ Telegram: https://t.me/starterxyz
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🔊 Announcements: https://t.me/starter_announcements
🚀 START Contract: https://bscscan.com/token/0x31d0a7ada4d4c131eb612db48861211f63e57610
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