Token Ownership, Farming, and Staking
Last updated
Last updated
The $RUST economy broke another milestone on 20th November 2023 with the official renouncement of ownership of the $RUST token contract.
Renouncing ownership is a significant move towards enhancing the integrity and trustworthiness of the RRCC project. Here are the key implications for $RUST:
1. Prevention of New Token Generation: The most crucial aspect of renouncing ownership is that it prevents any future creation of new RUST tokens. This action solidifies the max total supply and ensures that no additional tokens can be minted, maintaining the token’s scarcity and value.
2. Increased Security: Without the ability to alter the contract, the security of the token is significantly increased. This step eliminates the risk of malicious actions often associated with ownership privileges.
3. Community Trust: This move demonstrates our commitment to fairness and transparency, building greater trust within our community. We’re reinforcing the idea that $RUST is a community-driven project, and its future lies in the hands of its members.
4. Immutable Contract: The $RUST token contract is now immutable, ensuring that the rules set out initially cannot be changed. This provides stability and predictability for token holders.
This step is just the beginning of a journey towards a more community-centric and secure future for Rusty Robot Country Club which combines perfectly with the launch of farming and staking on ShimmerSea DEX.
The $RUST Liquidity Pool is supported by our partners ShimmerSea DEX where farming and LP reward systems launched on 20th November 2023 to provide holders with opportunities to earn through providing liquidity and helping to farm the future supply of the token. Rewards are distributed for participants through ShimmerSea smart contracts, audited by AuditOne.
Initial LP rewards will include 150,000,000 RUST as well as LUM and are monitored over the first 6 months of the token distribution to ensure stable and healthy growth for the token and the $RUST economy.
The simple answer is that yield farming is a way to earn rewards on deposited crypto assets. The more complete answer is that instead of simply holding crypto assets, yield farming is a way for enterprising people to maximize their returns on their holdings. Projects offer these rewards to people in order to temporarily use their assets. Typically projects use deposits to increase liquidity, but there are other use cases such as staking.
Deep liquidity is one of the most important attributes for any financial market because it enables fast and efficient financial transactions. For a thorough introduction to liquidity, read this article. Yield farming is a good strategy to increase liquidity. New projects can jump start their liquidity and established projects with decreasing liquidity can reverse the trend by offering generous incentives.
Excerpt from bitcoin.com https://www.bitcoin.com/get-started/what-is-yield-farming/
To find out more about pools checkout the following useful link from UniSwap: https://docs.uniswap.org/contracts/v2/concepts/core-concepts/pools
And join the ShimmerSea Discord to get in on the discussion: SHIMMERSEA DISCORD
In addition to the farming opportunities three new staking pools have been launched on the ShimmerSea DEX platform with rewards that went live at 2000 CET Monday 20th November 2023. Allowing community members to gain access to the public distribution of 45% of the total $RUST supply over an initial 24 month period, followed by a second round of staking that will go live shortly after the first phase of staking is completed. The community holds the strongest position to access and receive $RUST token as it is vested over the coming years.
The pools are as follows:
$RUST only staking pool - Anyone who holds $RUST can stake for rewards - Unlimited participating wallets - Emits at 0.71 $RUST per second (44,781,120 RUST total)
RRCC NFT holder staking pool - ONLY RRCC NFT holders can stake for rewards - Max 11,111 participating wallets - Emits at 1.42 $RUST per second (89,562,240 RUST total)
OG NFT holder Staking pool - ONLY OG NFT holders can stake for rewards - Max 1,011 participating wallets - Emits at 7.13 $RUST per second (450,000,000 RUST total)
These emissions mean there will be a surplus supply from the NFT and RUST only staking pools at the end of the 24 month staking period which will become the foundation for the launch of a second staking period with the remaining allocation (315,656,640 RUST) along with any additional staking rewards we may add to the supply will be redistributed into three new staking pools for OG, NFT, and RUST holders to launch a second round of staking.
These emission rates provide a consistent flow of 10x the daily distribution of $RUST from the OG pool compared to the $RUST only pool. With the NFT pool fixed at 2x the emissions of the RUST only pool. OG is where it’s at with main collection NFT holders also having a prime opportunity to gain the greatest benefits from the staking system and to keep the economy strong within the community.
With the $RUST token contract locked, and the pools and farming live the economy is now fully decentralized and ready to grow with NFT holders at the front of the economy. Working with established, secure partners like ShimmerSea and Hedgey we are building a safe and secure ecosystem that is in the hands of the community.
0xbD17705cA627EFBB55dE22A0F966Af79E9191c89
https://shimmersea.finance/liquidity/pool/0x9f43b71c94837f37700a5861d34c3bf8865cc728
https://shimmersea.finance/farms
