What an exciting past two days we’ve had! We’re grateful for all of your support and energy, and we would just like to welcome you on board. We’re sure that you’re all very curious about where POP! is heading, and we can assure you that we have some fascinating stuff coming soon!
The purpose of this post is to help clarify some questions that seem to be frequently asked. We highly recommend you have a read through this carefully, and should you have any further questions, please feel free to ask them.
- Staking — In case you aren’t aware, POP! launched its Genesis Pools yesterday (30th of March) at 13:30 CET, and since then, we have seen a whopping >40M$ Total Value Locked (TVL) in our Genesis Pools. These pools are set to run for ten days from the origin, meaning they will come to an end on the 9th of April at 13:30 CET. During this time, a total of 1M POP! tokens are continuously being farmed by the stakers of WETH and USDC.
In case you are wondering what the purpose of a Genesis Pool is — well, it’s a form of creating a fair launch to ensure that all early community members have a chance at farming POP! tokens before we launch our platform. Keep in mind, we have NOT done any raise, and we don’t plan to. Therefore we believe this was a favourable option.
If you have not yet staked, and you are looking to do so, please make sure to visit our official staking website: https://stake.pop.town/ — The process is fairly simple; All you need to do is connect your wallet, ensure that you have ETH and/or USDC ready, click on the “Stake Now” button, and finally approve the amount you would like to deposit into the Genesis Pools & Voilà — you are officially a POPular member of society farming your first POP! tokens!
We realize that there has been some confusion regarding the WETH Genesis Pool. Some users have tried to directly stake WETH into the pool without success. This was an issue on our Front End; however, the simple solution is to simply stake your ETH, at which point you will be asked to confirm the transaction of wrapping your ETH prior to it being deposited into the WETH Genesis Pool. When withdrawing your WETH, you will end up with WETH, and should you like to return to ETH, simply unwrap it on Uniswap. Nevertheless, we apologize for the inconvenience!
Finally, should you want to withdraw your staked assets and your farmed POP! tokens, feel free to do so at any time. Those POP! tokens will be completely unlocked and transferable. Keep in mind that any deposit into the staking pools will be subject to a 0.6% fee, which is being used purely for bootstrapping liquidity into the POP!/ETH LP on Uniswap — In other words, we are using those funds (0.6% fee) to create a continuously larger Liquidity Pool, ultimately providing a “comfortable” trading pair on Uniswap. - Supply — We understand there are various questions revolving around the supply situation. Before explaining in detail, in case you are unaware, our distribution charts are all displayed and described in detail here: https://gitbook.pop.town/popo-nomics/distribution. Please have a look through our Gitbook, given it provides most — if not all — the information you require. Nevertheless, to make it clear for the community, this is the current situation:
We have minted 1,222,222 POP! Tokens yesterday, as they are what we like to call our “Genesis Supply,”. 1M of these tokens are used to reward those staking in the Genesis Pools (which, as mentioned previously, are continuously distributed over a period of 10 days). The remaining 222,222 POP! tokens have been taken directly from our Dev Wallet supply. The reason for this is that we wanted to ensure there would be sufficient liquidity in the POP!/ETH LP, and given we did NOT do any raises, we chose to provide some of our own funds. Therefore, this is currently the sole purpose of these 222,222 POP! token.
During the ten days from the origin (30th of March 13:30 CET) until the end of the Genesis Pools (09th of April 13:30 CET), a linear increase in circulating supply will occur until we’ve reached our temporary total supply of 1,222,222 POP! Tokens (which will also be our circulating supply at that point!). However, this is where many seem to be confused — our FINAL Total supply is 250M POP! tokens (as is shown in our Gitbook). These 250M POP! tokens are going to be minted and released linearly over a period of 6 years, however, these values are subject to change when POP! is governed by the DAO. Therefore, do not be afraid of sudden large token unlocks or significant abrupt dilution, as this will not occur with POP!.
Once our POP! Platform is live, we will have MLPs launching directly on them, at which point POP! Tokens allocated for the MLPs will begin distributing. In essence, this means our Total Supply, together with our Circulating Supply, will progressively increase at a linear rate. In other words, once the Genesis Pools come to an end, our Circulating Supply will begin its long journey from 1,222,222 POP! tokens to 250M POP! tokens — a venture that is estimated to take six years! If you would like to see a numerical display of what the circulating supply will be over the coming months, please have a look at the table found at the bottom of this page. - Audits — Security is a primary concern in this market (as it should be). Therefore, throughout the last few months, we have been working tirelessly with the help of one of the world’s leading blockchain security companies — CertiK — in order to provide high-quality code. We have already received a preliminary audit report, where we analyzed the issues identified and have swiftly resolved them in an appropriate manner. We are currently waiting for the final audit report from Certik, and once received, an announcement will be made! Nevertheless, our staking contracts have been directly forked from YFI — a leader in the current market — and therefore, one can assume the standard of quality is high!
Where to now for POP!? In our next post, we will provide some more details with regards to our future plans. Stay tuned!
About POP!
POP! is a platform that allows 2 projects to objectively display mutual trust and commitment to each other, by locking their respective tokens together and creating a trustless Mutual Liquidity Pool (MLP). In addition, it allows POP! users to provide single-sided liquidity, in the form of their favourite token, and matches them with another POP! user before adding their joint liquidity to the MLP.
Powered by Faculty Group, POP! aims to set a new standard in the digital asset ecosystem, in particular with regards to Partnerships.
