State of the Union.
Hello everyone!
Its been 8 days since the launch of OracleSwap.io, the first true decentralised exchange on the Songbird Network and we are pleased to announce that its been a smooth launch and we are getting reports from users of a great experience using the DEX and all systems are working as expected.
Key features of the DEX are as follows:
*Swap function — Users can instantly and effortlessly swap any songbird token for any other with the minimal transaction fees we enjoy due to songbirds set up.
*Liquidity pools — Users can stake their tokens in 1 of many paired pools and earn rewards based on the liquidity they provide.
Utilising our native incentive token $PRO, short for Prophet Token.
*Single sided staking — Users can single sidedly stake their Xoracle and gain rewards in $PRO risk free.
To elaborate more on our incentive token :
The Prophet Token $PRO is an incentive token that is minted and distributed to Liquidity Providers through the Master Prophet Yield Farming Contract.
Prophet Token starts with an inflation of 6 $PRO per block starting June 2022. The $PRO per block will decrease by 1 $PRO every month for 6 months until it hits 1 $PRO per block in December 2022! Prophet Token will be more scarce and harder to come earn by this stage!
A small portion of $PRO may also be minted and distributed for NFT staking and FTSO rewards.
The Prophet Token $PRO has a deflationary mechanic of 1% burn on transfers, which keeps the supply in check and incentivises holding. For Example: If you transfer 100 $PRO, 1 $PRO is burnt. The receiving address will only receive 99 $PRO. Prophet Token does not have a Max Supply but with rough calculations we can calculate that in 10 years the total supply could be around 250–300 Million. This is not taking into account the 1% burn on transfers and the $PRO buy/burn system. This number is derived by Songbirds average block time. Songbirds current average block time is about 1.5 seconds. After the initial bonus phase which is from JUNE 2022 to DECEMBER 2022 Prophet Tokens will be 1 $PRO per block which is an inflation of approximately 22 Million per year.
As you can see illustrated above as on June 22nd 2022 the $PRO per block reward rate is set to 6 $PRO per block, this will decrease each month by 1 $PRO per block.
JUNE = 6x Reward rate
JULY = 5x Reward rate
AUGUST = 4x Reward rate
SEPTEMBER = 3x Reward rate
OCTOBER = 2x Reward rate
NOVEMBER = 2x Reward rate
DECEMBER = 1x Reward rate
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(24th June 2022) we held a Twitter spaces to announce proposals to the community regarding changes to the rewards rate for $PRO token.
After many calculations and scenario run throughs we proposed to increase the reward rate that $PRO is earned while users are in the WSGB/PRO Liquidity pool pair. Currently the reward rate is 14% of the total daily rewards and we were proposing to up that rate to 18% — originally we discussed raising the $PRO reward allocation to 29% from 14% but after further analysis we are proposing that the new 18% increases will work far better and give us more room to move up later if needed. This proposal will be put to the community for voting on. (to be announced)
We will update everyone about the voting mechanism near the end of next week.
