With the launch of SSGTx the YFDAI ecosystem now has a complete token structure and we are excited to share our vision for this with you.
SSGTx is a multifaceted token that was brought in to replace SSGT and provide a much-needed infrastructure for the evolution of SafeSwap the native YFDAI DEX. Beyond the obvious Governance and Rewards function which creates clear sell pressure there are several innovative changes being implemented to drive demand for SSGTx.
SSGTx Demand Drivers:
Any project wishing to launch on YFDAI will need to agree to allocate a certain percentage of their token sale for purchase in SSGTx. This amount will generally not exceed $50,000 and will be broken up across all sale rounds.
What does this mean for token sale participants?
This will have a number of benefits. Effectively this will give anyone regardless of their eligibility to participate in the larger sale the ability to purchase a small amount of the new token in SSGTx. Each wallet will be capped at between $200 — $500 max depending on the allocation meaning that an additional 100 to 250 investors will be introduced to the project and the ecosystem.
What does this mean for the project and YFDAI?
The funds raised in SSGTx will automatically form half of the liquidity pair that will be used for listing the new token on SafeSwap, which will in turn see more SSGTx pairs list and more volume in general.
Beyond this there will be some additional LaunchPad innovations which will reshape the way our community participates in token sales making the entire process simpler, more transparent and better still, more beneficial for holders of YFDAI regardless of whether they choose to participate in the token sale or not.
Additional SSGTx demand drivers:
We are currently reviewing the tokenomics for a Silver and Gold ClubCard NFT each of which will grant the holders additional platform benefits including SafeTrade profit share and wider platform discounts. We are currently in talks with our SafeTrade partner and fully expect to launch either late 2021 or Jan 2022.
Beyond this we have some pretty unique DEX innovations in the pipeline, the first of which will be completely unique in crypto and while it isn’t the next Metaverse it will certainly add an element of excitement for all of the users of SafeSwap.
Introducing Lottery Swaps. The concept behind lottery swaps is fairly straight forward, users of SafeSwap can choose to swap normally and pay their fees on Polygon as usual or they can choose to swap with $1 worth of SSGTx. 50% of the SSGTx will be dropped into a pool which on the conclusion of the swap will trigger a random winner and also distribute the SSGTx pool funds. The pool will refill with every Lottery Swap trade and retrigger at random intervals and amounts meaning that anyone who Lottery Swaps has a chance to win.
SSGTx will also play an important part in its bond to YFDAI. In this instance where a percentage of platform fees generated in YFDAI will be pooled and made available for swapping with SSGTx on a bonding curve and the SSGTx for its part will then be burned, helping to balance the inflationary nature of SSGTx.
The plan to deploy SSGTx as a reward for farming and staking relies on being able to build value and demand for the token. We are focused on building that value and awareness via our ecosystem and by leveraging the power of our DEX to connect communities from other projects.
All in all this is just the beginning.
We hope you stick around to see what happens next.