ChocoDoge: Innovative entertainment with NFT
Entertainment is often considered a source of expenditure. But having a source of entertainment that ensures a high yield passive income seems unlikely. ChocoDoge is an excellent platform for people to immerse themselves in high profit entertainment activities.
CHOCODOGE is an algorithmic stablecoin created for DOGECHAIN, inspired by Tomb, Frax and other stablecoins that existed before, its purpose is to become a stablecoin that will be effectively pegged to $1.
However, this is only the tip of the proverbial iceberg. In addition to this, it provides Defi commodities that come with enticing profit margins, ensuring long-term viability of the project as well as the safety of our investors’ finances. It implements a system that can automatically increase and regulate token supply to match current needs, all while maintaining a relatively stable value for the ecosystem’s universal payment method, allowing them to concentrate on expanding and innovating the project. This allows them to focus on developing the project.
How the system will work
“Expansion”: A percentage of the total USCD supply is minted. The embossed USCD is given to users who inserted their CD chips depending on how many CDs they inserted.
– “Contraction”: USCD embossing is stopped. Instead, USBD tokens (bonds) are available for sale. Users can purchase USBD with USCD. For 1 USBD purchased, 1 USBD is burned automatically. The tax will also be significantly higher during this time.
– USBD tokens cannot be redeemed (converted to USCD) when the TWAP (Time Weighted Average Price) of USCD is below $1, but they can be done when the TWAP of 50C goes back above $1. This is a premium mechanism that encourages users to buy bonds and helps the price return above the bond.
What are the types of tokens used?
- USCD – ChocoDoge Cash:
The purpose of the currency token USCD is to act as a medium of exchange. The protocol has a built-in stability mechanism that tries to maintain the USCD pin at 1 USDC throughout time. This mechanism is an implementation of the successful approaches of previous algorithmic tokens.
As the ecosystem continues to grow with the introduction of more games and apps, USCD can also be used to facilitate purchases in those games and applications.
- CD – ChocoDoge Share:
ChocoDoge shares are a way to find out how much the ChocoDoge protocol is worth and how confident investors are that it will keep USCD close to its peg (CD).
Every time an epoch grows, the protocol creates USCD and issues it proportionally to all CD holders who have deposited their tokens in the BANK (boardroom).
Also, HODLers can pair their CD as an LP and farm for an extra CD.
Later, when community voting is enabled, CD will become the governing symbol of CHOCODOGE.
- USBD – ChocoDoge Bond:
The main purpose of ChocoDoge Bonds (USBD) is to stimulate modifications in the USCD supply during an epochal contraction phase. This is done when the epoch is under contraction. When the TWAP (Time Weighted Average Price) of USCD falls below 1 USDC, USBDs are generated and can be purchased with USCD at the current rate. USBD can only be purchased with USCD. When USCD tokens are exchanged for USBD, the price of one USDC goes up since this action causes deflation by removing tokens from circulation.
These USBDs can be traded against USCD at a later date when the price is higher than peg and there will be an additional incentive for them to remain higher than peg for longer periods. When the USDC rate is higher than the peg, this results in price growth and increased selling pressure, both of which work to bring it closer to the 1 USDC level.
How are tokens allocated?
- ChocoDoge Cash – USCD
Maximum supply is uncapped and generated using the Seigniorage model.
Genesis Pools (first 2 weeks)
As a prize, a total of 100,100 USCD tokens will be spread among the following pools:
USCD/WDOGE (x77): 77,000 USD
DOGECHAIN (x7): 7700 USD
WWDOGE (x7): 7700 USD
USDC (x7): 7700 USD
There is no lock-in period to claim 35% of USCD token rewards if claimed within the first two weeks. 16.25% of prizes still unclaimed will be awarded every 10 days (4 releases in total).
The start time for WWDOGE, DC and USDC is 12.00 GMT on 5 September 2022 and for USCD/WWDOGE on 6 September 2022 at 00:00 GMT.
After the Genesis pools stage, BANK is the only entity authorized to mint USCD.
Also, at the time of launch, September 10th, users can stake their USCD to earn USDC.
- ChocoDoge Share – CD
Maximum quantity available: 200,000 CDs.
The following pools will have their prices distributed as follows:
- USCD/USDC: 19,500 CD for the first weeks, with a 15% decrease in value per week for 104 weeks for a total of 104 weeks.
- CD/USDC: 10,500 CD for the first weeks, with a decrease of 15% per week for the next 104 weeks for a total of 104 weeks.
There is no lock-in period to claim 35% of the CD token incentives if claimed within the first three weeks. The remaining prizes will be distributed at a rate of 16.25 percent every 30 days (4 releases in total).
After a period of three weeks, all CD token rewards are available for redemption.
Time of commencement:
USCD/USDC: 00:00 GMT on 8 September 2022.
CD/USDC: September 9 00:00 GMT, 2022
How does BANK work in each era?
HODLers of CD can stake their CD tokens here to earn USCD at the end of each epoch (provided the $USCD TWAP value is greater than $1 USDC). When there is an extension, newly minted USCDs will be sent to the BANK to be used as reward and to the Hedge Fund to be used as operating finance for the project.
The duration of an epoch is four hours. If you take action, your CD withdrawals will be locked for 12 epochs and your USDC reward claims will be locked for 6 epochs.
The BANK will do a sweep at the beginning of each new epoch to check
- entire supply of USCD.
- Price on the market for USCD.
- CD amount kept inside the bank’s vault.
The next move that the BANK makes will be determined by the price in the USCD market:
$USCD > $1: A share of the total supply of USCD is created and allocated to users who have contributed their CD tokens to BANK, depending on the percentile of their deposit when the price of USCD rises above $1.
$USCD = $1: The printing of USCDs is suspended. Purchase of a USBD token granted access.
Conclusion
ChocoDoge is dedicated to not chasing profits or unnecessary metrics like large TVLs or exorbitant APRs. Throughout the development phase, the aim is to create a sustainable procedure with sufficient ROI and safety. They closely monitor roadmap progress milestones and create events and incentive schemes to help sell our merchandise. As the first GameFi project to use the Seigniorage Stablecoin Algorithm on Dogechain, they are devoted to constantly watching and improving the economy of our ecosystem to prevent losing control of inflation, which is the biggest weakness of most GameFi projects on the market .
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