This first tech update will dive into the different strategies, current state, and plans for upcoming months.
CRL, supply & emission curve :
The CRL token is designed as a utility and governance token across the whole ecosystem, intended to help users across their DeFi experience.
The max total supply will be 830 000 CRL, with a last minted token estimated for September 2022 (see the simulation).
However, the circulating supply will peak under this value due to the numerous CRL that has been removed from the supply (burned). It will further decrease in time due to the deflationary structures that we will describe below.
The distribution phase will last for a year, giving us plenty of time to develop additional and more profitable revenue streams for CRL holders and farmers. While the emission rate will decline, the CRL's automated buyback would stream additional funding for farms.
Each of those elements is worked under specifically dedicated teams (Squads) that will undergo additional hirings. This might involve some granular time change to each element; in all cases, we will keep the community under constant transparency on progress and estimations.
Decentralized exchange (DEX) :
The feature we were the most focused on will be the first to be released.
Available in the next few weeks (currently planned for early April), the DEX will allow you to swap to another currency without third-party control.
Those swaps will be executed using an Automated Market Maker system (AMM) and will allow anyone to provide liquidity.
Each transaction made on the platform will see a fee (0.196%) being taken. This fee, lower than the concurrence, will have the following breakdown (those values could undergo some change until release) :
- 0.171% goes to the LP (higher than PancakeSwap)
- 0.025% that is used for buying back CRL on the market and distribute as follow:
- ~88% (0.022 % of total fees) goes to CRL holders that have staked their CRL tokens
- ~10% (0.0025%) goes for NGO funding
- ~2% (0.0005%) are burned, reducing the total circulating supply.
Estimating a 500M daily transaction volume would mean $110 000 daily distributed to CRL holders, $12 500 to NGOs, and $2 500 forever burned.
With a lower total fee than concurrence, we aim to have the dex aggregators prioritize using CRLExchange instead of the other options. In addition to better LP incentivization, we are confident at driving the initial bootstrap liquidity and volume.
Arbitrage bots will also be key in this process, allowing us to work on the marketing and organic growth.
A special incentivized program aimed at liquidity providers could also be launched.
Finally, improvements are planned as we know many would like us to provide limit orders.
We will migrate in three steps; first, we will release the DEX, fees will be fully available to LP, and while we finish work and audit on the CRL staking contract, we will perform buyback and burn operations start the distribution to NGOs.
A small portion of those funds will also be dedicated to marketing funding, developments, and hirings.
Vaults and automated strategies :
Vaults are automated investment strategies that do many of the tedious tasks for you.
They don’t require you to pay a fee on each compounding or assets rebalancing while continuing to work even when you are asleep.
We are working on auto compound impermanent loss-free strategies that are next on the list to be released.
The initial interface was adapted for a farm-only project. As we move along from this stage, we will need an overhaul of the interface.
It is an endeavor that we will start as soon as the first earnings from the DEX arrive. As we will expand the team, a specific squad will be dedicated to this effort, and we hope to deliver this to the community rather quickly.
The farm section will stay, but it will be one of the different ways to earn in that DeFi ecosystem.
NGO Smart Contract :
To create a decentralized bridge between the crypto world and NGO funding.
We plan to create a simple program that will be funded from earnings.
This program will allow the CRL holders that are part of the governance to adjust the repartition in terms of percentage towards NGO.
The idea being that those NGOs would submit their monthly request to the smart contract so that all the distribution will be done automatically. Those funding transactions would be executed monthly, allowing NGOs to actually plan for them.
Anyone would also be able to donate to this fund and have a provable way to ensure the redistribution will happen.
Right now, the founding team has insufflated the initial movement to this project. Still, to be a collective endeavor, we will need the whole community to participate in the decision processes.
As an example, with growing trade volume, there will be a growing amount to dedicate to NGO, enough that a shift could occur, where instead of manually selecting and donating to NGO, we could have them interacting with the smart contract and the governance model would allow deciding collectively on the automated monthly distribution of those funds.
NGO Charity Platform :
Donating is actually not so easy. Right now, Giving Block allows to send some cryptocurrency, but it has to go through a bridge to get out of the BSC, and this came with inherent fees; instead, we aim to provide that first donation platform on the BSC, linked with the aforementioned context, a place where everyone donates in any BEP20 currency to any NGO, up to them to swap to get that transferred to their desired currency.
Coral Yield App :
Millennials are already the biggest demographic cohort, and they will peak in 2030. There, it is anticipated that their monetary power will exceed any previous cohort that ever existed.
They will not use and invest the same way as the previous biggest cohort, and crypto will surely — and is already a part of their endeavor.
However, Metamask and all those specificities are really a different flavor than just an app on which you have a limited yet comprehensible way to compound your revenues.
This is what the Coral Yield App will be about.
NFT & Gamification:
We are in the early steps of this exciting feature; In a nutshell, we plan to provide special features to the owner of original NFTs to extend and give an immersion to their digital arts.
The initial feasibility study indicates that dedicated vaults or real-life coral reef adoption could really be a nice symbiosis between crypto and marine preservation.
We will detail more on that in an upcoming article.