cryptocurrency

ChocoDoge: Innovating Entertainment with NFT

Entertainment is often considered a source of expenditure. But having a source of entertainment that guarantees a negative return at a high rate of return seems implausible. ChocoDoge is an excellent platform for people to engage in fun activities with high profits.

CHOCODOGE is an algorithmic stablecoin created for DOGECHAIN, inspired by Tomb, Frax, and other stablecoins that existed before, the purpose of which is to become a stablecoin that is efficiently pegged to $1.

However, this is only the tip of the proverbial iceberg. In addition, it offers Defi items that come with attractive profit margins, which ensure the long-term viability of the project as well as the safety of the financial resources of our investors. It implements a system that can automatically scale up and organize token supply to match current needs, while maintaining a relatively constant value for the overall ecosystem payment method, allowing them to focus on project expansion and innovation. This allows them to focus on project development.

How will the system work

“Expansion”: A percentage of the total supply is minted from the USCD. A minted USCD is awarded to users who have stored their CD codes depending on the number of CDs they have stored.

– ‘Deflation’: USCD minting has ceased. Alternatively, USBD (bond) tokens are available for sale. Users can purchase USBD with USCD. For 1 purchased USBD, 1 USBD is burned automatically. The tax will also be much higher during this time.

– USBD tokens cannot be redeemed when the TWAP (time-weighted average price) of the USCD is less than $1, but it can be whenever the price of a 50C TWAP is more than $1. This is a distinct mechanism that incentivizes users to buy bonds and helps the price go back above its currency peg.

What types of tokens are used?

  1. USCD – ChocoDoge Cash:

The purpose of the USCD currency token is to serve as a medium of exchange. The protocol has a built-in stabilization mechanism that strives to keep the USCD peg at 1 USDC throughout. This mechanism is an implementation of successful approaches to previous algorithmic codes.

As the ecosystem continues to grow with the introduction of additional games and apps, USCD can also be used to make purchases more easily within those games and apps.

  1. CD – ChocoDoge Share:

ChocoDoge stock is one way to see the value of the ChocoDoge protocol and how confident investors are that it will keep the USCD close to its currency peg (CD).

As an era develops, the USCD protocol makes and awards it proportionally to all CD holders who put their tokens in the bank (meeting room).

Also, HODLers can associate their CD with the LP and farm name for an additional CD.

Later, when community voting is enabled, the CD will become a governance symbol for CHOCODOGE.

  1. USBD – ChocoDoge Bond:

The main purpose of ChocoDoge Bonds (USBD) is to stimulate adjustments in the USCD supply during the downturn phase. This is done when the epoch is under contraction. When the time-weighted average (TWAP) price of the USCD falls below $1, USBDs are generated and can be purchased with the USCD at the current price. USBD can only be purchased with USCD. When USCD tokens are exchanged for USBD, the price of one USDC rises because this action causes deflation by removing the token from circulation.

These USBDs may be traded for USCD at a later time when the price is above Pegging, and there will be an added incentive for them to stay above Pegging for extended periods of time. When the US dollar is above the peg, it inflates prices and increases selling pressure, both of which bring it closer to the $1 level.

How are icons allocated?

  1. ChocoDoge Cash – USCD

The maximum supply is not specified and is generated using the Seigniorage model.

Genesis Baths (first 2 weeks)

As a prize, a total of 100,100 USCD tokens will be distributed among the following groups:

USCD / WDOGE (x77): 77000 USD

DOGECHAIN ​​(x7): 7700 USCD

WWDOGE (x7): 7700 USCD

USDC (x7): 7700 USCD

There is no lock-in period to claim 35% of USCD token prizes if claimed within the first two weeks. 16.25% of unclaimed prizes will be distributed every 10 days (4 issues total).

The start time for WWDOGE, DC, and USDC is 12:00 GMT on September 5, 2022 and for USCD/WWDOGE on September 6, 2022 at 00:00 GMT.

After the Genesis Pools stage, the only entity allowed for a USCD is a bank.

Besides, at the time of release, September 10, users can share their USCD in order to earn USDC.

  1. Share ChocoDoge – CD

Maximum quantity available: 200,000 cd.

Prizes for the following groups will be distributed as follows:

  • USCD / USDC: 19,500 tablets for the first weeks, with a 15% decrease in value weekly for 104 weeks for a total of 104 weeks.
  • CD / USDC: 10,500 tablets 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 3 weeks. The remaining prizes will be distributed at a rate of 16.25 percent every thirty days (4 issues in total).

After a period of three weeks, all CD token prizes are available to be redeemed.

start time:

USCD / USDC: 00:00 GMT on September 8,

CD / USDC: September 9, 2022 – 00:00 GMT

How does the bank operate in each era?

HODLers of CD may share their CD tokens here in order to earn a USCD at the end of each era (provided the value of the USCD TWAP is greater than $1). When there is an expansion, the newly minted USCD documents will be sent to the bank for use as bonuses and to the hedge fund for use as operating funding for the project.

The duration of the period is four hours. If you take any action, your CD withdrawals will be locked for 12 periods, and your USDC bonus claims will be locked for 6 periods.

The Bank will conduct a survey at the beginning of each new era in order to verify this

  • The full presentation of the USCD.
  • Market price for USCD.
  • The amount of the deposit kept in the bank’s treasury.

The bank’s next step will be determined by the USCD market rate:

USCD$>1$: A percentage of the total supply of USCD is minted and given to users who contributed their CD tokens to the bank depending on the percentage of their deposit when the price of the USCD rises by more than $1.

American dollar = 1 dollar: Printing of USCDs has been suspended. Access has been granted to purchase a USBD token.

conclusion

ChocoDoge is dedicated to not seeking profits or unnecessary metrics like big TVL or exorbitant APR. During the development phase, the goal is to create a sustainable procedure with adequate return on investment and security. They closely adhere to the roadmap progress milestones and create events and incentive plans to help sell our merchandise. As the first GameFi project to use the Seigniorage Stablecoin algorithm on Dogechain, they are dedicated to constantly monitoring and improving the economy in our ecosystem to prevent a loss of control over inflation, which is the main weakness of most GameFi projects on the market.

To learn more about visiting ChocoDoge

Twitter: https://twitter.com/ChocoDoge_
Telegram channel: https://t.me/chocodogechannel
Telegram chat:


#ChocoDoge #Innovating #Entertainment #NFT

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