$CHICK

$CHICK info

  • Token Symbol：$CHICK

  • Max Supply：13,333,333

  • Decimals：18

  • Contract address: 0x9e725Cf7265D12fd5f59499AFf1258CA92CAc74d

$CHICK is the base value token of the LoserChick ecosystem. LoserChick will first be deployed on the Polygon Network and mint 71.73% (9,564,000 $CHICK) of the max supply (ERC-20 standard token). The remaining 28.27% of the max supply (3,769,333 $CHICK) will be issued on non-Polygon chain (BSC, Ethereum Layer 2,Heco Chain, etc.) after LoserChick has been running on Polygon for a period of time and cross-chain deployment has been completed. The details are as follows:

Distribution

Percentage of Max Supply

Amount

Remarks

Airdrop

7%

933,333

All airdrops to NFTs players and communities during Genesis.

Community Treasury

56.73%

7,564,000

Released by liquidity mining in one year.

Eco-Fund

5%

666,667

Used for ecological cooperation, marketing and promotion. 25% unlocked at launch, 25% at 6th, 9th and 12th month in turn.

Cross-Chain Fund

28.27%

3,769,333

Mined within one year after cross-chain deployment.

Team Fund

3%

400,000

Follow community mining and release in proportion to the corresponding ratio.

As we can see from the chart above, the distribution mechanism of $CHICK is maximally beneficial to the communities. 90% of the total (airdrop + community treasury + cross-chain fund) will be held by communities through airdrop and liquidity mining. The details will be described in a later article.

As the base token of the LoserChick ecosystem, $CHICK has the following functions and features：

  • $CHICK can swap to $cCHICK at a ratio of 1:1 on the game platform, and then 70% of the $CHICK tokens will be burnt directly. Therefore, if the amount of $CHICK diluted is less than the amount of $CHICK burnt by users in the game, $CHICK tokens will be deflated.

  • The process of swapping $CHICK to $cCHICK is an irreversible behavior. This means that the user can swap $CHICK to $cCHICK, but $cCHICK cannot be swapped to $CHICK. Therefore, the user should control the amount of conversions and make a plan to play the game.

Distribution Mechanism

Through the introduction, you have got a preliminary understanding of the economic model system of LoserChick.It is easy to see that although the LoserChick project has introduced multiple token models, the generation mechanism of both the on-chain value tokens $EGG, LoserChick NFTs, and $cCHICK and $cEGG as the intermediary carrier of the game function are closely related to the distribution of $CHICK tokens. As mentioned above, the distribution of $CHICK tokens includes: airdrop, community treasury,Eco-fund, cross-chain fund and team fund, and here we are going to introduce the distribution details of $CHICK tokens in the above modules.

Airdrop

As a GameFi project based on community eco-building, LoserChick hopes to enable more communities to participate in the game and eco-building at low cost. To this end, the project will issue several rounds of airdrop with 933,333 $CHICK. The selection mechanism for the airdrop addresses is as follows:

After the public launch, LoserChick will work with our friends and allies to build the communities as a whole. All these participants will receive 9 $cCHICK to join our game

Notification: Only retrospective airdrop, LoserChick Community airdrop and private test airdrop will be issued at the very beginning (July 22, 2021, 12:00 - July 23, 2021, 12:00 (UTC)). Partner Community airdrop will be issued in a couple of months. All airdrops will be sent to the qualified addresses directly.

Within 14 days from the launch, users who meet the above criteria can access https://app.loserchick.fi. After connecting to the wallet and entering the "Claw the Egg" game interface, you can start the game directly with the $cCHICK tokens you have in your account without any on-chain interaction. If the user does not use all the $cCHICK tokens within 14 days, the unused tokens will be recycled. The recycled tokens will be injected into the community treasury and used for mining rewards.

Community Treasury

More than half (56.73%) of the total $CHICK tokens will be held by the community treasury (on Polygon). These tokens will all be distributed to the communities in a fair mining method.

References: https://medium.com/loserchick/how-to-accomplish-a-real-fair-launch-fe63d2aba855

The entire distribution mechanism will be completed in two phases:

  • Genesis Mining (within 14 days after project launch)

The Genesis Mining will be conducted in the form of staking $USDC. Users only need to stake a certain amount of $USDC tokens in the mining contract to get $CHICK tokens rewarded according to their proportion of the mining pool. In order to avoid the $CHICK tokens being controlled by some whales, and to benefit the community participants as much as possible, Genesis Mining has a limit of 1888 $USDC tokens for a single address and only whitelisted users can participate (airdropped addresses are automatically whitelisted).165,888 $CHICK will be released each day during the Genesis mining phase, for a total of 2,322,432 $CHICK released over 14 days.

  • NFT & Liquidity Mining (388 days after the end of Genesis mining) The LoserChick introduces a pioneering new mechanism for NFT mining.Users can stake their LoserChick NFTs earned through participation in the game or purchased through the NFT marketplaces in the mining contract, which will reward the staker with $CHICK in proportion to the number of token in the mining pool for different tiers of LoserChick NFTs (instead of the asset value proportion in traditional mining).

At the same time, in order to provide more convenient way to get $EGG tokens for those who lack enthusiasm for the "Claw the Egg'' game but want to participate in "Mint NFT'' to extract LoserChick NFTs, we have also introduced the $EGG-$USDC liquidity incentive mechanism. This would help create deeper $EGG liquidity on DEXs with slighter trading slippage. Users simply need to provide liquidity in the $EGG-$USDC trading pair pool on the Quickswap and stake their LP token in the mining contract to receive a continuous $CHICK token reward.

Eco Fund

The Eco Fund holds 5% (666,667 $CHICK) of the max supply. This fund will be used mainly for cooperation with other platforms and for marketing activities of the project. 25% of this amount will be unlocked at the beginning of the launch, followed by the same amount at 6, 9 and 12 months after the project launch.

The unlocked funds from the Eco Fund will be managed by the team's multisign address.

Cross-chain Fund

The cross-chain fund serves as a reserve fund for the project's future cross-chain expansion, accounting for 28.27% of the max supply (3,769,333 $CHICK). The fund will be locked and will not enter the circulation of the Polygon. When the cross-chain is realized in the future, the corresponding amount of the current Polygon fund will be burnt according to the number of newly issued $CHICK tokens on the new chain (up to the maximum amount of the cross-chain fund).

Team Fund

The Team Fund represents 3% of the max supply (400,000 $CHICK). The fund will follow the rhythm of the community treasury token release in accordance with the corresponding ratio (5.29% of the community treasury). The Team Fund is mainly used to motivate the team to continuously invest in project development, iteration and continuous ecological construction.

Reserve Funds & Team Performance Bonus

When users burn $CHICK for $cCHICK, 70% of the $CHICK will be directly burned, and the remaining 30% will be used for reserve and team performance bonus. Among them, 20% of the $CHICK consumed by users will be used as reserve funds, which will be used to support community-specific incentive activities in stages and regulate liquidity incentive mechanisms, etc; 10% will be used as team performance bonus.

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