Shitcoin Family
Overview
2020 has certainly been the year of DeFi. In just the past few months, we’ve seen numerous new projects listed on UniSwap because of its very low listing requirements. Unfortunately, this ease of listing has also created its own problems, with many people encountering dumps, rugs, scams, or just unsuccessful projects. Nearly every investor has taken a few hits along the way. And, now, UniSwap is left with dozens of worthless tokens, often referred to as “shitcoins”, that nobody is trading. While many who hold these tokens still hope for a turnaround, in the back of their minds, they know that the chance of these shitcoins suddenly making a huge comeback is nearly impossible. This is where our project comes in! Shitcoin.family invites anyone holding shitcoins to join our family for a final chance to breathe life back into their shitcoins.
Shitcoin.family
Shitcoin Family is here to help all of those UniSwap shitcoin holders who have nearly given up all hope in their shitcoins and to help them try to recover some of their investment. Shitcoin. family welcomes shitcoin holders to stake their liquidity pool tokens on our platform and receive “Recycle Token” in return. So, start checking your wallet address to see if you have any other shitcoins lying around collecting dust. Some of them might already be down 10x. But, shitcoin.family might just be the opportunity to bring them back to life.
Recycle Token
Every member of the shitcoin.family needs to hold Recycle Token to be able to eat and to have a voice at the Dinner Table. But, there are a total of only 1,000,000 Recycle Token, which makes them very valuable.
Allocation:
Mining: 90%
Bounty: 10%
Recycle Bin
Only those Liquidity Pool Tokens for approved shitcoins can be dumped into the Recycle Bin for “recycling”. Once in the Recycle Bin, these tokens are locked for 240 hours, with 5% withdrawn every 12 hours to undergo “recycling” according to the following process:
- ETH withdrawn from the Liquidity Pool is used to buy back Recycle Token, which are then burned, which quickly pushes up the value of Recycle Token. The more shitcoin liquidity pools that family members bring in, the more valuable the Recycle Token become.
- Tokens withdrawn from the selected liquidity pools are destroyed. These coins are already useless, anyway, so at least they can be recycled into something with potential value.
Initially, there will be 5 liquidity pools. Three of these will be decided by vote at the Kitchen Table, and the final two will be the Recycle Token liquidity pool, and one more chosen by Big Daddy as the King of Shitcoins.
The Fridge
The Fridge is where all of the Recycle Token are kept before they are circulated. You open the fridge each day to check how many Recycle Token you have available for you. You can then take them out and treat yourself to a nice meal. Maybe some fried chicken, or maybe a Michelin-star meal. Recycle Token will begin being released at block height 11171100, with 4 Recycle Tokens created for each block for the first 10,000 blocks, and 2 Recycle Tokens created for each block after that.
The Fridge issues Recycle Token at different rates for different Liquidity Pools:
-Staking of other shitcoin Liquidity Pool Tokens earns 200% equivalent Recycle Token rewards
-Staking of Recycle Token Liquidity Pool tokens earns 100% equivalent Recycle Token rewards (because the recycling process does not withdraw Recycle Token from the Recycle Token liquidity pool).
The Kitchen
Food that comes out of the Fridge is naturally taken to the Kitchen for preparation. But, of course, there are costs to preparing the food. Each time Recycle Token are transferred, a 2% tax is applied, which is burned (this 2% tax is not applied for transfers to the UniSwap address). This slowly reduces the food available and reminds us not to waste our food.
The Dinner Table
The Dinner Table is where most families discuss important things and make important decisions. Shitcoin Family is the same. Staking your Recycle Token at the Dinner Table gives you the right to speak on family decisions, which means deciding on which shitcoin liquidity pools will be accepted by the Shitcoin Family in the next round. This basically means that you temporarily give up one chicken leg now in order to potentially get a whole thanksgiving turkey later because, if you stake your Recycle Token and propose a shitcoin that you are holding be accepted by Shitcoin Family for recycling, or if someone else proposes that shitcoin and you vote in favor of it, it means that you might finally have the chance to unload all of those worthless shitcoins you’ve been holding and turn them into something with potential value. Plus, each time a new liquidity pool is added to the mining pool, that new liquidity pool earns double mining rewards for the first 24 hours.
Big Daddy
Big Daddy is the head of the family and the one who keeps a roof over everyone’s head and keeps the lights on. So, it’s only fair that Big Daddy gets to enjoy part of every family meal under his roof. Each time shitcoin liquidity pool tokens retrieve ETH, Big Daddy gets a 10% bite for all of the sacrifices he makes for the family.
Bounty
The purpose of the bounty is to encourage the participation of all members of the family.
1. You can invite your friends to participate in the Recycle Bin and, when they follow your link and stake their shitcoin Liquidity Pool Tokens, you receive a certain number of Recycle Token as a reward. The bounty uses a tiered reward system, whereby. A invites B, and then A receives the equivalent of 3% of the Recycle Token created by B (the 3% comes from the bounty pool, not deducted from B’s coins); B invites C, and A still receives 1% of the Recycle Tokens created by C (again, the 1% comes from the bounty pool, not from C’s coins), while B receives 3% of the Recycle Token created by C. A maximum of 30,000 Recycle Tokens are available as bounty rewards. The bounty ends once the bounty allocation has been used up.
2. If you are a technical expert and are able to identify bugs in the platform, you can be rewarded with Recycle Token for reporting those bugs to us. A maximum of 70,000 Recycle Token can be awarded for reporting bugs.
Direct Benefits to Family Members
Shitcoin Family doesn’t just focus on terrible projects, the term, “Shitcoin”, could also refer to any project that is anonymous or that is abnormal. So, Shitcoin Family will not only help to recycle shitcoin projects, but will also issue some of our own top-shelf shitcoins. UniSwap has developed a successful model of rewarding its early users with airdrops of UNI tokens. We intend to follow this example and airdrop various new shitcoins to the members of our community as rewards for their early support. As a member of the shitcoin family, a user will only need to provide liquidity for the Recycle Token on UniSwap in order to qualify to receive the airdrops. But, you don’t need to worry that the shitcoins you receive through airdrops will become real shitty shitcoins. Don’t forget that we still have the Recycle Bin that can be used to recycle all sorts of shitcoins. So, no matter what, member of the Shitcoin Family are never left holding the bag (of shit).
