Sweasel - English
Intro
We are thrilled to present the official whitepaper for the Sweasel Project, a community-driven initiative to create a unique and innovative cryptocurrency. Our goal is to build a cryptocurrency ecosystem that is sustainable, secure, and accessible to everyone.
In this whitepaper, we will cover all aspects of the Sweasel Project, including its purpose, features, and future development plans. Our team has put together a comprehensive guide to help you understand the underlying technology, the economic model, and the governance structure that powers the Sweasel ecosystem.
You will learn about our tokenomics model, which includes a 10% tax allocation for the treasury that funds smart contract burns and rewards.
We believe that transparency and community involvement are key to the success of the Sweasel Project. Therefore, we encourage you to read through this whitepaper carefully and provide us with your feedback and suggestions. Together, we can create a cryptocurrency ecosystem that benefits everyone.
Thank you for your interest in the Sweasel.
Tax
The 10% trade fees for Sweaseltoken (SWZ) are distributed in a tax-efficient way to support the growth and sustainability. The tax distribution is split into three categories: burn contract, LP rewards, and community events.
Burn Contract: One-third of the trade fees goes towards a burn contract, which helps to reduce the supply of SWZ in circulation and increase the value of the remaining tokens. This burn contract is designed to create scarcity and increase demand for SWZ token, potentially leading to higher returns for investors and traders. SWZ token has no keys, so it just sends it to a wallet to take it out of circulation and doesn't actually burn, because that would be impossible without keys.
LP Rewards: Another one-third of the trade fees goes towards LP rewards. This means that holders of SWZ can receive a portion of the trade fees as a reward for holding the token. This helps to incentivize investment and support for the memecoin, and can also provide a passive income stream for investors. This reward is highly important to deepen the pool and compensate LP providers tax they paid during the provision
Community Events: The final one-third of the trade fees goes towards community events, which are designed to engage and reward the growing community of SWZ holders. These events can include airdrops, giveaways, and other activities, and are a great way to build relationships and support among the community
Overall, the tax distribution of SWZ trade fees is designed to support the growth and sustainability of the memecoin ecosystem, while also providing opportunities for investors and traders to earn returns and participate in the community.
Burn
The Token Burn is implemented via an infinitely time-locked contract, meaning that once SWZ tokens are sent to the contract, they become unretrievable.
Since the SWZ token has no keys, it is impossible to burn it "natively". Instead, the SWZ allocated for burning is sent to the burn contract, where it is taken out of circulation and permanently removed from circulation. This achieves the same result as a burn without requiring keys. Moreover, everyone can burn their tokens by simply sending them to the contract. But, beware - this is a one-way trip, so make sure you have a good reason before doing that!
Additional information: It is not possible to change the fee percentage or treasury account since the token is immutable. After the Hotfix for HTS Smart contract vulnerability with Hedera Precompiles, the possibility of creating a token with both the treasury and burn contract as a native fee recipient was temporarily removed (as of April 2nd, 2023). Hence, the current implementation was the only way to implement our idea. However, if the token matures and receives support to include both an external treasury and a smart contract as a recipient, we may consider reminting the token if the community agrees
LP Rewards
1/3 of the tax is allocated to the liquidity providers. It is added to LP, no need to claim or airdrop.
Community Events
33% of the tax collected will be allocated for giveaways, airdrops, or whatever the community decides to implement.
Currently, the tax allocations are handed over to Sweaselbot, which rewards users for tweeting @SweaselToken on Discord and participating in Twitter giveaways to boost community growth. We believe that sharing is caring, so we want to spread the love (and the SWZ tokens) as far as possible. After all, a little generosity goes a long way!
Last updated