Is a sustainable Liquidity allocation agreement , The core of this agreement is to create sustainable liquidity , Instead of short-term liquidity mining , At the same time, through decentralization 「 guide 」 Distribution of liquidity .
The guided liquidity pool is called 「 Reactor 」, And traditional DeFi agreement , stay Tokemak in , Users can pledge idle assets to provide liquidity and gain profits . What's special is ,Tokemak Want to break the liquidity barrier , These flows are distributed to different countries through decentralized guidance DEX or DeFi agreement , At the same time, ensure that liquidity providers -LP And liquidity leaders -LD Revenue . hold $TOKE Of users voted to put Tokemak The liquidity of the token pool is directed to an exchange or a DeFi agreement , And gain profits in the process of guiding liquidity .
Improve capital utilization in a more open way
Take deposits with low risk to obtain sufficient liquidity
Introduce multiple roles in liquidity work （LP and LD） Do your best
LD The existence of may be Policy writer / Project side / fund manager etc. , This allows more players to participate in liquidity related work and provide ways to obtain benefits . Rather than a single liquidity mining , A step towards diversification .
Solve the liquidity pain point of start-up projects
Except for some projects invested by institutions , We know , In the early DeFi Projects usually start with a cold start , Such projects often need to spend a lot of energy and resources in the early stage of the project to design liquidity mining to motivate users to provide liquidity for the agreement , There are also some problems such as unreasonable liquidity incentive distribution scheme , And usually this kind of model is based on inflation . At present, most liquidity mining rely on a single capital amount algorithm to calculate the reward , No more dimensions have been introduced to make the effectiveness of liquidity Mining Sustainable , such as 10M Of LP There is 1 Tianbi 1M Of LP There is 7 More rewards per day , So for an agreement , May be able to maintain 7 Day liquidity is more reliable .Tokemak Will pass through LD Provide balanced and sustainable liquidity for such projects .
Introduce the utility of sustainable liquidity
What is sustainable liquidity ?
Sustainable liquidity includes several factors ：
1. Sustainable production – Instead of being passively driven by inflation
2. Based on democratic governance
3. Efficient capital efficiency
4. Super flow – Flow to the most favorable market
5. Encourage deep accumulation of assets to reduce the sliding point to zero
We believe that mobile mining is a valuable resource , And in DeFi The early stages of short history were very successful in guiding liquidity . It was and is an important cornerstone of the movement , Led to the explosive growth of product creation and the participation of millions of users . However, the facts still exist ： Providing liquidity for new projects is costly and inefficient , At present, the solution to the problem of token liquidity is ：
Cooperate with centralized market makers , It's expensive
Encourage users through high-yield agriculture , This is an equally expensive solution
Liquidity is DeFi Infrastructure of
Infrastructure is defined as the technology on which other things operate . A simple example is the power grid , No electricity , Your Internet won't work . Again , No Internet , Your Ethereum won't work , No Ethereum , Yours DeFi Can't work . Deep liquidity will lead to a healthy market , about DeFi for , Liquidity is the next critical infrastructure layer . No liquidity ,DeFi It won't work .
At present, many start-ups pay a high price for liquidity , Similar to early Internet entrepreneurs, they spent their budgets on IT On the army of professionals and large server clusters . It's redundant , And there are better solutions — stay Internet 1.0 Time , The answer is AWS A utility hosted as an ECS ; about Web 3.0, The answer is the utility of sustainable mobility ：Tokemak.
Tokemak Operation design of
Each asset has its own token , Among them, the agreement token $TOKE Used to guide liquidity .$TOKE It can be considered as tokenized liquidity . When mortgaged to a token reactor of a given asset ,$TOKE Holders not only control the flow of liquidity , Also control which market gets liquidity , from Tokemak Of ETH And stable currency reserves .
Role running ：
Liquidity providers and farmers ： Any user can deposit a single asset into the network for liquidity
DAO：DAO You can use Tokemak To strengthen and guide the liquidity of its projects , Provide an alternative to traditional liquidity mining
new DeFi project ： The new project will be able to build its own token reactor at a low cost , And use Tokemak The agreement control assets of the company have generated healthy liquidity for its projects from the beginning
Market maker ： Guide the liquidity of various exchanges , It's kind of like liquidity lending
exchange ： The exchange can also take advantage of $TOKE To obtain deep liquidity , To strengthen its market depth
Tokemak Roles and functions in
Liquidity providers (LP) Deposit the assets in the token reactor .LP Will be with TOKE From their single asset deposits . first , There will be a token reactor for storing selected whitelist items （ Eventually this will be open to more projects ）. then , These assets will be deployed as liquidity in various currency pairs on various exchanges .
$TOKE Is the local network token obtained through the participation protocol . It is used to guide liquidity and governance .TOKE Holders will include Tokemak DAO, It will monitor the assets controlled by the accrual agreement , And add allowed asset and market whitelists .TOKE With mortgage characteristics .IL Risk passes through TOKE The mortgage mechanism starts from LP Transferred to the LD. This will be 「 The token economy model 」 Explain in more detail .
Liquidity supervisor （LD） utilize TOKE To control the direction of liquidity . They put their own TOKE Put into a given reactor , And use the shares as voting rights to direct liquidity to the exchange of their choice . From... In a given reactor TOKE The right to vote and the right to pledge TOKE The number is proportional to the number of assets in that particular reactor .
The price maker （Pricers）： Any non automatic market maker （AMM） Need a third party to provide real-time price information .Tokemak Will quote Pricers To set the price of pay and sell . More information will be released in the future Pricer Introduce in the network .
cycle ：Tokemak Run on a cyclical basis ,” cycle ” Initially it will be set to one week （DAO We may vote to change it later ）. In the middle of the cycle , You can deposit assets ,LD The votes can be rearranged . At the beginning of the new cycle, assets will be deployed ,LPs You can also ask for their assets in the middle of the cycle , Assets can also be retrieved at the end of the cycle .
t(Assets)： When LP When putting assets in the reactor , They will receive the corresponding amount of t(Assets), This reflects their requirements for deposited assets .t(Assets) Then it was burned when it redeemed its basic funds . This is conceptually similar to Compound Upper c(Assets) or Aave Upper a(Assets).
How to motivate and maintain the balance of token reactor
If there are a lot of assets stored in a given reactor , And guide the flow of TOKE Minimum number , be APY Will be at the bottom of the reactor LD The side increases , encourage LD Mortgage more TOKE And participate in guiding the liquidity . The same logic holds in turn —— If there's a lot of TOKE Mortgage in the reactor , But deposited a small amount of assets , Then the reactor LP We will receive additional APY To encourage further asset deposits .
Zero period will mark Tokemak The beginning of . The zero cycle will consist of three phases in the following order ：
1.DeGenesis event ： There will be an initial stage , in the meantime ,DeFi Users will have the opportunity to participate in ETH And stable currency to get the first emission TOKE.
2. Reactor mortgage incident （C.O.R.E.）：C.O.R.E. It's going to be the initial mortgage period , in the meantime , A set of token reactors on the white list will compete to become Tokemak The first active project fully launched .
3. Genesis mineral pool ： There will be an additional pre startup phase , Users will be able to mortgage a single asset ：ETH、USDC、DAI and sUSD, To earn TOKE Emissions . Even after zero period , These mines will remain competitive , To continue to accumulate the necessary currency pairs to deploy liquidity .
The token economy model
Demand relationship and token distribution
$TOKE The incentive is still inflationary , Although it seems to contradict the theory of the whole agreement , however TOKE Think because $TOKE Behind it is more underlying liquidity , As the agreement grows ,$TOKE The demand for will rise , therefore $TOKE The nature of inflation is linked to the liquidity it holds , Or with multiple projects TVL It's a hook . The final incentive structure may be TOKE Incentives generated by itself and assets controlled by agreement （PCA） A part of .
The requirements model here is a bit similar to veCRV be similar , Note that it's not a token model , It's a requirement model , Because when TOKE When the agreement has a lot of liquidity , The market demand for it will greatly increase , What determines the share of liquidity allocation is TOKE DAO, At the same time, a large number of $TOKE Tokens, , When the market feedback is good , External demand for liquidity may exceed $TOKE The discharge rate , This is the official vision .
Total supply ：100,000,000 TOKE
30,000,000 TOKE (30%)： Reward release （24 It's a month of release ）
5,000,000 TOKE (5%)： stay 「 Zero period 」（Cycle Zero） Of DeGenesis Events and CoRE （ Reactor mortgage incident ） in ,TOKE There will be a first release
9,000,000 TOKE (9%)：DAO reserve
16,500,000 TOKE (16.5%)： contributor （ ascription ）
14,000,000 TOKE (14%)： The team （12 Linear release in three months ）
17,000,000 TOKE (17%)： investors （12 Linear release in three months ）
8,500,000 TOKE (8.5%)：DAOs & Market Makers （12 Linear release in three months ）
$TOKE Effectiveness as collateral ： How to fight against impermanence loss ？
The whole agreement absorbs LP Single currency deposit , So when LD When channeling these assets into other agreements , Is bound to face impermanent losses （IL）, So in order to keep LP Can completely retrieve the pledged assets ,$TOKE As a system collateral, it plays an important role in resisting impermanent losses .
1. Under normal circumstances, the agreement will start from PCA（ Agreement controlled assets ） Take back assets from , Although there may be a deficit
2. To make up for the deficit ,Tokemak Absorb the surplus of assets within the system PCA
3. If the deal faces a massive divestment , And eventually there is a problem that cannot be covered IL When it's lost , Security in pledge $TOKE It will work , First, the future of the reactor $TOKE The proceeds will be dominated （ As little as possible ）, To satisfy IL The gap .
4. When future earnings cannot cover the gap , Security in pledge $TOKE Will be dominated to supplement IL The gap .
In principle , In extreme cases ,IL The risk is from LP Transferred to LD, and LD The role of is usually a professional who has enough confidence in the liquidity control strategy , Or the founding team of a start-up project , So whatever the role , Or he has certain skills to keep the efficient and rational use of funds as much as possible , Or he has the ability to bear the loss and risk .
Between strong demand and rigid demand , It can be said that with DeFi The more robust the development, the stronger the demand , Because when it's not decentralized , On the premise that the market is not mature enough , Most institutions still control the market , At the same time, it is difficult for immature markets to have high-quality cold start or anonymous projects .
From the whole model , On the premise of single currency pledge and commitment to rigid cashing , Have the ability to attract a lot of TVL, However, in theory, the larger the plate, the smaller the probability of a run , If there is a strong driving force on the liquidity demand side , So around $TOKE Our economic model is easier to build , So it's a positive feedback .
Disadvantages and risks ：
The risk of the whole system is LP Can the pledged currency be rigid 1:1 Cash , So whether it's early control at the cost of bearing the deficit PCA assets , Or borrow from other reactors , Or the last $TOKE Supplementary scheme , Can not be separated from the essence of Finance （ Rob Peter to pay Paul ）, But in the final analysis, almost all financial products have the same problem （ Students who don't understand can pay attention to 「DeFi Explain profound theories in simple language 」 Write books , It will go deep into the essence of Finance DeFi）, But when liquidity is large enough , The demand is strong enough , When the community is strong enough , The agreement will enter a positive cycle, thus forming a benign east to West borrowing .Curve It's a very good example . therefore TOKEMAK It is established from the demand level of the project , The risk he faces is
1. Community operation ： Whether there is enough liquidity demand , A lot of professional LD, More partners
2. product development ： At present, the whole product is still unusable , Most of the information comes from official sources Medium, Therefore, the R & D and product presentation ability of the project are also important factors affecting the development of the project
3. The risk of running leads to the failure of rigid cashing ： With the first 1 A little relevant , Insufficient liquidity demand or pledge $TOKE Insufficient , At the same time, when the market fluctuates greatly , because IL Growing and market panic fermenting , Large scale divestment will test the pressure resistance of the system , Please note that no financial agreement can resist a run .
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