$LONG Tokenomics
How $LONG is becoming the token for decentralized index management on BSC
Cheers everyone!
Our doors have only been open for a few days, and we have seen copious amounts of $BEVs being ordered and $LONG being farmed. Three days in, we are live on vfat and are looking at over $560k total value locked.
While you continue to get drunk on the best beverages on BSC, we promise to continue working that night shift grind and keep building for our establishment to flourish further!
On that note, several of our customers have asked us to share the recipe for $LONG. So grab a cold one, take a seat and let’s dive into $LONG tokenomics.
Overview 👓
To get the perfect $LONG, us mixologists are always busy refining the recipe. After countless taster sessions, it is best enjoyed in the following:
- Stir the best of the BSC ecosystem
- Take a spoonful of governance rights over future indices, their composition and individual weights of the underlyings
- Taste and adjust by joining the discussion on Discord
$LONG emission details 🔍
The total supply of the $LONG token will be 69.42m, emitted over a period of ~15 years at 0.42 $LONG per block. The current circulating supply of $LONG is 836k (as of May 30th, 1 p.m. UTC).
To arrive at 0.42 $LONG per block, the emissions rate of $LONG has been adjusted dynamically through the launch phase to account for demand and inflationary sell pressure.
Future adjustments to the emission rate can be voted on by the community, to adjust for inflationary or deflationary pressure, as represented by future governance votes on snapshot.
The vesting breakdown for $LONG distribution is:
- 60% for farming incentives
- 25% to the developers and early supporters. Vested emission through the LONGterm token in Pool 0 of the Masterchef contract
- 15% to the treasury for future development, marketing campaigns and bug bounties
By distributing $LONG to developers, they are incentivized to act in the best interest of the platform, only advancing with those products that are a clear value add.
As for every bar, sufficient liquidity is the key to an intoxicating atmosphere and good vibes, as it ensures that fellow gentledrunks can order their desired $BEV or $LONG with minimal friction and smaller drippage. To help achieve this, we are incentivizing liquidity provision for our products on Pancakeswap with 60% of LONG supply. At current $LONG/block rates and block times, this translates to around 50800 $LONG per week.
Within the staking distribution, farms are receiving different amounts of allocation points, which can be dynamically adjusted — imagine happy hours, TGIF-deals and more.
Here’s the current APR available today:
- Add liquidity for the $BEV pool here
- Add liquidity for the $LONG pool here
- Earn long from your liquidity provision here
Pegging mechanism ⚙️
One $BEV will always keep the inherent value of its underlyings (see a complete list of the underlyings here). That is, should you decide to burn your $BEV, you will get the underlyings in return. Moving forward, we will also enable the option to burn $BEV directly for $BNB or $BUSD to increase convenience.
We are currently working on a pegging mechanism, which will ensure that the value of $BEV tokens traded through DEXes will closely follow the value of the underlyings, increasing market efficiency in the process.
Yield-bearing indices 🧮
With the current wave of exploits and flashloan attacks, we are wary of deploying index underlyings to lending protocols on BSC and decided to kick things of with non-yield bearing variant of the leading BSC-tokens. Moving forward we imagine to create an index where all underlyings are deployed on lending protocols, such as Venus or Cream.finance.
Upcoming features 🛣️
Every $LONG holder is automatically a member of Longdrink Finance, as we together build the leading asset manager on BSC. That means all of you are invited to taste and help govern the protocol.
We welcome all suggestions and feedback; please join the discussion on discord — https://discord.com/5tPFExe5Sm
So $LONG, Degens!
Feel free to contact us through our socials (links below).
Links 🔗
Twitter: https://twitter.com/LongdrinkDefi
Discord: https://discord.gg/an55rkyDG3
Website: https://longdrink.finance
Email: longdrinkfinance@protonmail.com
Disclaimer
Contributors to Longdrink Finance have made reasonable efforts at ensuring the integrity of the protocol including tests. $LONG is completely valueless and has 0 financial value. Please feel free to reach out to us if this interests you.
