SakeSwap will focus on the development of the Asset Issuance Platform + Swap, positioning itself as coinlist + swap. The new feature, ILO (initial liquidity offerings), is an innovative fundraising method that creates AMM liquidity pools directly for projects and investors. With SakeSwap ILO, projects built on Ethereum and Polkadot will be able to easily raise and exchange capital in public and develop from 0 to 1 quickly. Currently, ILO is deployed on Ethereum. And the Polkadot deployment is on the future plan.
2. Development Fund
Now there are approximately 16.9 million SAKE in the SakeLock contact. Around 46.81 million SAKE were mined through Yield Farming. All SAKE is proposed to be put into the platform Development Fund for the future development. The fund will be used to engage more strategic investors and project partners, and to provide more incentive to users including traders and market makers.
New reward mechanism
Besides Yield Farming, users can refer ILO projects to earn SAKE rewards. And early ILO participants can have SAKE airdrop.
SAKE value support mechanism
There is a 0.3% fee on each SakeSwap transaction. 0.25% is rewarded to market makers, 0.045% is used to buyback and burn SAKE, and the remaining 0.005% will be distributed to the LockBar. (The SakeBar will be removed. The LockBar will distribute every 12-month.)
Most ILO projects are exclusive to SAKE holders which can increase the number of SAKE holders. ILO income will be used to buyback and burn SAKE. Furthermore, there is a 5% slippage loss for users who actively sell SAKE. All SAKE accumulated by the sell orders will be burned.
The new SAKE tokenomics is designed to grow the platform and make the community more motivated. The SAKE token price will be greatly supported with the development of the platform. And all SAKE holders can benefit from it. SakeSwap will start the positive cycle of development.
4. DAO Governance
DAO governance with a multi-signature mechanism will be introduced which means no single entity can control the platform. SAKE DAO members will take control of the multi-signature smart contact. All related decisions will be made by the community voting. The SAKE DAO members must be one of the top 10 addresses which participate in the Sake LockBar. Members’ skin in the game ensures that rational decisions will be made for the platform long-term development. SAKE DAO members are not less than 3 and not more than 9. The number of the members must be singular and will be changed once a year.