BAEPAY the first rewards token

BAEPAY — The First Real Reward Token

By Art | Art | 23 Nov 2020


 

BAEPAY ecosystem

The BAEPAY token is a governance, rewards and in game currency token, it does not and will not function as a security stock or any other financial device.

Abstract

At time of writing this we are in a moment of an extreme crypto boom is about to kick off. BTC is heading to an all time high and Ethereum seems to be following suit. For us at the BAE this is a huge meaningful pay off for two years of building a brand and community. We have made major changes to the way BAEPAY is distributed so we present this new updated whitepaper.

Many crypto projects with tokens have very little utility for their token with BAEPAY we change this forever. Our token has been launched for just over 2 months in this time we have learnt a lot in how to make a stable and well thought out distribution. Rewarding Liquidity providers on Uniswap is key to the token’s success. But more than this we will disrupt the current token ecosystem by offering the first token with a marketplace directly connected. Drawing funds from external sources to reward liquidity providers direct with Ethereum. While other ‘governance’ tokens claim to have a connection to a marketplace there is no real link, with BAEPAY there is.

During the ICO boom many products made promises and collected money before delivery of them. The BAE has done the opposite our exchange while still only a month old is already rewarding liquidity providers direct in eth on the 27th of each month.

At the bae we believe in breaking new ground these token economics are the first of the kind to offer Liquidity providers rewards with an actual source of external revenue, gathered from our nft art marketplace https://mybae.io/.

Distribution

10 million tokens total

1.5%(150,000) of all tokens were airdropped to artists and buyers from the bae’s two years of being in business .

0.5%(50,000) held back for future dropping.

1%(100,000) held by the team used to provide liquidity.

1%(100,000) held for press activities and giveaways.

20% (2,000,000) distributed to liquidity providers on Uniswap at 20k per week for 100 weeks.

76% (7,600,000) distributed to mybae.io site users as rewards.

At time of writing a total of ~582,967 tokens are in true circulation, 318,445 of which are in users wallets and 161,278 are in liquidity pools, 100k in held in the main bae wallet. This means the true number of tokens that can be sold or moved around is 482,967 as the bae team will not sell any tokens. This can be verified by following this link https://etherscan.io/token/0x6bffa07a1b0cebc474ce6833eaf2be6326252449#balances all addresses/amounts above the BAEPAY-eth pool are distribution addresses and not truly in circulation. 0x728fe008491998E528Ab34A6ab5818a1651cA586 is the BAE team address.

In short around 5% of all BAEPAY tokens are in circulation currently.

Rewarding liquidity providers

Each week 20k BAEPAY is distributed between all BAEPAY liquidity pools on Uniswap based on the % of the Uniswap marker token they hold. The amount is calculated based on the size of the largest pool. E.g. the eth pool is worth 20k USD and the Dai pool is worth 1,000 USD. This means the Dai pool is 5% of the total size of the eth pool, therefore the Dai pool will get 1,000 BAEPAY and the eth pool 19,000.

Liquidity providers get rewarded BAEPAY from their second week holding liquidity to prevent people jumping in and out of the pool.

Eth reward

Once every month on the 27th the liquidity providers in the Eth-BAEPAY pool will receive eth directly to their wallets from the mybae.io token creation fees. This number is currently just worked out as minus the bae running costs however as we grow fixed % system will be implemented instead.

These rewards are calculated by the % of the pool the liquidity provider holds, this will only be paid out when the liquidity provider has been in the pool for at least 1 month. If any BAEPAY is sold by a liquidity provider in the month they will lose 100% of their Eth drop, which will instead be passed down to the next highest liquidity holder. However, they will resume receiving the drops from the next month providing they don't sell any BAEPAY in that month.

While the BAEPAY drops will end after 100 weeks the Eth drops will never end.

Mybae.io user rewards (social mining)

BAE will implement a one-of-a-kind rewards system based on user advancement on the website. This section is kept vague on purpose as we have yet to implement this system and competitors may be reading. The rewards will be between 5–1000 BAEPAY. This section will be updated when this function is implemented.

Use cases

Other than holding liquidity to gain rewards, the main BAEPAY use case is that of an in-game currency and can be used to obtain artwork on mybae.io as well as anyone who adds it to their Opensea store.

Systems of governance will also be added later, date to be confirmed.

Key links

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