Grazing Range Pool#57 — Welcoming HIGH back to the herd!
Dear alpacas,
We senior alpacas are excited to welcome back our trusted partner, Highstreet, to the range once again. With this partnership, we are delighted to announce that Highstreet will be the first participant in our new Grazing Range program.
With the new Grazing Range program, HIGH will be listed on our AF2.0 Money Market allowing HIGH token holders to earn passive yields. At the same time, HIGH will also be available for overcollateralized borrowing.
As part of the Grazing Range program, you’ll also be able to earn $50k in HIGH rewards by staking ALPACA in the governance vault, which will be distributed over 8 weeks.
Furthermore, lenders and borrowers of HIGH token will also receive $50k bonus in HIGH rewards, in addition to the interest earned by lenders.
🎁Benefits to Lenders and Borrowers
HIGH’s lenders and borrowers will be able to earn ~$50k in HIGH bonus rewards which will be distributed during the eight-week campaign period. The rewards will be distributed as follow:
- 13,000 HIGH (~$20k) will be distributed to HIGH depositors.
- 19,500 HIGH (~$30k) will be distributed to HIGH borrowers.
Your personal rewards allocation will be based on the amount you deposit/borrow relative to the total deposit/borrow amount of the HIGH pool. Like other pools, you’ll be able to deposit, withdraw, borrow, or repay your HIGH any time during the eight-week period.
- Lending pool for HIGH will open on May 18th, 2023 around 10 AM UTC.
- Bonus HIGH rewards will run for 8 weeks ending on Jul 13th, 2023 at 10 AM UTC.
- Users will be able to claim the bonus HIGH rewards anytime on our Claim Page.
⚙️ HIGH Money Market Parameters
Parameters for HIGH token:
- Asset Tier: Cross Tier
- Borrow Factor: 0.5
- Max Borrow Capacity: 500,000 HIGH
- Interest Model: Doubles slope; 15% borrowing rate at 85% utilization and 200% max borrowing rate.
Note: these parameters can be changed in the future to reflect the current risk profile of the HIGH token
🎁Grazing Range Reward Details
Total Rewards: 32,500 HIGH (~$50k)
HIGH Token: 0x5f4bde007dc06b867f86ebfe4802e34a1ffeed63
Rewards Period: 8 weeks
Rewards Start Date: May 18th, 2023
Rewards End Date: Jul 13th, 2023
Distribution Schedule:
Exclusive NFT Cards for Pool’s Stakers
To be eligible, you must stake ALPACA in the governance vault during the first 4 weeks of the Grazing Range campaign starting from before May 18th 00:01 UTC until at least June 15th. The NFT tier you receive will be based on the amount of your xALPACA balance during that entire period. (Since xALPACA balances naturally decrease over time, make sure to watch yours)
- Green Tier: held at least 500 xALPACA
- Silver Tier: held at least 5,000 xALPACA
- Gold Tier: held at least 50,000 xALPACA
About Highstreet
Highstreet is a Commerce-Centered Metaverse focused on building the future of shopping completely inside a video game. Brands from all over the world whether it’s luxury fashion, streetwear, or NFT projects all contribute to the lore of Highstreet World, while department stores like Saks and Harvey Nichols become portals in the real world into the MMORPG. Highstreet’s in-game retail strategy builds a gaming layer on top of already existing e-commerce infrastructure like Shopify to elevate millions of merchants from Physical to Phygital. Highstreet’s retail pilots are already popping up around the world all leading up to the launch of Highstreet Campus and the unveil of Highstreet City.
🔒Security Scorecard on HIGH
Have the contracts been audited by professional auditing firms?
Yes, we have been audited by Certik, Paladin, and Halborn. We take this very seriously and use 3 firms including monthly penetration testing. For more details, please check out the links below:
- Certik
- Paladin
- Halborn (Staking, NFT Staking, Product Token)
What is the project’s inception date?
Highstreet was officially launched on 1 Feb 2021.
Has your project even been involved with a hack or exploit?
No, we have never been involved with a hack or exploit.
What safety measures are in place to secure your protocols from centralization risk? What contracts are not under timelock? Who has multi-sig?
There are 5 multi-sig accounts, all with anonymous titles. There is a combination of soft and hard keys for each. Investor deployment is done via smart contract unlocks.
Does your token have a maximum supply cap?
The maximum supply for HIGH is 100,000,000 tokens.
Mint function. If the token does not have a maximum supply, how is the mint function controlled?
We do not have a mint function for our token.
Centralized treasury. If the protocol collects fees, where do they go and how are they controlled? Is there any kind of treasury or insurance fund under centralized control?
We have a Gnosis safe for our treasury. It is under multi-sig with a combination of cold and hot wallets.
Migration Function. Is there a migration function in the code? Why is this there and how to control this function from making a malicious action
There is no migration function for our contract.
Upgradeable contracts. Are the contracts upgradeable? Why is this there and how to control this function from making a malicious action?
The marketplace has upgradable contracts in order for us to change the steepness of bonding curves. This has been excessively audited by 3 firms.
Third-party risk. What underlying external parties do your contracts rely on?
We do not rely on third parties.
Where are tokens currently listed?
We are listed on the following DEXes: Uniswap and Pancakeswap.
And for CEXes, we are listed on Binance, Gate.io, BitMart, and Crypto.com.
Please briefly describe the utility of your tokens and all the relevant tokenomics (e.g., burn, staking, locking, etc.)
HIGH tokens can be used to purchase real estate in Highstreet World, as well as products on Highstreet Market. Besides that, HIGH tokens can also be staked in our Pool2 staking site, where 80% of 5 million HIGH rewards is distributed to liquidity providers on Uniswap. The remaining 20% is distributed to HIGH stakers.
Does your token have any advanced mechanics such as deflationary/rebase/reflexive?
There is no advanced mechanics such as deflationary/rebase/reflexive for HIGH token.
Please share your project’s roadmap
You can check our roadmap here.
What % of the token supply is/will be controlled by the team
10% of the supply is controlled by the team.
What % of the token supply is controlled by investors? What is the token distribution model?
30% of the supply is controlled by the investors. You can find more details on the tokenomics here.
Please share the profile of key team members
Travis Wu (Chief Executive Officer) — you can see more details in the LinkedIn profile here.
Flora Fang (Chief Operating Officer) — you can see more details in the LinkedIn profile here.
Jenny Guo (Chief Creative Officer) — you can see more details in the LinkedIn profile here.
What monitoring or controls do you have in place that could catch issues, halt functions, or delay attacks to protect assets?
We use Halborn for security as a service.
Do you have a bug bounty program in place/planned?
No, we do not have a bug bounty program at the moment.
Safety practices. Is there someone dedicated to security on the team? Does your git include your test/QA scripts? Describe your current IS/QA processes? Will you commit to auditing your code at least quarterly/semi-annually/annually and for major updates and releases?
Yes, we have a security person on the team. All our smart contracts go through multiple rounds of audits. Halborn conducts monthly audits as part of their security as a service offer as well.
