CanYa community allies with Spartan Protocol
In our last blog update, we celebrated the massive potential for Binance Chain especially with the newly-released Binance Smart Chain — a parallel chain offering smart-contract technology. The exciting promise of decentralised finance (DeFi) was discussed along with the benefits of decentralised liquidity pool networks like BEPSwap by Thorchain and a proposed CanYa product called CanSwap.
Since then, a new Binance Chain community-driven project, Spartan Protocol, has charged onto the DeFi scene brandishing the $SPARTA token, lots of memes and a novel approach to initial token distribution through the burning of existing BEP2 tokens.
The Spartan Protocol provides “incentives to enable deep capital formation in liquidity pools, with safe and sustainable creation of synthetic assets”.
On 31st August, Spartan Protocol announced that holders of $CAN, the CanYaCoin utility token, will be 1 of 30 projects eligible to burn for $SPARTA.
The CanYa community have shown that they are very excited to join the other Binance Chain projects to #BurnForSparta.
What is $SPARTA?
Decentralised Liquidity Asset
$SPARTA is the Binance Smart Chain asset that Spartan Protocol will use as “the liquidity asset in pools, as well as the collateral asset to mint synthetic tokens”
Novel Distribution Mechanism
The initial 100m $SPARTA will be distributed via a novel mechanism they call Proof-of-Burn that claims to be Fair, Timeless, Scarce, Sybil-resistant, and Value-preserving.
Spartan Protocol explicitly states that there are no airdrops, private or public sales or founder tokens, in this Tweet:
“To acquire $SPARTA, members must burn BNB and/or other BEP2 assets at a predetermined rate. Their old assets will be destroyed forever and $SPARTA will be minted and sent to their address.”
Ongoing Liquidity Incentives
After the initial token distribution, a subsequent 200m $SPARTA will then be “emitted programmatically by the protocol over the lifetime of the network, starting at 35% APY and reducing, for the purposes of incentivising liquidity.”
How does this benefit CanYa?
The CanYa team supports Spartan Protocol insofar as it shows potential to be a major decentralised liquidity network for Binance Smart Chain. As Binance Chain developers & proponents, we welcome DeFi development on our native chain and seek to benefit from the successes of the entire Binance Chain ecosystem. The CanYa team are supportive but not directive with the opportunities presented by Spartan Protocol; it is time for the CanYa community to vote with their feet.
Spartan Protocol explains some of the positive effects for the BEP2 projects, such as:
- Increased liquidity — The Spartan Protocol DApp can provide liquidity pools between tokens that enable fast, cheap & easy swapping
- Increased demand and utility — The above-mentioned liquidity pools also enable earning daily yield on your otherwise unproductive asset
- Community alliance — Building a bridge between all of these projects will provide an allied force with a combined vision for the future. This alliance can be leveraged for any and all projects benefit and growth.
- Reduced token circulating supply — when tokens are provably burnt, their value is absorbed by the remaining circulating token supply.
- Greater buying demand — $SPARTA acquirers have to first buy one of these project tokens to then burn for $SPARTA
How to Burn $CAN for $SPARTA
Beware, this is not for the faint-hearted. There are many, involved steps due to the infancy of both Binance Smart Chain and its Metamask-like browser extension.
You will need:
- Metamask browser extension.
- Binance Chain browser extension.
- BNB for gas (don’t worry, it’s cheaper than Ethereum).
- To read the Spartan Protocol burn guide thoroughly.
Note: There seem to be some limitations, particularly for mobile.
Read the full Spartan Protocol guide here:
We recommend joining the Spartan Protocol community Telegram channel for any troubleshooting: https://t.me/SpartanProtocolOrg
⁉️ Risks Involved
Both the CanYa team and the CanYa community are excited by the Spartan Protocol. We are following with close interest and support community members who wish to burn for $SPARTA.
However, we cannot determine nor guarantee the success of $SPARTA and the value in burning your existing tokens. Please do your own research and proceed at your own risk.
What does this mean for CanWork?
Nothing changes for CanWork growth & development. We have an update for the community shortly which we hope will be the first published on our new on-domain CanWork.io blog.
If the overwhelming majority of the CanYa community decide that they would like to migrate from $CAN to $Sparta, then it may become evident to the CanYa team that a native token is not feasible. In this eventually we will explore other options such as payments exclusively in $BNB or $BUSD. For now the team will wait, with no changes to payments or functionality, and see what the token holders decide.
To keep up to date on the latest discussions, join the CanYa Community Telegram Channel.
You can also reach us anywhere below:
- Telegram Announcements: https://t.me/canyacoin
- CanWork: https://www.canwork.io/
- Twitter: https://twitter.com/canyacoin
- Facebook: https://www.facebook.com/CanYaCoin/
- Medium: http://www.medium.com/CanYaCoin/
