CORE: Liquidity Generation Event #2
Growing CORE and its Ecosystem
Choosing the Correct Pair 📣
As we are moving closer to our second Liquidity Generation Event (LGE) the community is wondering which token pair will be next. The process of finding the correct pair is calculated and adheres to a plan to strengthen the value of CORE. In the long term this will be beneficial to the price floor, protecting CORE and the entire system against downside movements.
Security Audit Completed ✔️
Last week we approached the Arcadia Group to perform a formal code review. We are happy to announce that the results of this audit have been published.
No critical issues were found and we are ready for our second LGE.
The Union of Wealth 💍
The wording, locked liquidity, underestimates the extent of value this mechanism truly brings.
Core and its liquidity pairs have a unique union, by synergizing with one another.
An LGE irreversibly binds the chosen token to CORE, transferring its underlying value towards CORE, expanding the price floor.
Different coins gain their value due to numerous aspects. May it be decentralization, tokenomics, many use cases or maturity. Each cryptocurrency can bring different values to CORE through the process of LGE’s.
These liquidity events allow CORE to synergize with new eco systems, inviting untapped capital to participate in our system.
This mechanism of absorbing not only liquidity but passively also attributes behind these coins, will irreversibly escalate the value of CORE.
And the Winner Is… 🏆
When choosing our next LGE pair, we collected data and evaluated the potential effect of introducing several different options to CORE.
Our goal for this LGE is to strengthen CORE by linking it to one behemoth which has birthed the entire cryptocurrency space.
We are talking about Bitcoin.
After establishing our new pair, we looked at different options on how to connect CORE to Bitcoin. Since CORE is present in the Ethereum eco system we decided that wrapped Bitcoin (wBTC) is the correct choice.
We will be introducing CORE to the liquidity of Bitcoin through the next Liquidity Generation Event.
Participants will be rewarded with LP tokens, allowing them to obtain fee rewards of this high liquidity potential. LP token holders will be able to profit from ALL Bitcoin movements, UP and DOWN.
The new pair will have a synergistic effect on one another. CORE is given out from fees not evenly but based on the pair volume.
In September, the minting of wBTC has hit a new high of $616 million worth of tokenized BTC. The new addition of wBTC in the family will bring fresh volume to CORE.
Allowing participants of the CORE ecosystem to own a diversified portfolio of LP tokens is the Foundation of Vaults. To truly use the upcoming Vaults full potential diversification is key.
What happens next? 🧭
The team is targeting next Friday, the 16th of October, for the launch of the next Liquidity Generation Event. After the success of the first LGE, we are aware that millions of dollars of value in coins flow through these contracts. The CORE team and its security partners will pay the utmost attention to ensuring the security of this event.
The event will last one week during which participants will be able to contribute wBTC, CORE and ETH to the LGE smart contract. Each contributing asset has a different role inside the smart contract. Ethereum and wrapped Bitcoin allocations will be used to maintain the ratio, while any surplus will market buy CORE. To maintain the high standard and continue the growth in security and development of the project, the standard 7.24% dev fee is being issued on the contract.
By design this contract creates positive market pressure for CORE and its LP tokens. If the contract fails to balance the ratio due to an excess of CORE, it will reimburse the amount.
After the event is over, each contributor will receive LP tokens which can be staked on cvault.finance to earn fee rewards.