Curious Case of Lodes
An eco-system inside the NRCH smart contract
The definition of the noun Lode is;
a vein of metal ore in the earth
a rich source of something
NRCH charges a 2% transactional tax, of which 1% is distributed to liquidity providers whilst the other 1% is distributed to NRCH holders. If a user sends NRCH to another wallet, they will receive 98% of the NRCH originally sent. If a user buys 100 NRCH from Uniswap, they will receive 98 NRCH into their wallet.
Inspired by @devmorpheus with frictionless yield generated and distributed to token holders, the NRCH smart contract distributes yield in a similar frictionless manner.
Within the NRCH smart contract we have created “25 Lodes” of which, the 1% tax is distributed uniformly across these lodes ie 1% of NRCH volume split 25 ways and distributed across each lode. As per the definition, each lode has a “rich source of something”.
Passive holders of NRCH are subject to penalties, such that after 25 days of inactivity, the passive holder will be penalised a third (33.3333%) of their NRCH balance due to inactivity. For example, a user purchases 300 NRCH on day 0 and is inactive for a further 25 days, such that by the end of day 24 and beginning of day 25 their balance will rebase down to 200 NRCH. The penalty is distributed into the Elastic Reserve.
Each time you sell and send NRCH, you jump from your current lode position to the lode of the current day. Lodes are taxed each 25 days, so if you move to the current lode of the day you made the transaction, you wont be taxed again for another 25 days.
Let’s take an example; I send my ETH to purchase NRCH during the presale event, assume I send ETH on Sunday 31st January and I receive my NRCH token in my wallet.
Lets assume again the presale ends on Thursday 4th February, making Thursday the 4th, day 0. At this point the timer begins for the 25 day inactivity penalty and I am sitting on “Lode 0”.
I then go and sell or send 1 NRCH on Friday 5th February, and now my position is “Lode 1”. I sell or send a further 1 NRCH on February 13th and now my position is “Lode 10”. Each time I make a sell or send transaction involving NRCH on a day relative to day 0, I jump to the lode of that day, resetting the inactivity timer for a further 25 days.
Since each Lode is distributing the 1% transactional tax uniformly, if every NRCH holder makes a sell or send transaction each day, each NRCH holder will claim their proportionate share of the 1%. However, in reality each NRCH holder will not make a sell or send transaction each day, therefore the NRCH holder will receive their proportionate share of NRCH on the lode they are positioned.
What this results in, is that there will be lodes where NRCH distributed have not been claimed creating an arbitrage opportunity for NRCH holders.
How does one jump from lode to lode?
a) By making a sell or send transactions to move to the lode relative to your previous transaction (as per example above jumping from lode 1 to lode 10)
b) Burning X amount of MACRO token to jump to the desired lode of choice
What is the MACRO token?
MACRO allows holders to view inside the NRCH smart contract giving the volume of NRCH tokens claimable on each lode.
MACRO holders will be able to burn MACRO in order to jump from lode to lode to claim a proportionate share of the NRCH present.
The amount of MACRO required to view lode volumes or burn MACRO to jump lodes is yet to be defined by the Risk Committee.
How can I get MACRO token?
Enreach Market Maker pool currently consists of RFI, nUSD and USDT. We may introduce ETH to the pool and subject to Legal Review, ELE.
RFI, nUSD and ELE tokens will receive NRCH as reward.
USDT and ETH will receive both NRCH and MACRO as reward.
The tokenomics for MACRO will be released in a medium article prior to the launch of the Marker Maker Pool.
UPDATE:
When NRCH token interacts with Enreach approved Smart Contracts, the balance of the NRCH holder is not subject to any penalties and will not suffer a negative rebase.
UPDATE 27th February 2021:
Should you choose to “BUY AND STAKE” on the Launchpad Platform, your NRCH balance will not be subject to the 33.333% negative rebase impacting passive holders.
