Introducing FrostFlakes- the DeFi miner we’ve all been waiting for.
What is FrostFlakes?
FrostFlakes is a new generation BNB Miner on the Binance Smart Chain (BSC). It launched in early June 2022, and there’s currently over $70k USD of BNB invested from over 330 investors. Here is a great video explainer. Take a look at this screen shot of the Total Value of BNB Locked in the contract (TVL):
How can you make money?
First, you deposit BNB, which becomes locked (can’t be withdrawn) in the contract. In exchange for locking your BNB in the contract, the contract automatically rewards 2% of the locked amount back to you every day in BNB. You Freeze (compound/re-invest) your 2% rewards each day, which increases your total amount of BNB locked. As a result, the amount of BNB that equates to the 2% you earn every day continually increases. After compounding at least six times over a span of at least six days, you are eligible to Defrost (withdraw/move your BNB back to your wallet) your 2% reward on day seven. If you follow this simple schedule of compounding once a day for six days, and withdraw your reward on day seven, you will break-even on day 112. If you continue this schedule for one year, you will have withdrawn a total of 85x your initial BNB investment, with a max payout of 260 BNB. That’s the power of compounding. Note: this doesn’t include any price appreciation of BNB itself. Check out this simple google sheet calculator to see how much BNB you can earn based on your initial investment. To use the calculator, make a copy of the google sheet to make it editable, and adjust the “Initial investment” cell.
The DeFi Miner Landscape
To understand what makes FrostFlakes different, I will provide a brief overview of the DeFi Miner space. There’s been over 30 miner projects that have entered the market in the last six months. The vast majority of them have unfortunately suffered one of the following fates, which ultimately has resulted in many investors losing money.
- The project was a scam/rug pull; the developer(s) disappeared one day, with all the money
- The project was a near identical fork of another project; the developer(s) were trying to make a quick buck, added no new value, and there was no reason to invest
- The project suffered from inflation mechanics (where you have to compound more and more often to keep up with a decreasing reward percentage rate)- the daily rewards promised started at an insane 8–13%, and then went to sh*t
- The contract balance dried up in a few months- not enough investors found value in investing, while other investors could claim unlimited amounts
It’s been rough for DeFi investors, and especially in the miner category. The number of scams have gotten old and frankly, ridiculous! There’s extremely little trust with projects and developers overall. In addition, it’s a bear market, so some investors are extra weary. Many of the miners that have gotten traction have been quick to go parabolic and just as quickly come back down. Projects have dried up entirely in a few months due to not enough deposits and too many claims. Now more than ever, the DeFi community is seeking a sustainable and trustworthy project to invest in, earn that sweet passive income, recoup losses from all the scams, and of course, still greatly outperform traditional financial vehicle returns.
Just say the magic words: sustainable and trustworthy 🙏
What makes FrostFlakes special?
What makes FrostFlakes special is the product, team, and ethos- all of which tie together around the themes of sustainability and trustworthiness.
Product
As for the product: FrostFlakes is a new generation of miners that is a synthesis of the best things from DeFi miners, without the worst things. Here’s what this looks like in terms of features:
- 100% original source code- the contract is written from scratch
- Provides static 2% daily rewards- no inflation
- Forced six-to-one compound-to-withdrawal ratio to prevent rapid draining of the contract
- ROI in 112 days- it’s math
- 5% referral bonus + 5% extra on initial referral deposit
- An auto compound/claim script to make your life easier
Team
- @JackTripperz is the developer and founder. He’s extremely active in the community telegram, calm and collected, shows humility, and kind.
- I am on the core team as well, leading product marketing and doubling down on product strategy with Jack. Side note: from this point forward, I’ll be speaking as a team member, using “we” and “our” as opposed to referring to FrostFlakes as a third-party.
- We have awesome community mods that are super responsive, helpful, and don’t ban you for asking questions.
- Our community has dozens of helpful members- a reflection of our team and project as a whole.
Ethos
- Our core values are transparency and sustainability.
- We have a public development/task board, so you can see exactly what we’re building. We continue to build features that are in alignment with our values while serving the needs of our community.
- We’re long-term oriented, not get-rich-quick, and consistently promote this to our community.
- We listen and prioritize community feedback because they have great ideas :)
- We transparently show what transactions are going to PancakeSwap Liquidity pools, here.
In total, it is the culmination of FrostFlakes’ powerful features that make it sustainable, and our team and ethos that serve the needs of the DeFi community and make us trustworthy compared to other projects in the space.
New features that improve Sustainability
FrostFlakes, like many other projects, naturally needs to evolve and adapt based on community feedback in addition to being able to ensure its sustainability. To get an idea of the awesome features (many have come from the community) we are adding, check them out on our public development task board. I’ll provide an overview of them below as well.
What do we mean by sustainability?
FrostFlakes is designed to prosper for years, not months. We are not ragging on any existing projects (so long as they weren’t rugs), because we have learned so much from them and wouldn’t be here without them. They have influenced us tremendously. That being said, we are trying to improve upon them, and prevent the following from happening: steep increases followed by steep decreases in the contract TVL, because this is what greatly cripples a project or brings it to extinction. Here are a few screen shots of other miners’ heroic rises and falls.
The thing is, we can’t say for certain that the above scenario won’t also happen to us, however we are trying really hard to prevent this from happening. It is why we continually implement features and constraints like making use of dormant BNB, time-controlled claims, Max TVL, and Max Payout, which you can read about below.
Making use of dormant BNB
This is the single most important change. In simple terms, this change splits up the incoming BNB from new deposits and forwards 50% to the contract balance and 50% to the owner address. All BNB received by the owner address is forwarded to PancakeSwap for liquidity staking. This staking earns rewards and is compounded, which creates a new revenue stream for FrostFlakes and greatly improves the sustainability of the project.
The process to stake on PancakeSwap is handled manually and the transaction will be published in the liquidity sheet for everyone to see and validate for themselves.
It is important to note that even though 50% of your fresh deposit is forwarded to the owner address, you will still get the full value of the deposit into your locked FrostFlakes — minus the normal fee.
This change will impact how the contract balance appears on the analytics page. It is therefore important to understand that you can no longer just look at the contract balance to validate the health of FrostFlakes.
An updated website will show you that the sum of the contract balance AND the amount staked in PancakeSwap LP pools earning rewards is the accurate representation of the health of FrostFlakes!
Max Wallet TVL
A max TVL of your personal wallet will be set to an amount equal to rewards of 5 BNB. This means that once you reach a high enough TVL than can generate 5 BNB within the reward timer of 30 hours, you will not be able to increase that TVL any higher. Once you reach your max TVL, Freeze (compound) will be disabled and the Freeze requirement for Defrost (claim) will be removed. This means that you will only have the time requirement for Defrost going forward. Every seventh day you will then be able to claim 5 BNB.
Max Payout
There will be a max payout of 260 BNB. The number for max payout works in conjunction with the max TVL. The max payout is 52 x 5 = 260. So 5 BNB for 52 weeks (one year), equals 260 BNB. FrostFlakes isn’t made for making one or a few investors millionaires — it’s made to increase each investor’s financial independence. This setup will allow anyone to compound all the way up to the max TVL and then start claiming 5 BNB each week for a whole year.
Limiting Freezes
There will be a timer set for 6 hours before a new Freeze is available. This limits the amount of Freezes to a max of 4 times per day.
New Fee Structure
The needs of the project include a larger team and increased business expenses, as one would expect. The fee needs to cover the expenses of the team and marketing, so that we can continue to devote the necessary time to it! First, we’ve simplified the fee structure by removing the liquidity fee. Here’s what our fee structure looks like this:
- On deposits: a 3% fee to the team address.
- On airdrops/claims: 1.5% goes back into the contract, 1.5% goes to the team address (3% in total).
This new fee structure has actually lowered the fees on deposits and claims from 4% to 3% in total. Airdrops have gone up from 2% to 3%.
New Features to improve the Investor Experience
We are unbelievably dedicated to providing investors a wonderful experience. Our backlog is growing, and we have many ideas on how to provide value and make our product more pleasant (and fun) to use. Here is what we are rolling out next:
Auto-compounding
The auto-compounding will run for a maximum of six days and after that it is required to disable it. When you enable or disable the auto-compound feature, a Freeze will be initiated as well, meaning that all the rewards you would have upon enabling the feature will be compounded. When you disable the feature, another freeze will happen and all the rewards will be compounded. If enabled, you are required to disable the feature and then start collecting rewards until you can claim any rewards.
This is based on math alone, so there is no need for saving up on BNB (gas) in your wallet for this compounding to happen. You do need to have enough BNB to cover the transaction fee in order to enable the feature and again to disable it.
Auto-compounding Service Fee
Using the auto-compounding comes with a service fee of 0.2% of your TVL. If you have a wallet TVL of 1 BNB and you want to enable the feature you need to pay a service fee of 0.002 BNB — unless your TVL is lower than 0.5 BNB, then there is no fee. We have eliminated the service fee for small holders to make sure that the gas fee for enabling and disabling the feature along with the fee isn’t eating up the rewards.
Team Airdrops
This feature enables a team leader to airdrop every referral in one transaction.
Investor Details are Now Public
This makes it possible to see details on your referrals and makes it better for team leaders to handle airdrops dependent on their referrals deposits, etc.
Minimum Deposit
The minimum deposit will go from 0.1 BNB to 0.05 BNB. This will allow people to test the project with smaller amounts of BNB.
Deposit Bonus
This feature is something we can switch on and off and can set a bonus up to 15%. It adds a bonus to your locked FrostFlakes on fresh deposits. This feature will be enabled upon the release of the new version of FrostFlakes with a bonus of 10%.
Set your own Username
It will be possible to link a username to your address. This will make it more fun for yourself in addition to team leaders in order to see who is the owner of a certain address.
What you need to know about the upcoming contract migration
Sometimes the words “contract migration” can be triggering and/or spark fear in investors. Please have no fear — our migration will be seamless, transparent, and it is happening in order to improve the project by adding all the above mentioned features, plus features in the future.
The way we see it: a migration isn’t optional — it’s necessary in order to keep improving the project and increase its sustainability.
The current smart contract for FrostFlakes is immutable, meaning it cannot be changed. In order to add the new features just mentioned, we need to create a new contract, and perform a one-time migration where all the investors and the contract balance will be moved over to our new contract, which will be a Proxy Contract. The Proxy Contract will no longer be immutable, and therefore can be improved upon with the addition of new features.
Migrating will be straightforward
Once the proxy contract is in place, there will be a button added to the website that will initiate a single transaction which every investor will need to do in order to migrate over to the new contract. Investors will not be able to claim right away after the migration since the contract balance of the old contract needs to be shifted to the new one, which will happen gradually and will be completed within a couple of weeks. Defrosts (claims) will be disabled until there is enough in the contract balance of the new contract to withstand the claim pressure.
The migration itself isn’t going to be a long-drawn heavy task or wait for any investor. It will be as painless as possible for everyone!
All your data will automatically transfer to the new contract
All your data, including stats, referrals, and other data will be migrated to the new contract. Once you hit the migration button and the transaction is completed, all of your data is forwarded to the new contract — including your rewards you would have collected. These rewards will automatically be added into your locked FrostFlakes.
There is a small fee to migrate your data
On the migration transaction there will be a one-time fee of 0.003 BNB (+0.0002 BNB per referral). Moving the referrals requires us to loop over each referral and handle the data, resolving in a need of more gas per referral.
Example: if you have 20 referrals, you will be paying a migration fee of 0.007 BNB which currently equates to $1.87.
There is no advantage to being in the current contract
There is no advantage except for being an early adopter. However, upon the release of the new contract, we will run a 10% bonus on new deposits as mentioned above. This bonus will be something we can utilize in the future for running lightning rounds for extra FrostFlakes on fresh deposits.
Timeline of the migration
There is no official date for the migration but the current roadmap looks like this:
- This week (July 18) : We will be extending the website to fit the new contract and the migration feature.
- Next week (July 25): Testing the website, migration and new features.
- Following week (August 1): Finish tests and finalize a release date of the new contract.
The best way to stay up to date on our migration announcements is to join our telegram and announcements channel, and follow this publication.
In closing…
If you are already an investor, we thank you for your early support. We’ll continue to pump out features that benefit the project. With the migration done in a few weeks, we’ll be set up for many future enhancements, which we are extremely excited to bring to you.
If you’re new to our project, we hope this article brought value to you. Not only can FrostFlakes make you money, but it can do so in a way where you don’t have to worry about a rug pull happening and that your best interests are being taken into account by Jack and the rest of our team.
Before you go, consider following this publication, as it will be the channel to receive project updates and new feature releases. Additionally, we greatly appreciate any claps you can give below, as it will help us promote on Medium and of course, grow the project!
Links
- Join FrostFlakes.
- Join our telegram and announcements channel.
- Follow us on twitter.
The most interesting thing you should know…
To be fully transparent on my involvement with FrostFlakes: I do not know Jack’s identity. We meet regularly, and are very aligned on where we want to take this thing, but as a partner, I still don’t know who he really is because he is anonymous. Why? Because it is a form of safety for him in this crazy wild west world of DeFi and it is his decision, not mine. We’ve just agreed to trust each other. That is my decision. I’m putting my reputation on the line by disclosing my identity and involvement in FrostFlakes, and he’s the one with the responsibility in ensuring the security of our funds. I don’t have control of the contract, and frankly, I’m not sure I want to. It’s an unusual dynamic for us as partners, but that’s what we’re both here for, and we’re excited about it moving forward. Please join us.
The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
