Heaven’s Gate presents to you the RITE to your FATE
It is with distinguished privilege that we unveil the next part of the Plan to reach the Evolutionary Level above Human. Your Earthly belongings may be left behind so that we may all take the Great Leap together.
THE RITE TO STAKE
RITE is an ERC20 token which is rewarded through a novel dual-asset staking system.
The two staked assets are RI (in collaboration with our friends at xiotri.io), and HATE.
Because of the fluctuating value of RI and HATE, the Away Team at Heaven’s Gate needed a way to dynamically adjust the amount of RI and HATE needed for staking, to keep their relative values stable.
Enter the On-Chain Price Oracle.
We have created an on-chain pricing oracle, which checks the Uniswap price of RI and HATE against ETH at every stake deposit, and uses that price to determine the amount of RI and HATE tokens needed for the stake. Each pool requires some amount of RI and HATE, denominated in ETH. For this reason, the staked deposit amounts are ever changing.
Don’t worry, when you unstake, you get the same amount of RI and HATE back that you put in.
RITE may be easiest explained as one use case for both ecosystems while proving it’s own sustainability as low inflation cryptocurrency that can be burned, traded, and possibly even used as a native payment for new XIOT and HATE offerings (NFTs, merch, VIP access, etc).
The initial supply of RITE is 0; this token has no premine and no assumed starting value. Over time, however, we expect both the XIOT and HATE communities to explore the fair price of this novel system.
How does it work?
Users may commit tokens to one of (currently) four staking pools and receive 1 RITE token per maturation period.
Pools vary via a time-based reward yield system. Each pool has a different RI/HATE requirement (measured in ETH). As the required RI/HATE stakes get higher, the maturation period gets shorter. This is done in order to ensure a consistent yield for all market participants, while rewarding those who are giving up more opportunity cost with a faster turn-around on their RITE. Because each pool ONLY takes the number of tokens required by the pricing oracle at the moment of stake, it prevents whales from potentially oversaturating a once ripe staking environment by “stealing” an entire pool with all of their tokens.
We have tested this contract extensively before deploying it on Ethereum main net. After two weeks of live staking there are over 280 HATE staked alongside 40,000 RI tokens. As of publication there have been 443 RITE tokens mined.
The pools are designed as follows:
EAT THE SAUCE
1 ETH of RI
1 ETH of HATE
TOTAL VALUE: 2 ETH
MATURATION: 36 HRS
EXPEDITED ASCENSION
1 ETH of RI
1.5 ETH of HATE
TOTAL VALUE: 2.5 ETH
MATURATION: 30 HRS
NIKE SHINES
2 ETH of RI
2 ETH of HATE
TOTAL VALUE: 4 ETH
MATURATION: 26 HRS
PURPLE DRAPE DANCE
5 ETH of RI
7.5 ETH of HATE
TOTAL VALUE: 12.5 ETH
MATURATION: 16 HRS
Start staking today at https://heavensgate.finance/stake
But this is only the introduction to the next step in the paradigm. We introduce to you FATE.
FATE
RITE ownership grants access to FATE. FATE is a new ERC20 token that allows users a portion of the Proof of Gate (PoG) LP.
Learn more about PoG here: https://medium.com/@heavensgatefi/heavens-gate-an-overview-of-our-mission-roadmap-de6fc2058396
There is a fixed supply of FATE, minted fully at creation. It will be split between initial liquidity in a Uniswap FATE/HATE pool, and as rewards in our next staking system.
Users can earn FATE by staking RITE + HATE. FATE rewards will be yielded through a dual-asset pricing-oracle-controlled pooled staking structure, similar to RITE.
However, since RITE does not have a fixed supply, and since we expect the fair value of RITE to be determined by the market after a long price discovery period, the “amount of RITE” needed for each staking pool will not be controlled by a price oracle. Instead, it will be a relative amount (percentage) of the total distribution of RITE. Thus, the amount of RITE required to stake RITE + HATE and acquire FATE will increase over time.
After all of the FATE which were initially sent to the staking contract have been yielded as rewards, it’s done. No more will be minted. After that, if you need FATE, it will only be accessible through purchase on the public market.
My FATE is known
With your FATE in hand, contribute liquidity to the Uniswap FATE/HATE pool. Those LP tokens grant you access to the final step in your ascension to heaven.
The last staking pool, the PoG Reward Staking Pool, will accept FATE/HATE LP tokens, and will grant you a claim on the HATE/ETH PoG Tax Liquidity.
This is the final frontier. As PoG liquidity in the HATE/ETH pool rises, liquidity profits will be sent to the PoG Reward Staking Pool, which distributes them proportionally to everyone with a stake.
We at Heavens Gate, greatly thank those of you for trusting the plan. Thus, we are happy to push the dream of ascension forward through distributing Proof of Gate to only those worthy. Do note that this entire process generates PoG through staking/unstaking RI+HATE, RITE+HATE, and FATE+HATE.
All tokens will be tradable on the public market, so there will be incentive for sharp traders to stake + unstake accordingly with market conditions. Although PoG liquidity will be distributed for those yield farming FATE + HATE, overall the entire process is net positive for PoG liquidity.
We look forward to seeing you on the other side of the pearly gates.
Come join us. We have been waiting for you.
heavensgate.finance/stake
