CSP DAO Project Review: Sacred
Sacred’s multi-chain DeFi platform offers private yield bearing deposits to decentralized finance (DeFi) users. Sacred utilizes ZK SNARK technology to ensure seamless privacy, security, and wealth accumulation.
Backed by the Conflux Network, Sacred enables users to privatize transactions, provide low gas fees, and a sound crypto-economic model. The project empowers users to take control of their financial information by providing anonymous transactions through a secure mixer. This cryptographic tool offers privacy by masking transactions and assets chain between the sender and the receiver so that no third party can link the transactions together.
Sacred aims to add value to the DeFi ecosystem with technology that supports identity, financial privacy and accessibility. Sacred launched its BETA application in May, 2021. The project has also received grants from leading blockchain platforms such as Aave, Polygon and Conflux.
By collaborating with the community and the Web3 ecosystem, the project intends to create products that are intuitive, user-friendly, rewarding, and, above all, respects users privacy & allow them to maintain control over it.
HOW SACRED FUNCTIONS
Sacred has two versions: V0 Sacred (Basic Mixer) & V1 Sacred (Yield Mixer). The V1 Sacred is to be launched soon.
V0 Sacred works similarly to the other mixers out in the market. This product is available on ethereum network and it’s strictly for private asset transfers. While the flagship product — V1 Sacred, will include the integration with Aave to enable users earn yield while they are in the mixer. Also, the product will include a simple UI/UX design as well as an algorithmic privacy indicator to recommend when users can take out their assets to maximize your privacy.
Sacred has integrated with Aave to offer private lending. The platform uses a shares-of-staked-seconds method to calculate the interest earned by each user. For every Sacred pool, all users’ principals are pooled together to earn yield. For each transaction, the yield is pooled together into a smart contract.
The user receives a part of the pooled yield rather than a direct allocation by Aave. The yield earned is based on the amount of a user’s deposit and the time they spent in the Sacred protocol. As Sacred cannot directly link each user’s deposit and withdrawal timestamps because of privacy, they use the Share Tracking Mechanism. The user’s share is the ratio of time that their deposit earned interest in the Sacred Pool to the total time of all deposits currently earning interest in the Sacred pool.
For every withdrawal, there is a time delay until users can claim the interest earned on their deposit. During that time delay, their interest keeps increasing. However, the system does not track this time or amount of accumulated interest at the withdrawal time. The amount of interest earned on users’ unclaimed interest will be added to the total amount of interest and distributed to all users according to their share of the interest.
Here are 7 rules to keep users deposit private when using Sacred Finance.
- Use a VPN or TOR when making a transaction
- Wait for 5~10 deposits to be made after you deposit your assets before withdrawing
- Keep your deposits (assets) longer on Sacred Finance
- Use different wallet addresses when making a deposit or withdrawal
- Stagger deposits at different times of the day
- Use fresh addresses to generate your Incognito Accounts
- Keep your privacy to yourself
No tokens will be minted in V0 of Sacred. This is to ensure that the product runs smoothly before the introduction of the utility token. $SACRED has no financial value. The token provides users to create and vote on Sacred Improvements Proposals after the launch of Sacred DAO.
TOKEN SUPPLY AND DISTRIBUTION
Total supply — 1,000,000,000 $SACRED
Airdrop (7%) — After 3 month lock up, distributed equally over 8 months.
Incognito Mining (10%) — Released at V1 launch and incrementally released over 70 months.
Bonding (7%) — Released at TGE and vested over 15 months.
Liquidity Provision (7.78%) — 100% Released at TGE.
Booster Program (3%) — Vested over 32 months
Founders & Advisors (20%) — After a 6-month lock-up, 10% will be released. The rest will be released linearly every over 23 months (increasing over 5~7 months).
Pre-seed Investors (2.67%) — After a 6-month lock-up, 10% will be released. The rest will be released linearly every over 23 months (increasing over 5~7 months).
Strategic Partners (4.55%) — After a 3-month lock-up, 10% will be released. The rest will be released over 23 months.
DAO Treasury (38%) — After a 6 month lock up, tokens will be released decrementally over 42 months.
Sacred tokens will be bonded in order to increase liquidity. Bonding will be done gradually over several months so as to maintain slippage in AMMs low for the majority of traders.
Growing the Sacred Community
- Feedback Program
- Launch Early Contributors Program
- Grow the Sacred Team
Polygon Testnet Launch
- Testing Phase
- Aave integrated Sacred launch
- Halborn Smart Contract Audit
Token Generation Event (More information coming!)
- Liquidity Mining
Sacred DAO launch
- Commonwealth Launch
- Find DeFi partners (Yield aggregator/Optimizers, Staking platform, etc.)
- Build out onboarding process & proposal mechanisms for DAO
Polygon V1 Mainnet Launch
- Sacred Ceremony (Public Trusted Set up Ceremony)
- Incognito Mining Begins
- Upgrade UX/UI designs
- Develop partnerships in Polygon & Privacy Ecosystems
Multi-chain + More features
- Onchain Claim Storage
- Skyvision Capital
- Shima Capital
Official Website: https://sacred.finance/
⚡️CSP DAO Chat Room: https://t.me/CSPDAO_CHAT
🏆 CSP DAO Announcement Channel: https://t.me/joinchat/AAAAAESl56FZJlJjcyKbuw
🌎 Website: https://cspdao.network/