Introducing LatteSwap! — A Fair Launch NFT-Integrated DEX on BSC
Greetings fellow Barista!
After multiple months of preparation, sleepless nights, and countless cups of latte ☕️, our team at LatteSwap are excited to share with the BSC community that we are now ready to launch LatteSwap — a decentralized exchange with integrated NFT functionalities on Binance Smart Chain (BSC)!
Why we built LatteSwap 🤔
With the recent NFT boom, we are starting to see a significant increase in its adoption. In 2020, the total transaction value of NFTs was recorded at ~$380Mn. In just the first half of 2021 alone, that number jumped to ~$25Bn — a 60x increase in just the 6-month period! The most expensive NFT was also recently sold earlier in March this year at ~$69Mn. With these statistics in mind, it would be outrageous to deny that NFT is the current growth frontier within the blockchain and cryptocurrency space.
Albeit NFT’s recent exponential growth, most NFTs still act merely as collectible with no other tangible utility. Many collectors spend hundreds of thousands of dollars to purchase these NFTs only to have them sit idly in their wallets. That, however, is about to change with the launch of LatteSwap.
Introducing LatteSwap — a Decentralized Exchange with integrated NFT functionalities! 🎨
Nothing is wrong with punks, penguins, apes, and rocks. We love them. But we also believe NFTs can be much more than just collectibles. That’s why we have designed LatteSwap to have real integrated NFT functionalities from the ground up. We have implemented two key functionalities for our NFTs from day one. These two functionalities will be specific to each type of the NFTs we will be releasing at launch:
1. OG NFT
OG NFT will be the the most exclusive and most coveted collection of our NFTs ever. There are four types of cards in the OG NFT collection: Light Roast Espresso, Medium Roast Espresso, Dark Roast Espresso, and the one and only Master Barista.
By holding an OG NFT, you will receive a fixed percentage allocation of base LATTE emission from our Fairlaunch contract. The total allocation to OG NFTs will account for 15% of LATTE’s base emissions, which is guaranteed in perpetuity.
You can learn more about OG NFT here.
2. Booster NFT
Booster NFTs allow you to achieve higher APR on your liquidity positions. As a booster NFT holder, you can stake them together with LP tokens to receive boosted LATTE rewards from yield farming. As everyone knows, you can’t have delicious latte without good milk. That’s why at launch, we have chosen our first set of booster NFT to be a Milk Series. There will be three types of them in limited quantities.
There are three parameters specific to each Booster NFT:
- Boost % : Percent that your LATTE rewards will be boosted
- Maximum Energy: Total amount of LATTE rewards that can be earned from boosting with the NFT (1 energy point = 1 LATTE)
- Eligible Pool: Staking pools in which a booster NFT can be staked
If you’d like to learn more about our booster NFT, please click here.
Launch plan 🚀
LatteSwap will officially launch on the 19th of September, 2021. Our launch will be done in three phases:
Phase 1: LatteStore opens for business 🎨
Phase 1 of LatteSwap launch will begin at block #11047888 (approximately Sunday, 19th of September 2021, 10:00 UTC).
Upon the launch of phase 1, you will get the unique opportunity to purchase our most coveted OG NFT and Booster NFT from LatteStore. These NFTs are released in limited quantities, so be sure to grab them while supply lasts! The sales period will only last for two weeks.
🃏 OG NFTs
Holders of OG NFTs receive a portion of LATTE rewards in perpetuity. Learn more about the OG NFTs here. There will never be more OG NFTs created. Any unsold OG NFTs after the sales period will never minted.
In order to reward our early adopters, we have employed a tiered pricing mechanic on the sales of OG NFTs. Users who purchase OG NFTs earlier will be able to get their hands on the NFTs at a cheaper price. The total supply of each OG NFT series will be split and sold in three tranches, with tranche #1 having the lowest price and tranche #3 having the highest price. The sales will start with tranche #1 until supply runs out, and then move onto tranche #2 and then subsequently onto tranche #3. Below is a summary of the amount of supply and price by tranche of each OG NFT series.
⚡ Booster NFTs
Booster NFTs can be used to stake together with your LP potions to earn boosted LATTE rewards. Learn more about the booster NFTs here. The sale prices for all the series are fixed at 3.88 BNB per card with a total of 888 cards released per series.
❗ Be careful of fake NFTs! Verify the smart contract addresses below:
OG NFT: 0x7F5dAF18a06433c87Bd81Ea7eA19976e64100A66
Booster NFT: 0xB5A835b9E4aE76AEA930831B84eB74293309e059
Phase 2: Bonus rewards period begins 💸
Phase 2 of LatteSwap will begin at the Block #11068888 (approximately Monday, 20th of September 2021, 03:00 UTC). This will be the genesis block for LATTE token.
- We will start providing LATTE rewards to selected LP pools and single-asset staking pools
- You can start using the swap function on the exchange
- OG NFTs holders start receiving LATTE rewards
- Start receiving boosted reward from booster NFTs (must stake Booster NFT with your LP positions
In order to encourage early participation on the LatteSwap platform and bootstrap our liquidity pools, we are implementing a two-week bonus rewards period where LATTE emission will be 8.0x the normal emission rate in the first week and 5.0x the normal emission rate in the second week.
It is also our goal to distribute LATTE tokens to as many holders as possible and attract users from various communities on the BSC to try out our products. That’s why we are also creating single-asset staking pools where user can stake eligible tokens to receive LATTE rewards during the first two days of LatteSwap’s launch. To see the eligible pools list for single-asset staking and more detail on the bonus rewards period, please click here.
60% of the rewards during the bonus period will be locked for ~ 3 months, and linearly distributed over the 6 months. The remaining 40% are unlocked immediately. However, subsequent emission has no lockup.
Phase 3: LATTE-BUSD and LATTE single asset staking rewards
Phase 3 will begin approximately 4 hours after Phase 2. (approximately Monday, 20th of September 2021, 03:00 UTC.) We will turn on LATTE rewards for LATTE-BUSD pool and LATTE single-asset staking.
Lattenomics 🚀
LatteSwap is a fair launch project, which means that there is no presale, no investor, and no pre-mine. LATTE tokens will be distributed based on the allocation in the picture below:
1. Liquidity Mining Rewards
~73.4% of LATTE minted each block will be allocated as incentive rewards for liquidity providers on LatteSwap. To be eligible for this reward, simply provide liquidity on eligible pool at LatteSwap and stake your LP tokens in our farm page, or stake your LATTE tokens in the single asset staking vault.
To see the full list of pool, please click here.
2. OG NFT Series
~13.6% of our total token supply in perpetuity will be allocated to OG NFT holders.
To read more about OG NFTs, please click here.
3. Development Fund
~13.0% of LATTE’s supply will go to our treasury as development fees. This will allow LatteSwap to grow our current small team and hire the best talent to help us achieve our long term aspirations.
What are LATTE tokens used for?
There are three primary utilities for LATTE tokens:
- Accrue value through platform economic benefits
LatteSwap has put in place multiple buyback & burn mechanics to help LATTE token holders capture platform economic benefits from just holding the tokens, as a portion of our platform revenue is allocated to these mechanics. When tokens are burned, their supply becomes more scarce, thereby increasing the value of the remaining tokens. You can find more details about our buyback & burn program here. - Participate in the governance process
LATTE is LatteSwap’s governance token. This means that LATTE token holders will be able to vote on key decisions for LatteSwap such as protocol parameters, rewards emission schedule, and the design of LatteSwap’s NFTs’ parameters. The governance process is scheduled to be implemented in Q4 of 2021. Please click here for more details. - Earn rewards in partner protocol tokens
One of LatteSwap’s key feature is our Drip Bar, where Baristas will be able to stake their LATTE tokens to receive rewards in the form of our partner protocol’s tokens. Drip bar is scheduled for launch in Q4 of 2021. Please click here for more details.
Our Vision 👀
Although integrated NFT functionalities are one of our key value propositions, LatteSwap offers so much more than that. Our vision is to become a one-stop-shop for traders, yield farmers, and NFT collectors across the DeFi ecosystem. Below are our key aspirations:
- Become the top-of-mind option for decentralized exchange on BSC and other chains in the future
- Become the leading DEX with NFT integration, bridging NFT with DeFi with real, innovative, and tangible use-cases
- Support the growth and sustainability of the NFT space
- Act as a key layer for DeFi and its community by providing safe & profitable yield farming opportunities, allowing users to achieve the highest possible capital efficiency
As such, we’ve laid out a comprehensive roadmap to help us achieve our aspirations. You can find more details about our roadmap in our Docs here.
Worried about your funds security? Fret-not, your funds are safe with us! 🔒
LatteSwap takes your fund security as our #1 priority. As such, we’ve taken the following measures to ensure that your funds are safe:
- Full Audits of Contracts — In addition to our internal intensive code review, our smart contracts have been fully reviewed by two professional audit firms — Inspex & Peckshield. As part of our internal security process, all major features will also go through an audit prior to being released. You can read all the audit reports we’ve received to date here.
- Attractive Bug Bounty Program — While our contracts are carefully scrutinized by both our internal development team and third party audit firms, we can never be too sure when it comes to the issue of security. As an added safety measure, we have implemented a bug bounty program with rewards up to $50,000. You can find more details about our bug bounty program here.
- 24-Hour Timelock — Our contracts are also owned by a 24-hour timelock. This means any changes made by our developers will have a 24-hour lag before becoming effective. During this time, the community will be able to review the changes and withdraw funds safely in case of suspicious updates. However, during the first week of launch, timelock will be set to 6 hours to ensure our dev team can respond faster to any changes required. We will change the timelock period to 24 hours starting the second week.
🔎Important contract addresses:
ProxyAdmin: 0x02AF4337792a44aFb4005d57c36f9C3Bea6209bb Timelock: 0x813879B5556B73c02A139e0340A33239C047957D
Factory: 0x4DcE5Bdb81B8D5EdB66cA1b8b2616A8E0Dd5f807
Router: 0x4Ec82EcD19529ff50a467F522029f69459bf071d
MasterBarista: 0xbCeE0d15a4402C9Cc894D52cc5E9982F60C463d6
For a complete list of deployed contracts, please click here.
That will be it for today’s announcement! To learn more about LatteSwap, please visit our Docs here. Otherwise, we look forward to seeing you all at our official site on the 19th! Til next time!
