Written by Ryan Stamos: LoFi-DeFi Community Manager
What are we?
LoFi-DeFi is a new token created on the Binance Smart Chain (BSC). We launched on August 21st on PancakeSwap, and August 26th on the Centralized Exchange (CEX) WhiteBIT.
PancakeSwap is essentially the first platform all new tokens launch on, some don’t even make it off of PancakeSwap ever, (As in that’s the only exchange some of these coins ever make it to) and rightfully so because a lot of the new coins coming out on PancakeSwap are just short term scams to try to pull money out of investors by using different nefarious schemes. (But that’s a conversation for another day)
Our project was scouted pre-launch by WhiteBIT to secure a listing ahead of our token even going live on PancakeSwap. So that’s a huge thing, and it really says a lot. WhiteBIT was the first CEX to list Safemoon after their launch, and for them to come to us prior to our launch to secure a listing says a lot about what they saw in our project.
WhiteBIT is a Centralized Exchange, they’re essentially the same thing as BitMart, our token is listed for live trading on their exchange using the LOFI/USDT pair. The way we frame it is that WhiteBIT is for day trading/short-term investing and PancakeSwap is for long term holders because tokens on WhiteBIT do not earn the 5% reflection from each transaction like they do on PancakeSwap, so your tokens won’t grow as you hold them if you keep them in WhiteBIT.
The math behind a token… its tax rates, and whatever other economic things are written into the contract that are activated every time a token transaction takes place.
For our Token, we have an 8% tax on the buy and sell of every transaction, that breaks down to:
5% — Reflected to Holders
2% — Burned
1% — Goes to Dev Ops Wallet for Platform Development
This means that each time LOFI is bought or sold, or transferred to a new wallet address, 8% of the total amount of the tokens in the transfer will go to those areas.
So for an easy example, I want to sell 100 Tokens:
When I sell, I receive 92 Tokens worth of BNB.
5 tokens get split by all current holders, proportional to the amount they have in their wallet as a reflection, so all holders gain a fraction of those tokens from your transaction.
2 of those tokens are immediately burned (destroyed) by being sent to our Burn Wallet.
(Burned tokens are removed from the circulating supply and therefore any token burning will help promote scarcity by lowering the circulating supply of tokens remaining to be bought.)
1 Token will go to our Developer wallet, this ensures that we have a modest, steady flow of revenue coming in from our token itself to help fund our platform and app development in the near future.
Token Burns and Circulating Supply
So Token burning is nothing new, every DeFi token burns in some way shape or form to help deflate the circulating supply, hence Deflationary Finance or DeFi. The concept of token burning is fairly easy to grasp, you’re basically just taking tokens out of the supply to bring the supply down, so that less tokens are available to be bought/traded, which in turn raises the price.
We burned 25% of our Total Supply AT LAUNCH. Our total supply is 100 Billion Tokens, so immediately upon launching on PancakeSwap, we sent 25 Billion tokens to the burn wallet manually to take 25% out of the circulating supply.
Token projects use manual burns all the time to help promote an event or milestone, it’s a gimmick used in DeFi to attract people to a token, right? Of course I would want to buy a token that I know is going to be burning 25–50% of their supply, that means my holdings will increase in value at the burn.
We also burn 5% of the total supply, or 5 Billion tokens, each time we complete a phase of our RoadMap on our website. You can view our Burn Wallet Here: https://bscscan.com/token/0x17d8519f57450e2b7e6ae1163e0e448322a8af17?a=0x0000000000000000000000000000000000000001
These tokens are destroyed and will never be available again, and are not available to us to use in any way shape or form, they are just in a black hole with no way out.
We currently have over 37 Billion tokens burned from those 3 areas: Manual Burns, Road Map Burns and Transaction Burns. This brings our Circulating Supply down to about 63 Billion tokens total currently.
Circulating Supply includes all tokens that are in personal wallets, or still in the pool available to be bought. Any tokens that are still available to “circulate” in the economy.
Where we’re at now
Since our launch, we’ve made some great steps towards solidifying our token and project in the crypto space. As you can imagine, there’s a natural progression path for each new token that comes out on PancakeSwap. You have certain milestones that you want/need to hit in order to continue progressing up the ladder. Here I will give you a small timeline rundown of the milestones that we completed, starting with our launch on PancakeSwap. Keep in mind that we’re still only just over 1 month old.
8/21: Launched on PancakeSwap (LOFI/BNB): https://pancakeswap.finance/swap?outputCurrency=0x17D8519F57450E2B7E6aE1163E0E448322a8aF17
Launched on WhiteBIT (LOFI/USDT): https://whitebit.com/trade/LOFI_USDT
WhiteBIT also gave us SMART Staking for our Token: https://whitebit.com/smart-staking?ticker=LOFI
We were listed on CoinGecko, a market data and token info platform: https://www.coingecko.com/en/coins/lofi-defi
We were listed on Nomics, another market data and token info platform: https://nomics.com/assets/lofi-lofi-defi
We were listed on MoonScan, a place that tracks token reflection and provides token burn info: https://moonscan.net/token/0x17d8519f57450e2b7e6ae1163e0e448322a8af17
We partnered with BankerDoge, to offer our holders a new Staking Vault system, where they can time lock their tokens in our vault to stake them, while still earning reflections and staking rewards on their tokens in the vault: https://app.bankerdoge.com/lofi-defi-vault
(I will come back to BankerDoge and Staking later)
10/4: We were finally listed on CoinMarketCap, the #1 market data and token info platform out there for new tokens: https://coinmarketcap.com/currencies/lofi-defi/
Future Plans: Continued listings on major exchanges in the US and China, Platform and App development, continuous marketing and Community Events!
Our contract has been audited by 2 different sources to verify its safety and efficiency and to ensure there are no errors.
BitRise Audits (97%): https://bitriseaudits.com/project/23
BankerDoge Staking Vault
So this is a new partnership we started recently with the team over at the BankerDoge token. They offer Custom Staking Vaults for different tokens, and we were the 3rd token to sign on with them I believe.
So… to break this down: Staking is basically just another way to supplement your token income if you’re planning to hold it for an extended period of time. Essentially, you transfer your LOFI tokens into our vault, select a time lock option (30–90 Days) and you earn rewards on your staked tokens every time a user enters or leaves the vault, as well as earning reflections with every transaction that occurs.
Still earning reflections on staked tokens is something that is a new concept in this world, usually you lock your tokens and they get pulled out of your wallet and into wherever they are being locked, so you do not get the token reflections coming to you that happen with every transaction. BankerDoge worked it out so that your tokens are still represented by the vault contract, so all tokens in the vault are still eligible for reflection payouts, and the vault will distribute those reflections based on the amount of tokens you hold in the vault like normal.
So essentially, this is just like… compounding interest right? A user pays a 5% fee on their tokens to enter or leave the vault, 3% of that fee goes to rewarding the vault for staking, 1% goes to BankerDoge, 1% goes to LOFI.
So you will see a small dip in the tokens that you put into the vault by 5%, but you will easily make that percentage back and then some through the staking process, especially if you decide to lock your tokens for over 30 days at a time, there’s a compounding rate that every day after 30 days (Starting at 31) your reward percentage grows by 0.05% per day up to a max of an extra 3%.
I’ll give you a rundown of my vault currently… I staked 100 Million tokens when we started the vault, which ended up being around 98 Million once I was in. I locked my tokens for 90 days, the longest amount, because I know I will not be selling those 100M tokens in 90 days, because I plan on holding for the long term.
Here’s a Screenshot of my vault as it is today at the time of writing this: As you can see I’ve had my 100M Tokens staked for just over a week now, and I have made almost 19M tokens in that time through vault rewards and reflections.
We also have over 10% of the circulating supply locked in the vault, this means that this portion of our supply will likely not be sold, since there is a 20% fee for early withdrawal from the vault, this helps ensure that at least 6B of our tokens will not be sold should the price suddenly shoot up or something like that.
To stake tokens on their platform all you need to do is connect your wallet that has LOFI in it, you can use Trust Wallet to do this, and then select the amount of tokens you want to lock and for how many days. It’s all relatively simple.
Alright… that pretty much does it for the heavy mechanics stuff right now, now we can get into our Platform theory and what we as a team want to accomplish with this token.
We are working on a revolutionary platform/app idea to bring to market, and the LOFI token will be the native token of this platform. So all transactions will be conducted using LOFI.
What the eff are NFTs???
Our NFT Collection LoFi Kitties
Our lead Illustrator and her partner came up with this NFT collection, you can check out the collection on Opensea here: https://opensea.io/collection/lofikitties
We did a pre-sale event for 10,000 of these NFTs to be minted. Each NFT was listed for 0.045 ETH at pre-sale. We sold out in roughly 3 hours! We launched the collection on Ethereum because that is where all things NFT take place, all the big names in the NFT game are on Ethereum and platforms like Opensea.
So we launched this NFT collection to help us gain notoriety in the space and get our name out there, as well as generate revenue for the project. However, our NFT Marketplace/Platform will be on the Binance Smart Chain, just like our token is. So we are going to be one of the major pioneers of the BSC NFT Space once we get our platform out there.
We are going to be developing an all-in-one platform, where artists, musicians and creatives of all types will be able to create, mint, and market NFTs of their personal work on our platform to create their own collection of works which they can then monetize as an NFT, giving them access to an untapped revenue stream in the DeFi space where they can extend the reach of their content and make money directly by marketing and selling their NFTs on our platform.
An artist will basically be able to start a subscription with our platform to be one of our Collaborators, they will receive their own social space inside of our platform that houses their NFT Collections, and various ways for them to market themselves both internally in our platform, as well as externally to their social sites (Facebook, Twitter, Instagram, etc.) They will have the ability to be “followed” by other users on the platform, and we will be implementing a lot of social media and networking tools internally to help artists get their names out there into the NFT space to market themselves and their works.
No platform currently has this ability… In order to create your NFTs as of now, you need to go to at least 3 different platforms to get to the end result. Our goal is to bring it all together to one platform, if you’re an artist, you will be able to create/upload works of art on our platform and then mint them directly to an NFT without ever needing a third party to help you along the way. If you’re a musician, you can record audio on our platform or upload files of your songs to be minted as an NFT as well. So an artist who is on Spotify, can sign up with us and mint all of their songs as NFTs and in addition to making the fractions of a cent on each stream on Spotify, they can also sell their NFTs direct and make 100% of the profits for themselves in the form of LOFI tokens.
We are also working with a fiat gateway, Simplex, who is one of the leading companies to offer a debit to crypto buy function. (This is the service you use in Trust Wallet when you go to buy Smart Chain BNB for a debit card purchase) We want to give artists a way to be tipped/paid in LOFI at a gig, so for example, a musician can have a QR code set up on the stage or something, a user can scan the QR code, select the amount of USD they would like to tip to the artist, and they would start the transaction using Simplex to pull money out of their checking account, and send LOFI directly to the artist that way. Or QR Code would bring them directly to their LoFi-DeFi profile page where a tipping option is available. Something along those lines.
So that’s a brief overview of what we plan to accomplish with this platform/app idea that we are hoping to be able to show you guys sometime during the end of Q4. We are continuously adding and developing new features and brainstorming ideas to implement as well as we continue our journey.
How to Buy on PancakeSwap
- Download Trust Wallet from the app store and create a wallet
- TW may give you a seed/recovery phrase of 12 words: Write this down on a piece of paper and keep it somewhere safe, this is how you gain access to your wallet if you ever lose it
- Once inside Trust Wallet, click on the Smart Chain BNB token to select it, and then click Buy in the top right corner
- This will take you to the Simplex site where you can initiate a Debit purchase for BNB, you can enter the amount of USD you wish to invest from your checking account to buy BNB
- Once you’ve bought some Smart Chain BNB, you can now swap it to LOFI using PancakeSwap
- Android is still integrated into TW so it is easier
- iPhone users will need to follow the above link to use Wallet Connect to connect their Trust Wallet to https://pancakeswap.finance/swap in safari browser
- Android users can simply click on the DApps tab at the bottom of the Trust Wallet screen to pull up PancakeSwap, you can hit Connect in the top right corner and select Trust Wallet to connect to the PancakeSwap DApp
- Once your wallet is connected you should see your BNB balance displayed on the PancakeSwap screen
- Next you will want to select the “select currency” option on the lower half of the swap screen, and you are going to copy and paste the LOFI Contract address into that field to pull up and import the LoFi-DeFi Token.
- Contract Address: 0x17D8519F57450E2B7E6aE1163E0E448322a8aF17
- Now that you have the LOFI token selected, you can select MAX on your BNB to swap the total amount of BNB to LOFI, it will do a calculation and display how many LOFI tokens the current price will get you.
- Next we need to set Slippage to account for the tax rates, so in the pancakeswap screen, click the settings icon above the BNB Token image on screen, set the slippage to 12% to account for the 8% tax plus 1% fee for pancakeswap and any small price movement during the swap that may occur. Your Settings screen should look like this:
- You can hit the x in the top right corner to close settings, then hit Swap and Confirm Swap to initiate the transaction.
- You may need to confirm/approve the swap in Trust Wallet, but otherwise your BNB will be swapped to LOFI now and since we’re on CMC, your price and information for the token will show in Trust Wallet with your current balance and price in USD.
Token Information Links
Discord Server: https://discord.gg/HqF4dwAdNN
Telegram Group: https://t.me/lofi_defi
LoFi-DeFi Whitepaper: https://drive.google.com/file/d/19iyKQN66p1Yt1BhOt5H7ZGcCBJFp43nP/view
BSC Scan Token Page: https://bscscan.com/token/0x17d8519f57450e2b7e6ae1163e0e448322a8af17
Shows information on how many holders, top wallets, recent transactions. This is blockchain information and every interaction with the token is recorded here in some way.
Live Price Chart: https://poocoin.app/tokens/0x17d8519f57450e2b7e6ae1163e0e448322a8af17
Swap now on PancakeSwap by connecting your wallet: https://pancakeswap.finance/swap?outputCurrency=0x17D8519F57450E2B7E6aE1163E0E448322a8aF17
Thank you for taking the time to read my overview of the LoFi-DeFi Project, I hope it was informative, please join us in our Discord or Telegram for continuous updates about the project, and be sure to follow us on Social Media!