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LoserChick

LoserChick Tokenomics

‘Fi’ is the core spirit of ‘GameFi’.The success of an on-chain game is not only the product elements such as rules and gameplay, UI & UE design, but also a healthy and benign game economic system is a crucial influencing factor. The original intention of LoserChick is to create an easy-to-operate, low-cost and sustainable participation game for blockchain game users. With this original intention, LoserChick has built a set of tokenomics with fair and equal opportunity.

TL;DR

【Tokenomics Structure】

The tokens in the LoserChick economic system consist of two parts: Circulating tokens and Non-circulating tokens.

Circulating tokens:$CHICK, $EGG, LoserChick NFTs

Non-circulating tokens: $cCHICK, $cEGG

Among them, circulating tokens are used to support the anchoring of asset values. Non-circulating tokens are used for the counting function in the “Claw the Egg” part of the game, and are the intermediary data in the swapping process from $CHICK to $EGG. The transformation logic between the above tokens is shown in the following diagram:

【Token Information and Functions】

$CHICK

  • Token Symbol:$CHICK
  • Max Supply:13,333,333
  • Decimals:18
  • Contract address: 0x9e725Cf7265D12fd5f59499AFf1258CA92CAc74d

$CHICK is the base value token of the LoserChick ecosystem. LoserChick will first be deployed on the Polygon Network and mint 71.73% (9,564,000 $CHICK) of the max supply (ERC-20 standard token). The remaining 28.27% of the max supply (3,769,333 $CHICK) will be issued on non-Polygon chain (BSC, Ethereum Layer 2,Heco Chain, etc.) after LoserChick has been running on Polygon for a period of time and cross-chain deployment has been completed. The details are as follows:

As we can see from the chart above, the distribution mechanism of $CHICK is maximally beneficial to the communities. 90% of the total (airdrop + community treasury + cross-chain fund) will be held by communities through airdrop and liquidity mining. The details will be described in a later article.

As the base token of the LoserChick ecosystem, $CHICK has the following functions and features:

  • $CHICK can swap to $cCHICK at a ratio of 1:1 on the game platform, and then 70% of the $CHICK tokens will be burnt directly. Therefore, if the amount of $CHICK diluted is less than the amount of $CHICK burnt by users in the game, $CHICK tokens will be deflated.
  • The process of swapping $CHICK to $cCHICK is an irreversible behavior. This means that the user can swap $CHICK to $cCHICK, but $cCHICK cannot be swapped to $CHICK. Therefore, the user should control the amount of conversions and make a plan to play the game.

$EGG

  • Token Symbol:$EGG
  • Max Supply:7,000,000
  • Decimals:18
  • Contract address: 0x245e5ddb65eFea6522Fa913229dF1f4957fB2e21

The $EGG tokens are used by the user in the “Mint NFT” module of the game. For every “Mint NFT” action, the user will burn 1 $EGG token, and then be possible to get a LoserChick NFT at random. All $EGG tokens are minted through the game’s “Claw the Egg” process (see Figure 1). For LoserChick players, there are two ways to get $EGG:

  • Hold $CHICK to participate in the “Claw the Egg” game, and get $EGG tokens after catching.
  • Buy $EGG from liquidity pools on DEXs.

LoserChick NFTs

LoserChick NFTs are the core value carriers of the entire ecosystem. Whether they are $CHICK or $EGG tokens, their value will be realized by generating individual NFT ultimately. In the world of LoserChick, there are 5 types of “chicks” (NFTs). Each “chick” has its own specific amount and characteristic properties. Their value will ultimately be determined by the scarcity and the additional special properties.

LoserChick NFTs Type and Quantity Limit

Contract address:

  • SHRIEKINGCHICK: 0xE50B1F6E58A0A77B0a41aedc085190808D25D706
  • LUCKYCHICK: 0x8580a90f6E378dB283ddb8af06356a962551e89A
  • LABORCHICK: 0x388EB34b54fE92e944b81A23f8e60146cA838180
  • BOSSCHICK: 0x4F1e6318aCc9Ee33c88f0E3E3578D5aD62E19285
  • TRUMPCHICK: 0x4f17c6514B9Ca3aBccfDefd12DF2dfA195A76dC4

As we can see from above, “Shrieking Chick” is the rarest of all LoserChick NFTs. Its total amount is only 99, making it far more scarce than the other four types of LoserChicks. In addition, it is worth mentioning that its content is created by artists based on specific character stories, each of which has its own unique artistic and collectible value.

In order to avoid the extreme situation that the user can never get any of the LoserChick NFTs by “Mint NFT”, and thus reduce the experience and participation in the game, the LoserChick contract has a special guarantee mechanism. At least 5 NFTs will be awarded while every burn 10 $EGG in one click.

$cCHICK

$cCHICK is a functional token used in the “Claw the Egg” game on the LoserChick platform. Every time a player performs an “Claw the Egg” operation, he needs to burn 1 $cCHICK. $cCHICK balance is stored in the centralized server, and users can check the $cCHICK balance in the “Claw the Egg” game interface. When the $cCHICK balance of your account is below 1, you will not be able to start the “Claw the Egg” game. After the conversion is completed, the corresponding amount of $CHICKs in the wallet will be destroyed.

$cEGG

Similar to $cCHICK, $cEGG is also a functional token on the LoserChick platform. Every time a player successfully acquires an “Egg” in the “Claw the Egg” game, the balance of $cEGG in the account will be increased by 1 token. The $cEGG acquired cannot be directly used for “Mint NFT” operation, but must swap to $EGG tokens in a 1:1 ratio on-chain firstly, then could be used.

【Token Distribution Mechanism】

Through the introduction, you have got a preliminary understanding of the economic model system of LoserChick.It is easy to see that although the LoserChick project has introduced multiple token models, the generation mechanism of both the on-chain value tokens $EGG, LoserChick NFTs, and $cCHICK and $cEGG as the intermediary carrier of the game function are closely related to the distribution of $CHICK tokens. As mentioned above, the distribution of $CHICK tokens includes: airdrop, community treasury,Eco-fund, cross-chain fund and team fund, and here we are going to introduce the distribution details of $CHICK tokens in the above modules.

Airdrop

As a GameFi project based on community eco-building, LoserChick hopes to enable more communities to participate in the game and eco-building at low cost. To this end, the project will issue several rounds of airdrop with 933,333 $CHICK. The selection mechanism for the airdrop addresses is as follows:

Retrospective Airdrop (29,907 addresses. Each address will receive 9 $CHICK)

  • Holders of $MANA token (Decentraland) on Polygon Network ( snapshot on July 19th 2021 12:00 GMT).
  • Holders of $GHST token (Aavegotchi) on Polygon Network ( snapshot on July 19th 2021 12:00 GMT).
  • Top 10,000 holders of $AXS token (Axie Infinity) on Ronin Network ( snapshot on July 19th 2021 12:00 GMT).
  • Active users who have successfully called setApprovalForAll function(May 1st 2021 00:00 GMT to July 19th 2021 12:00 GMT) and allow OpenSea (Polygon Network address: 0x58807bad0b376efc12f5ad86aac70e78ed67deae) to deal with their NFTs transactions.
    Query link: https://raw.githubusercontent.com/Loserchick/loserchick_contracts/main/airdrop/LoserChick_airdrop_retrospective.txt

LoserChick Community event participants. (25407 addresses. Each address will receive 9 $CHICK)

Gleam platform event (16081 addresses).

Query link: https://github.com/Loserchick/loserchick_contracts/blob/main/airdrop/LoserChick_airdrop_Gleam_event.txt

Other platform events (9326 addresses).

Query link: https://github.com/Loserchick/loserchick_contracts/blob/main/airdrop/LoserChick_airdrop_otherplatform_event.txt

LoserChick private tests participants (participated from July 13th 06:00 to July 18th 06:00 (UTC), 974 addresses).

  • The number of successfully clawed ‘Egg’ not more than 9 times: 9$CHICK award.
  • The number of successfully clawed ‘Egg’ more than 9 times and less than 99 times: 1$CHICK for each time he/she succeeds.
  • The number of successfully clawed ‘Egg’ more than 99 times: 99$CHICK award as the cap.

Query link: https://github.com/Loserchick/loserchick_contracts/blob/main/airdrop/Loserchick_airdrop_private_test.txt

Partner Community User Wallets.(Each address will receive 9 $CHICK)

After the public launch, LoserChick will work with our friends and allies to build the communities as a whole. All these participants will receive 9 $CHICK to join our game.

Notification: Only retrospective airdrop, LoserChick Community airdrop and private test airdrop will be issued at the very beginning (July 22, 2021, 12:00 — July 23, 2021, 12:00 (UTC)). Partner Community airdrop will be issued in a couple of months. All airdrops will be sent to the qualified addresses directly.

Users who meet the above criteria can access https://app.loserchick.fi. After connecting to the wallet and entering the “Claw the Egg” game interface, you can start the game directly with the $CHICK tokens you have in your account.

Community Treasury

More than half (56.73%) of the total $CHICK tokens will be held by the community treasury (on Polygon). These tokens will all be distributed to the communities in a fair mining method.

References: https://medium.com/loserchick/how-to-accomplish-a-real-fair-launch-fe63d2aba855

The entire distribution mechanism will be completed in two phases:

  • Genesis Mining (within 14 days after project launch)

The Genesis Mining will be conducted in the form of staking $USDC. Users only need to stake a certain amount of $USDC tokens in the mining contract to get $CHICK tokens rewarded according to their proportion of the mining pool. In order to avoid the $CHICK tokens being controlled by some whales, and to benefit the community participants as much as possible, Genesis Mining has a limit of 1888 $USDC tokens for a single address and only whitelisted users can participate (airdropped addresses are automatically whitelisted).165,888 $CHICK will be released each day during the Genesis mining phase, for a total of 2,322,432 $CHICK released over 14 days.

  • NFT & Liquidity Mining (After the end of Genesis mining)

The LoserChick introduces a pioneering new mechanism for NFT mining.Users can stake their LoserChick NFTs earned through participation in the game or purchased through the NFT marketplaces in the mining contract, which will reward the staker with $CHICK in proportion to the number of token in the mining pool for different tiers of LoserChick NFTs (instead of the asset value proportion in traditional mining).

At the same time, in order to provide more convenient way to get $EGG tokens for those who lack enthusiasm for the “Claw the Egg’’ game but want to participate in “Mint NFT’’ to extract LoserChick NFTs, we have also introduced the $EGG-$USDC liquidity incentive mechanism. This would help create deeper $EGG liquidity on DEXs with slighter trading slippage. Users simply need to provide liquidity in the $EGG-$USDC trading pair pool on the Quickswap and stake their LP token in the mining contract to receive a continuous $CHICK token reward. The specific weights of each pool are listed in the table below:

Eco Fund

The Eco Fund holds 5% (666,667 $CHICK) of the max supply. This fund will be used mainly for cooperation with other platforms and for marketing activities of the project. 25% of this amount will be unlocked at the beginning of the launch, followed by the same amount at 6, 9 and 12 months after the project launch.

The unlocked funds from the Eco Fund will be managed by the team’s multisign address.

Cross-chain Fund

The cross-chain fund serves as a reserve fund for the project’s future cross-chain expansion, accounting for 28.27% of the max supply (3,769,333 $CHICK). The fund will be locked and will not enter the circulation of the Polygon. When the cross-chain is realized in the future, the corresponding amount of the current Polygon fund will be burnt according to the number of newly issued $CHICK tokens on the new chain (up to the maximum amount of the cross-chain fund).

Team Fund

The Team Fund represents 3% of the max supply (400,000 $CHICK). The fund will follow the rhythm of the community treasury token release in accordance with the corresponding ratio (5.29% of the community treasury). The Team Fund is mainly used to motivate the team to continuously invest in project development, iteration and continuous ecological construction.

Reserve Funds & Team Performance Bonus

When users burn $CHICK for $cCHICK, 70% of the $CHICK will be directly burned, and the remaining 30% will be used for reserve and team performance bonus. Among them, 20% of the $CHICK consumed by users will be used as reserve funds, which will be used to support community-specific incentive activities in stages and regulate liquidity incentive mechanisms, etc; 10% will be used as team performance bonus.

Whether it is the early $CHICK token airdrop, the staking mining mechanism under Fair Launch, or the pioneering NFT mining game, all of them are dedicated to let the community players complete a virtuous cycle of competitive income (higher success rate of “Claw the Egg”) and asset-based income (NFT mining) in the process of participating in the game. In turn, an ecosystem of self-driven growth is created by the communities. With the maturity of the LoserChick communities, we will continue to explore and experiment in the fields of NFT Initial Game Offering, derivatives and DAO in the future.

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LoserChick

LoserChick

LoserChick is a web 3.0 gaming project consisting of claw crane, P2E, DeFi & NFTs 👾 Get Started: https://linktr.ee/LoserChick