Slime — why Ooze.Finance will make millionaires
Ooze.finance launched its innovative take on the daily ROI dApp the 21st of June. The launch went smooth, without any major hiccups, a rare thing in itself in the crypto space.
In this article we will take a closer look at the liquidity pair underlying the Ooze.Finance economy — Slime LP, and the amazing benefits of supplying Slime.
A liquidity pair is a pairing between two tokens, allowing for swaps between said tokens. For Ooze the liquidity is USDC, and the pair is known as Slime. The more liquidity there is for a pair, the more robust the token price is. If the liquidity pool is shallow, the token is vulnerable to manipulation and large sells will tank the price — often causing more sell-offs and further tanking the price.
More can be said on liquidity and liquidity pairs, but from this brief introduction let’s just agree that a solid liquid pair and a deep liquidity pool is essential for the success and prosperity of the main token.
The most common benefit of providing liquidity in dApps is that you get a cut of the fees associated with swapping between the two tokens the liquidity pair consists of. Compared to traditional finance this store of value can provide a far better interest, 10–20% annual percentage yield (APY) is not uncommon.
The liquidity for Ooze.Finance is called Slime, and the staking of the LP token is tied to the NFT active in the dApp at the time of staking. The Slime can be moved between NFTs, but only by withdrawing and restaking the LPs, incurring a staking and withdrawal tax.
When an investor supplies SLIME to the supply pool a 10% tax is levied. A part of that tax becomes locked slime, half the tax (5% of the deposit) to be exact. The locked slime is non-withdrawable, and will continue to provide liquidity for Ooze even if the player withdraws the Slime. At withdrawal a 10% tax on the pair is also levied.
The remaining 50% of the tax gets locked into the Dividends Vault. From the Dividends Vault 2% is paid daily to the existing Slime holders, with individual rewards based on their Slime stake. This daily ROI on Slime is in the form of LP’s that can be drained or reinvested. Thus supplying Slime liquidity for Ooze.finance yields a return on investment in the forum of more LP-tokens, a very good incentive for investors in itself.
However, giving further incentives to investors/players are the use-cases of supplying Slime. The two main use-cases are:
- Making the holder eligible for Disciple Tributes (downline rewards).
- Generating eXtra Potential (XP) points.
You might want to know more about the Ooze.Finance NFT before you read on, if you do take a look at this article
Disciple Tributes
To be eligible for “Disciple Tributes” (the referral rewards) the Guru needs to hold Slime.
There are two main forms of Tributes, the first is
Deposit Tribute
When a participant in Ooze.Finance mints their NFT and fills it up with Ooze tokens a 10% tax is levied and sent to the contract balance. 10% of the after-tax deposit is sent as a reward to the guru. Depending on the guru (the referral) 25–75% of that tax is returned to the NFT.
An example:
- Ooze deposited: 1000
- Tax to contract balance (system wallet): 100
- Referral reward: (1000–100)*0.1 = 90
- Tax-kickback 75: 90*75% = 67.5
- Deposited Ooze: 967.5
- Referral reward: 22.5 Ooze
The second form of Tribute is
Top-up Tribute
When the Order of Slime NFT holder compounds the daily 1% ROI a 10% tax is also levied and sent to the contract balance. Of the post-tax compounded Ooze 10% is sent as referral reward (from the contract balance). Half of that always hits the immediate guru with kick-back as set by the Guru.
The other half is sent on a round-robin trip, up 15 levels. When the round-robin hits a Guru the kickback is determined by that guru’s kickback rate, 25–75%.
When the top of the line is reached the system wallet is hit for the remaining round-robin turns, until 15 is reached and the referring Guru again receives the full tribute minus kickback.
Example
- Ooze available for compound: 10
- Tax to system wallet: 10*0.1 = 1
- Basis for tribute: (10–0.1)*0.1 = 0.9
- Tribute to guru: 0.9/2 = 0.45
- Kickback 75%: 0.45*0.75 = 0.3375
- Actual tribute to guru: 0.45–0.3375 = 0.1125
- Kickback from tribute to round-robbin hitting Guru with 75%: 0.3375
- Kickback if hitting system wallet (this always happens for a BioPunk): 0.45*0.25 = 0.1125
- Ooze added to balance if hitting 75% Guru: 10–1+0.3375+0.3375 = 9.675
- Ooze added to balance if 25% kickback: 10–1+0.3375+0.1125 = 9.45
BioPunks are slightly different, beyond the initial deposit tax, all future top-ups hit the contract balance, with the default 25% kickback on the whole amount, the tribute is not split in two between referring guru and system wallet. Unless the stealth attribute is upgraded a 10 Ooze top-up leaves 9.225 Ooze to be added to Balance. This difference adds up over time, and while the auto-compound feature is alluring, the speed and potential pay-out of an Order of Slime NFT will be better.
Is the Guru slimy enough?
For a Guru to receive the reward, and for the kickback to occur, they must be eligible. The eligibility is determined by Slime staked to the Disciple Tribute pool. The number of Slime LP-tokens needed scales with both how big the guru’s deposit is and how many levels down they want rewards from.
You can find the full breakdown in the whitepaper, but the gist of it as as follows: for immediate referrals you need OozeDeposited x0.1 Slime LP tokens; to include the 2nd level, x0.123; to include the 3rd x0.169 increasing non-linear up to x2.515 for the 15th level.
What this means is that any team-builder will want to get at the very least enough Slime for 1 level down. Many other projects also require team-builders to invest in some way to be eligible, however, as opposed to investing in some arbitrary token Ooze Gurus invest in the liquidity pair that is the foundation that all players of Ooze benefit from!
Those who go hard and fast from the start, and start off with a deposit of say 1500 Ooze (approaching the maxDeposit for maxPayout, 1712 Ooze [50000/3.65/12]), that translates to 150 Slime LP for one level of referral rewards. For 5 levels, it’s no less than 496 LP tokens. If they go deep with their referrals, either through self-referring or team-building, and want the full 15 levels, that’s a dizzying 3772 Slime LPs!
On the other hand, for those starting off with a smaller deposit, but that still want to team-build, it is within reach to do that, as with a smaller deposit there is less LP tokens required. To reach the same five levels with a deposit of 100 Ooze, the requirement is 33 LP tokens. And only 10 Slime LPs for the first level.
Yes yes. Enough facts and figures already — what does this all mean?
What this means is that anyone looking to team-build will have to benefit the whole through supplying liquidity. And as they grow their deposit, no matter the initial size, they will need to equally grow their Slime LP in the Disciple Tribute pool! A Whale Guru setting up a chain of gurus for referral-trickle-up will need to supply a ton of liquidity for the whole community.
Disciple Tributes is only something the the Order of Slime NFT holders need to think about, however — there is a second pool for Slime that is hugely beneficial to both BioPunks and Order of Slime gurus…
eXtra Potential Pool
Slime deposited in the XP-pool generates XP-points once a day that can be used to upgrade your NFT. How much XP the Slime generates is a function of your Slime LPe — the bigger the deposit, the more XP is earned. The amount of XP earned is calculated as follows:
DailyXP = 0.03 x StakedSlime
There is a max to the amount of XP that can be earned per day, and that is a function of your deposited Ooze:
DailyMaxXP = 0.02 x OozeDeposit
What this entails is that to stay at a max XP earning potential you need 2/3 of your deposited Ooze as Slime LPs.
Example:
- Deposited Ooze: 100
- MaxXP: 100*0.02 = 2 XP
- Needed slime for max XP: 2/0.03 = 66.7 Slime LPs
As we can see the XP needed to upgrade your NFT attributes increase with the deposited Ooze. A small Ooze deposit into a NFT goes a long way with an equally sized Slime bag deposited to the XP-pool. A large deposit of Ooze, require an equally large Slime pool to reap the same benefits.
The NFT attributes
There are 3 attributes that can be upgraded: Strength, Stealth and Speed. I’ve written more on this in the NFT guide article, the essence is:
- Strength: increase max balance up from base 8x deposit, to 12x deposit.
- Stealth: increase kickback when hitting contract wallet from base 25%, to 75%.
- Speed: increase daily ROI from base 1% to 2%.
As with the Disciple Tributes the amount of XP needed to increase the attributes of the NFT increase with deposit size. The calculations for the different attributes varies.
Strength is the easiest to grasp: 1 experience point equals 1 extra Ooze as max Max Balance, up to 12x your deposit (base 8x).
Example:
Deposit: 1000 Ooze
Max balance base: 1000*8 = 8000
Max balance with max strength: 1000*12 = 12000
Needed XP-points: 12000-8000=4000
For more information on maxBalance and maxPayout — check out this article:
For Speed the formula is that for every 0.65 XP allocated to Speed you get 0.1% extra daily ROI divided by your deposit, up to a max of 1% extra.
And for Stealth 0.0065 XP allocated to Stealth you get 10% extra tax kickback divided by deposit, up to a maximum of 50% extra kickback (from 25% to 75%).
Common for the three attributes is their ability to speed up your journey towards an hefty Ooze-paycheck, and that the amount of Slime LPs required for equal benefits increase with the amount of Ooze deposited!
XP is earned by all actions that benefit the system as a whole, compounding the daily ROI, sending airdrops — and of course, supplying liquidity. For all who want to speed up their Ooze.finance journey, supplying Slime to the XP-pool is a good way to get a head start! And remember: the Slime can be withdrawn, sold or re-allocated to other NFTs.
To the moon
With all the incentives in place for supplying liquidity, and a part of the supply getting continually locked up, the pool for Ooze has so far grown at a rapid pace, and will continue to do so. And what does a deep pool of Slime entail beyond all that gooey deliciousness? That the players of Ooze.Finance will have a fantastic time reaping the rewards from this innovative and fun dApp! If you are not already playing — get gooey and become an early adopter! Read on for a bit more information on how to get started.
Worried about the price action? Read this article I published September 1st 2020
I’m part of the SlimBees, the biggest, friendliest and most knowledgeable Ooze community! If you want to join ooze.finance, please consider using my referral ID (@SlimeHive) to get access to the SlimeHive telegram group as well as the big group SlimeBees. Send me a message on telegram when you have joined — or with questions/assistance getting you set up!
For those that join the Order of Slime I offer 75% kickback on your deposit, and all future tributes that hit the SlimeHive, the same goes for my guru! (Yes! We’ve got our Slime ready to ensure you get the kickback :)
To join my team, either enter this referral ID (case sensitive!) @SlimeHive or follow this referral link:
Got questions? Contact me on telegram (please reference ooze or this article when you do)
How to get started with Ooze.Finance — with USDC in your wallet on the Fantom Opera network, go to dApp.Ooze.Finance and enter the “ManHole”. There you swap your USDC for Ooze. With Ooze in your wallet, head to The Sewer, where you mint your NFT (remember to enter a Guru! For example @SlimeHive) — now you’re earning 1% day, tied to an NFT that is upgradeable and transferable. Enjoy!
Nothing in this article is to be construed as investment advice. Neither the author nor the publication takes any responsibility or liability for any investments, profits or losses you may incur as a result of this information. The article may contain affiliate links.
