Introduction to smol genesis
Summary of Initial Farming Period
During our initial farming launch, we saw tremendous participation from both SMOL stakers and SMOL-ETH LPs. Over the weekend we saw total supply staked range from 25–45% while liquidity peaked at roughly $300,000 and volume remained healthy.
We are also happy to report that there were no errors during the initial farming period. While our contracts are unaudited, our developers have maintained the utmost care when creating, changing, and testing all our new contracts before deployment.
Smol System Overview
If you missed our original post covering the basic economics of the project please refer to this article for a primer on the basics of smol staking (this article will get into the specifics of what the boosted Copper Coin does, what the boosted Neon Coin does, and how it all ties into our system).
The maximum stake for pools:
- SMOL staking will remain capped at 50 SMOL (You will receive a 20% bonus on your rewards if it is paired with the Copper Coin)
- SMOL-ETH LP staking will remain capped at 15 LP tokens. (You will receive a 20% bonus on your rewards if it is paired with the Neon Coin)
- Please note that as our genesis set is released boosters WILL NOT be active. That means if you have a Copper or Neon you still will not be able to stake for the 20% boost until the next platform update. These boosters will go live soon — we are finishing up testing at the time of writing.
Pool caps are intended to place a limit on NFT minting per individual address and will remain constant during the genesis event.
TING
Ting is a non-transferable internal currency inside our ecosystem, earned through staking SMOL, LPs, and NFTs. It can currently mint Copper and Neon Coins and will have a swath of different use cases as the project progresses. 2.5% of all created TING is stored in the treasury for future development work and giveaways.
Genesis — Yield Farming NFTs
We are excited to announce we are entering our genesis phase!
Starting later today the genesis set will be mintable through the SMOL platform so people can start building their TING factory. The set will have 2 tiers, rare and common, and all will have staking capabilities in the near future. They will also play various roles in the future of our system.
Genesis system breakdown:
Users will be able to mint cards from the genesis set with the TING they earn from staking SMOL and LPs.
Genesis NFTs, in combination with the SMOL/LP staking pools, are designed to let users begin to forge their own TING factory. Users will be limited to staking 1 of each card and be rewarded with set bonuses for staking completing sets. This will turn genesis into yield farming NFTs. This will give them value and set the foundations for the future of the TING ecosystem.
The Future of SMOL
We’re all ecstatic about the launch, yet we also know that this is only the first step in building a successful platform and community. That’s why we’ve taken this moment to especially listen to community suggestions about areas where we might improve, including:
- Communication about the overall project with channels outside of smoltidel.
- Making announcements with greater clarity and an outlook of what to expect next.
- In-depth economics and explanations about how things work in the system through easy to understand graphics and models.
To improve in these areas and to more effectively build our organization in the future, smoltidel has begun setting up smaller teams that can focus on specific areas.
These teams currently include:
- Marketing — marketing professionals focused on future marketing strategies for the platform.
- Administration — a group dedicated to keeping the smoltidel teams organized and working together as the project continues.
- Art/concept — a mixture of in house artists and creatives forming our narrative structure, creating in house art, and forming partnerships with various up and coming artists for future releases.
- Community — dedicated to providing transparent communication with our community, including telegram engagement, social media, and future medium posts.
- Economics — designing the economic theory behind the smol platform and providing the community with in-depth explanations of current and future releases.
- Development — our programming core. A group of highly skilled developers coding in Solidity, Javascript, Typescript, React, and CSS to produce the website and contracts that make smol run.
If you are interested in getting your foot in the door of cryptocurrency space, our team is full of experienced and well-connected members of the cryptocurrency community and is a great place to start. Reach out on social media or swing by smol_tok to see how you can join our vibrant community, learn from multi-year veterans, and form connections that will vastly accelerate your entry into the space!
