Spartan Protocol 10 Day Update
PoB Token Distribution Update — Looking Forward
Week 1 Highlights
After the Spartans sprung the Proof-of-Burn token distribution phase on the 10th of September you could say things have been full-throttle.
Initial engagement far exceeded the team’s expectations. Spartan Protocol can now announce more than $11,000,000 USD worth of tokens have been burnt to join the shield wall!
Binance Coin (BNB)
The first $3m USD BNB allocation proved popular; burning out fast! CZ said it was crazy!
CZ also took time during the recent Binance Summit: ‘The World of DeFi’ to discuss the Spartan Protocol and how it is shaking up the DeFi world with the Proof of Burn token distribution.
Check out the Q&A session about Binance Smart Chain with CZ as linked below, you will also catch his discussions about Spartan Protocol.
One of the core goals of Spartan Protocol is to drive adoption of the Binance ecosystem as an option for projects feeling crippled by high fees and slow block times.
The ‘DeFi Chads’ out there can relate to these issues! With gas fees so high, the end user often goes all the way along the process until coming to signing the transaction, only to see a fee over the total value of tokens being moved.
That along with the excessive confirmation times has pushed networks like Ethereum (in its current form) into a more centralised and less accessible network, as now only the whales and (generally) centralised business entities can afford to operate these transactions on the network.
By connecting to Binance Smart Chain, the various users can swing to and from Binance Smart Chain and interact with Spartan Protocol to opening them up to DeFi at cheap prices and fast speeds.
CanYaCoin (CAN)
CanYaCoin (our case study for the BC to BSC bridge) was patient enough to work with our team first to help test and iterate the guides which would help other projects access the BSC ecosystem.
Interestingly, CanYaCoin was one of the very first ERC20 tokens to make the move over to the Binance Chain ecosystem when they saw initial signs that the Ethereum network was only getting more and more expensive to build and depend upon.
CanWork and the team over there have been amazing to work with pre- and post-launch! We have put some community-funded jobs up on CanWork to help further Spartan Protocol and are very excited by their Gig-Economy platform. They are hard workers and should be proud of the platform they have built!
Raven Protocol (RAVEN)
Armed with our fresh guides, we approached Raven Protocol to ask if their Raven Knights would be kind enough to line up shoulder to shoulder, united in helping bring Binance Smart Chain forward.
They obliged valiantly, and it honours us to continue to work with them from now on!
Their announcement and support really sped up public knowledge of Spartan Protocol and sent excited projects in by the droves interested in migrating to BSC. They have almost filled their allocation with nearly $1.5m USD of RAVEN now removed from their circulating supply!
ERC20s Join the Shield Wall!
As mentioned, strain on the current Ethereum network has been pushing some Ethereum projects over to the Binance ecosystem to see if it was a fit for them.
We continue to help projects every day who are interested in coming to BSC, our community are a bunch of great helpers so please reach out to us if you have questions or would like some guidance.
One such ERC20 project was DOS Network. They just burnt through their entire allocation as we write this article; an impressive achievement burning $1.5m USD worth of tokens from their circulating supply. The remaining holders have absorbed the burnt token value.
The next ERC20 to join the shield wall was Prometeus. They were already making a splash on BSC and had some pre-existing community interest as their allocation filled to 100% a moment ago (first token after BNB to burn 100% of their SPARTA allocation)
ANKR (ANKR)
Our friends at Ankr were the next to join in the party, with many community members waiting eagerly to share their great platform. They have now fully burned their $1.5m USD allocation! Thanks ANKR!
Frequently Asked Questions
The Spartan community came together within the first few days to curate this list of FAQs for the new warriors rushing in at a pace that our community-run channels had not prepared for! Please check out our website to see what the project is all about.
Core Ideas
To give the Spartan Protocol maximum legitimacy from genesis, it is important that SPARTA tokens distribute as widely as possible.
Spartan Protocol sees this as an excellent opportunity to reaffirm key points that add value to the project:
Token Distribution
The only way to acquire the initial 100m tokens is through Proof-of-Burn. Spartan Protocol will stand by the thesis of NO AIRDROPS.
When someone receives an airdropped token, their value to that peer is $0.00 as it cost them nothing. They are therefore more than happy to sell it straight away below market value, which applies selling pressure in that market.
To provide initial base-value to SPARTA tokens, tokens of value must be burned to get them. We can compare this to a Proof-of-Work mechanism like in BTC, where costly resources and time are expended in exchange for BTC. The receivers of this BTC are not going to be happy to sell below the costs of their expenditure, which sets the base value in the market.
When individuals have to sacrifice valuable tokens and their time to obtain SPARTA it also pushes them to research and align themselves with projects that show true value and thus are more likely to be supportive peers within the ecosystem… and HODL!
There have been way too many rug pulls and cash-grab copycats go live in recent months. These kinds of projects will continue to come and go. We see Spartan Protocol as a fight against this nonsense; a community driven project where the only way to be involved is to stump up your own capital. This means there is no rug to pull everyone is incentivised to achieve success for the project. No uneven benefits.
Spartan Protocol developers do not receive any payments or privileges.
No private or public sales.
Remaining tokens can only be minted to reward good peers within the ecosystem.
Strong Community
Strong community foundations; another pillar the Spartans felt very important to the success of the protocol. The plan was to build it through wide ‘Token Distribution’ and reaching out to other projects to fight for BSC’s success as a team.
Spartan community went out to mingle with other like-minded communities whilst the devs help projects build bridges to connect everyone together.
Spartan Protocol provides an avenue for token holders of low liquidity or under utilised projects to take advantage of BSC by earning staking rewards through Spartan Protocol. The bonus for project teams is enabling their holders' access to these benefits.
Governance
The final colossal piece of the puzzle is to give that ‘Strong Community’ control of the future direction of Spartan Protocol.
We needed to create a fair, powerful and flexible DAO capable of allowing the token holders to create proposals, vote on them to reach consensus and then implement those changes.
This governance is to be enabled as soon as workable after the initial token distribution (audit complete, pools stable, etc) to the DAO so that the community can choose which assets/pools are added and help shape SP’s future.
Current Token Distribution
It is possible to see from BscScan’s top 100 holders of SPARTA that things are already looking widely distributed. The team desires to see this continuing to widen as the features expand from just PoB to pools/swapping and the eventual handover to the DAO. The key desire is to maximise decentralisation and encourage as many individuals to provide liquidity as possible.
Looking Ahead
With the burn distribution well under way (over 36% of the burn-supply already minted) the team looks to the plans of Spartan protocol.
The community generously pooled funds together to pay for an audit earlier this month, and we are glad to say the auditing has now begun!
Upon completion of the audit, the team and community will review and discuss any required changes and get them implemented as quickly (and carefully) as they can.
After that, the following features will be rolled out along with improvements to the UI / UX with community feedback.
Liquidity Pools
Users will be able to provide liquidity for yield on their assets. These pools will provide a fast and cheap method for time-poor peers to swap between tokens in a more decentralised fashion.
Liquidity Providers
- Adding liquidity of any amount to any pool
- Moving liquidity between pools (remove from one, add to another)
- Withdraw partial or full capital from any pool, symmetrically or asymmetrically
Swapping
- Swap from any token to any token
- Buy an asset
- Sell an asset
DAO
In the DAO, members firstly lock SPARTAN liquidity tokens, which allow a claim on BASE in each pool to be detected and summed. Importantly, governance is on-market and liquid — whilst locking another member can purchase BASE off existing members and lock. This reduces existing member weight.
Proposals are a 3-step process:
- Create a proposal with parameters
- Vote for that proposal, if passing quorum, then proceed into a cool-off period in “finalising” state
- Once finalising, and past cool off, anyone can call and finalise to effect the proposal on the system.
Synthetics & Lending
Following those two features; we look to incorporate synthetic assets and lending.
Un-Burned PoB Allocation
There have been many questions regarding what happens to any remaining allocations if they haven’t been minted from burning. What if the assets available to be burnt for SPARTA go down in value and show a theoretical lower value than $0.30 per SPARTA?
Well, that would present a good value deal to the market and they will burn it up quickly! But what if that doesn’t happen, what if it is just a negative sales pressure scenario?
Whilst we do not foresee that being a problem, we still put mechanisms in place to account for the possibility of burn-demand drying up. The community came up with a clever solution:
Of the 300m total max possible SPARTA supply, it allocates 100m to the PoB event. Generous incentives promote the minting of the remaining 200m.
Once 100m SPARTA have been minted into the supply (whether by burning or through the incentive supply) Spartan Protocol shifts into a new phase. In this new phase, the remaining burn-ratios will drop.
For example, if 1 X BUSD gives 3.3 SPARTA through burning, after we mint 100m SPARTA, the protocol will gradually reduce the rate trending towards 0 SPARTA per 1 BUSD. This means there will be a daily increase in the burn-cost of SPARTA.
If people continue to not burn, the burn-cost will continue to increase until it is no longer workable to burn for SPARTA anymore. The remaining SPARTA allocation then is technically written off; never to be minted into the circulating supply. This cuts off the burn event forever.
Join the Shield Wall
Explore more information: https://SpartanProtocol.org
Take part in #BurningForSparta: https://spartanswap.org
Official community channels:
- Github: https://github.com/spartan-protocol
- Medium: https://medium.com/spartanprotocol
- Twitter: https://twitter.com/spartanprotocol
- Telegram Community: https://t.me/spartanprotocolorg
- Telegram Announcements: https://t.me/spartanprotocolann
