What is TREE 🌳?
TREE is a self perpetuating elastic cryptocurrency. The protocol was designed to collect liquidity for charity and it is up to the community to decide how those funds will be allocated. We’re working to move value creation in DeFi to the most effective causes for doing good, inspired by effective altruism.
TREE is the first project from WhalerDAO. We’re a DAO composed of people from MetaCartel, Govrn, Aragon, BrightID, Bacon Labs, Status, Pool-Party, CryptoWorldNews and other assorted projects.
How does TREE 🌳 work?
TREE is an elastic supply token, meaning its supply will change to bring the price closer to a peg. Existing examples include Ampleforth and Yam. During a positive rebase, additional tokens are minted, distributing rewards to the charity fund, the LP pool, and the reserve.
Every 24hours, TREE will check its peg price against DAI. If it’s higher than the peg (currently 1 DAI), additional TREE tokens are minted. 10% of the minted TREE will go to Uniswap liquidity providers, 10% will go to the charity fund, and 80% will be sold into DAI and sent to a reserve. These weights can be adjusted through governance.
TREE tokens are also used as governance tokens to decide which causes the charity funds go to. We will be using an Aragon conviction voting DAO for decision-making.
Every TREE holder has access to a share of the reserve. At any point, a holder can burn their TREEs for a cut of the reserve, but the calculation uses exponents to lessen the impact of each burn. This kind of burning incentivizes long-term holding and accumulation, because one person burning TREE makes everyone else’s TREE worth more. To access the entire reserve a single holder would need to burn all of the TREE, but if all TREE holders were to burn their TREE individually, there would still be funds left in the reserve.
TREE Devs hard at Work. 🎄
There have been a few changes that our development team has been working over the past few weeks.
One change extended the rebase timer from twelve hours to twenty-four hours.
We also changed the percentage of TREE being minted by half to make rebases bring the price to the peg more gradually.
Protocol Updates:
1. ⏳ Rebase timer changed to 24 hours
2. 🧮 Minting multiplier cut in half
How to get updates on TREE 🌳?
Our website is where you’ll be able to farm and burn TREE.
Join our Tree Community!
You can follow us on Twitter and join the conversation on the WhalerDAO Discord. A certain cheeky Villager may also pique your…
