Let’s Talk About pHUMP?
We’ve had many questions in our Discord that we will address with articles like this one as well as upcoming community calls. Today we’re going to talk about pHUMP and its importance to Whale.Loans.
Overview
pHUMP is to Whale.Loans what pOHM is to Olympus DAO. It was the token given out during our private sale. Our private round was for partners who aligned with our vision and are willing to help us successfully achieve our goals. This money was raised for things like audits, development, marketing and things like that. So we would like to issue a special thank you to Impossible Finance, LD Capital, DeSpread, Efficient Frontier, and a handful of other individual partners.
How it works
As you know, we cannot pre-mine HUMP. So we issued pHUMP which is a derivative of HUMP. pHUMP gives the holder the option to mint HUMP by burning pHUMP and providing the intrinsic value of HUMP. For example, an investor would provide 1 BUSD and 1 pHUMP to mint 1 HUMP.
pHUMP is worth the price of HUMP minus the intrinsic value, and it only makes sense to redeem it when HUMP is above intrinsic value.
The best thing about pHUMP is that it can’t be redeemed all at once and dumped onto the market. pHUMP is vested based on supply. This creates the best incentives for all parties involved. pHUMP is vested along with supply, and are only redeemed when we trade with a positive intrinsic value. We the team, investors and advisors, don’t only want the supply to increase, or the price to go up, we want both. And so do you.
The Specifics
The team, investor, and advisors pHUMP cumulatively vest as 10.5% of HUMP supply. This means that at 1m HUMP supply, a maximum of 105k pHUMP can be redeemed. At 10m HUMP supply, it’s 1.05m pHUMP. There’s a lot of upside for holders, but it is dependent on actual growth of the protocol.
The breakdown is as follows:
- Team: 200m pHUMP and 6.5% supply
- Investors: 250k pHUMP and 3% supply
- Advisors: 100k pHUMP and 1% supply
Ultimately we decided on lower numbers than Olympus DAO because we were not the originators of this token design and we believe we can innovate and build a scalable ecosystem with less.
The Plan
These funds and resources will be used to support and build out our ecosystem. The treasury will be completely separate and will never be used for business purposes such as marketing or salaries.
In the near future, our focus will be on increasing usability. Our ultimate goal will be to onboard a user into any of our products in 1–3 clicks. We are also working on gas optimizations to help users save on gas fees. Most importantly, we want to focus on security for users as well as the protocol so creating products with insurance baked into them for user protection is a top priority. Also, in addition to regular audits we’ll be creating a bug bounty program as a serious measure of protocol safety. These things must be done first before we roll out additional products. Over the next couple of articles we are going to talk more about current and future products and infrastructure that will shape our ecosystem. To stay update on our launch, news and announcements visit:
Website: https://whale.loans
Discord: https://discord.com/rFzNx4wRtK
Twitter: https://twitter.com/whaleloans
Legal Disclaimers
The information provided in this Medium Post pertaining to Whale Loans,
Inc. (“Whale Loans” or the “Company”), its crypto-assets, business assets,
strategy, and operations, is for general informational purposes only and is not
a formal offer to sell or a solicitation of an offer to buy any securities,
options, futures, or other derivatives related to securities in any
jurisdiction and its content is not prescribed by securities laws. Information
contained in this Medium Post should not be relied upon as advice to buy or
sell or hold such securities or as an offer to sell such securities. This
Medium Post does not take into account nor does it provide any tax, legal or
investment advice or opinion regarding the specific investment objectives or
financial situation of any person. Whale Loans and its agents, advisors,
directors, officers, employees and shareholders make no representation or
warranties, expressed or implied, as to the accuracy of such information and Whale Loans expressly disclaims any and all liability that may be based on such information or errors or omissions thereof. Whale Loans reserves the right to amend or replace the information contained herein, in part or entirely, at any time, and undertakes no obligation to provide the recipient with access to the amended information or to notify the recipient thereof. The information contained in this Medium Post supersedes any prior Medium Post or conversation concerning the same, similar or related information. Any information, representations or statements not contained herein shall not be relied upon for any purpose. Neither Whale Loans nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person
resulting from the use of the information in this Medium Post by you or any of
your representatives or for omissions from the information in this Medium Post.
Additionally, the Company undertakes no obligation to comment on the
expectations of, or statements made by, third parties in respect of the matters
discussed in this Medium Post.
