Hi all you cool cats and kittens! I’d like to talk briefly today about the short term direction for My Revenge Cat. It’s been an amazing few months, and I couldn’t be happier. Well I could, if our boy was still alive. We’ve seen some really interesting moves in this 4D game of chess that is Carl, and it’s only going to get more interesting from here.
Part of what makes $LOVE so interesting is that Carl is the only minter of the token. You can imagine him like a masterchef. He’s the owner of $LOVE and a pretty fair guy. Carl’s life and resources control the emissions of the token. As discussed in a previous medium post, this is very novel and lends itself to some interesting mechanics.
However, there is no liquidity. This means everyone has to wait their turn for the CAKE vault to accumulate to their desired profit level and hope somebody else doesn’t claim it first. This is how $LOVE has value, through CAKE interest.
Let’s imagine for a second that we create an incentive to provide $LOVE liquidity so that users can buy and sell $LOVE on PancakeSwap. What does that do to the game? Doesn’t that defeat the purpose? Actually, this takes our simple game to the next level in quite a few different ways. Here’s a few examples.
Example: The price of $LOVE on PancakeSwap is $5 per token. Carl’s interact price is $7. The current CAKE vault claimable rewards is $6. We now have a situation where it’s profitable to buy into liquidity, and instantly convert to CAKE at a profit.
But wait, aren’t we scared that this would make Carl neglected if you can simply buy $LOVE to your heart’s desire? Would he survive? Let’s look at another example before we all hide under our sheets!
Example: The price of $LOVE on PancakeSwap is now $8 per token because a user just bought 10 to get their NFT (impatience!), and the above user just bought one to claim the CAKE vault at a profit. Carl’s interact price is still $7. It’s now instantly profitable to tend to Carl, and then sell that LOVE into liquidity.
Will the demand for $LOVE outpace the emissions from Carl — thus raising the price of $LOVE greatly on the free market?
As you can see, liquidity actually adds an entire new dynamic with the $LOVE token into the game. The price action can open up new opportunities for $LOVE holders to profit with Carl in the short term.
So is that it? Actually, the primary reason that we’d want to add liquidity is so that those on the sidelines can assess the project’s financial valuation. Most services like Poocoin, BSCGemz’s Top Gainers announcements, dAppRadar, Binance, MVB all use the TVL and token price to establish the health and growth of the project — thus increasing our reach organically. But because $LOVE doesn’t have a provable value, it’s not easy to integrate with other services in order to get noticed, quantify ad performance, or attract new attention.
Enter CATNIP. CATNIP is a BEP-20 token that has multiple utilities. It will be distributed to those who stake LOVE-BUSD LP, CATNIP-BUSD LP, or CATNIP itself. The first utility is that you can use it to claim any accumulated $LOVE from the EmergencyLOVE contract. Your head cat will make sure this is filled up one way or another should Carl get farmed to max resources on a regular basis.
Example: I’ve farmed 1000 CATNIP from LOVE-BUSD liquidity providing. Last night Carl needed emergency LOVE 5 times, and 5 LOVE have accumulated in the contract. I can then go to the rewards section and burn (not final) 300 CATNIP to claim all of the accumulated $LOVE. Since 300 CATNIP is worth $75, but 5 $LOVE is worth $150, I doubled up! Value town, meow! But be quick, just like with CAKE the early cat gets the $LOVE!
CATNIP has a value both because liquidity is being provided — you can buy/sell it on PancakeSwap, AND because it has utility to earn $LOVE, which creates ANOTHER game within the game — to see if there’s profit to be squeaked out between converting CATNIP to $LOVE, and deciding when to claim! Are you feeling it yet, Mr. Krabs?
But wait, there’s more!
Did you think that was it? $LOVE is also getting a new reward. 2% of all CATNIP emissions will be sent to a rewards contract that you can burn 1 $LOVE to claim the entire accumulated CATNIP. In a day, this means 576 CATNIP will accumulate and be up for grabs. What will participants decide the ratio of $LOVE to CATNIP is? Since both assets are intrinsically valuable because of the CAKE pool, but are also both publicly traded on PancakeSwap, how will this play out? Will $LOVE become deflationary quicker because of the additional burning?
These questions trigger a deep, excited, child-like response in our cat-imaginations.
This is just the beginning. The goal is to make Catnip a core piece of the game theory puzzle that has already been woven into the blockchain forever.
Overall this direction will provide a familiar on-ramp for new users who just want to ape in to a SAFU farm, allow other projects and infrastructure to notice us (senpai), and create additional games and strategies within the game. Please stop by the Telegram and let me know your thoughts!
Farming begins at block 12315126. Carl will be revived at the same time. More details to come #SOON!
As always, thank you for caring.