Emporium Project - Mining

in mining •  4 years ago 

Introduction

Emporium.Finance is a high-yield liquidity mining platform created by Crypto Emporium. Our mission since the beginning, has been to increase real-world adoption of cryptocurrency by using them as they were originally intended, as a digital form of currency for online trade. Our platform launched in February 2018, a cryptocurrency-only e-commerce store that allows users to spend their digital assets on physical and tangible goods.

This mission was backed by Satoshi Nakamoto’s original whitepaper release, in which he envisioned a Peer-to-Peer Electronic Cash System that allows online payments to be sent directly from one party to another without going through a financial institution. It was to our distress and surprise that there was, and still is, a distinct lack of options for users to actually transact using this revolutionary new technology.

Our team launched a simple to use worldwide platform that would allow users to buy products such as; cars, motorbikes, watches, properties, electronics, artwork clothing and more! This project and platform was entirely self funded, running no ICO and seeking no third-party investment. Believing it's important for a project to show a working product first, and seek community support second. It’s always been our goal to build an industry leading Peer-to-Peer Crypto-Only Marketplace and Governance Rewards Program that allows users from all over the world to buy and sell goods and services directly with each other through a secure and easy to use platform. A platform that rewards users for buying and selling activity and encourages them to get involved with key business decisions and community management. It’s only now with the emergence of Decentralized Finance that we have an opportunity to build a community and distribute our token in a far reaching and fair way.

Focusing on ideals that are most important to us; simplicity, familiarity and decentralization. DeFi has allowed us to introduce the first part of our project, allowing community members to earn, stake, farm and trade our native ERC20 token, CEFI. We know that the future of payments is cryptocurrency and we want to invite you to get involved and help us enact that vision and create a ‘crypto-commerce’ online ecosystem.


What is Decentralized Finance and Liquidity Mining?

If you’ve been a part of the cryptocurrency space during the last 6 months, you will have heard all about yams, sushi’s, pickles and all sorts of vegetables and fruits. But what does it all really mean?

Decentralized Finance (or simply DeFi) refers to an ecosystem of financial applications that are built on top of blockchain networks. DeFi aims to create an open-source, permissionless, and transparent financial service ecosystem that is available to everyone and operates without any central authority. The users would maintain full control over their assets and interact with this ecosystem through peer-to-peer (P2P), decentralized applications (dapps).

Liquidity Mining refers to the process of depositing or lending designated token assets with a mining mechanism to provide liquidity for the product's fund pool and thus obtain an income. A liquidity miner wins rewards in a specific project's native token.

  • The total value of funds ‘locked’ in various DeFi platforms and protocols is up ~12x since the start of June, having grown exponentially from approximately $1 billion to over $13 billion today.

  • It’s undoubtedly the hottest concept inside the cryptocurrency space. As you can see, this is a space that is only just getting started and Emporium.Finance finds itself right in the centre of a market boom with so much more room to grow.



What is a Liquidity Pool?

A liquidity pool is a pool of tokens, locked behind a smart contract. The tokens inside the pool allow a user to swap between both tokens. When a user supplies liquidity to a certain pool, the user will receive LP tokens. It's good to keep in mind that the user has to provide an equal amount of liquidity on both tokens. We will take the CEFIUSDT pool as an example: if a user wants to provide $100 worth of liquidity, the user has to provide $50 worth of CEFI and $50 worth of USDT to the pool. In return, the user receives UNIV2 LP tokens, which is in proportion to how much liquidity is provided to the pool (CEFIUSDT in this case). The user can get their underlying liquidity back by sending the UNIV2 LP tokens back to Uniswap, where the LP tokens are burned and the underlying liquidity is sent back.


How to Become an LP?

Becoming a liquidity provider within UniSwap is a fairly simple process. As mentioned earlier, it requires both tokens in the specific pair. Taking the CEFIUSDT as an example, you will need both USDT and ETH to become an LP. Joining the LP requires sending both tokens to Uniswap, where you will get UNIV2 tokens in return. Here is a detailed step by step guide.

Go to app.uniswap.org and select "Pool" tab.



  • Click on "Add Liquidity". You will see a default option to add USDT and another token. Click on "Select a token", and enter the CEFI contract address in the search bar: 0xd6d6822b461eaefe7404413670ec26eed8986b48



  • Once selected, you can choose how many CEFI tokens and how much USDT to supply. When ready, click on "Supply".



  • Now, Uniswap will show how your position in the pool, and you will receive LP tokens into your wallet.


When does the LP program start and end?

  • The Emporium.Finance LP program will be live for 8 weeks.
  • Start LP Block - 11269746 Thursday, November 26 1400 GMT
  • End LP Block - 11894746 Thursday, January 21 1400 GMT


How do I earn CEFI Tokens?

CEFI token will be earned by providing liquidity to interest bearing pools and to the CEFIUSDT "home pool". In total, we are looking to add 9 pools in total.

  1. Pool 1 - UNICEFIUSDT - the rewards will be CEFI
  2. Pool 2 - CRVRENWBTC - the rewards will be CRV + CEFI
  3. Pool 3 - UNIETHDAI - the rewards will be UNI + CEFI
  4. Pool 4 - UNIETHUSDC - the rewards will be UNI + CEFI
  5. Pool 5 - UNIETHUSDT - the rewards will be UNI + CEFI
  6. Pool 6 - UNIETHWBTC - the rewards will be UNI + CEFI
  7. Pool 7 - SUSHIWBTCTBTC - the rewards will be SUSHI + CEFI
  8. Pool 8 - SUSHIUSDCETH - the rewards will be SUSHI + CEFI
  9. Pool 9 - UNILINKWETH - the rewards will be CEFI


Pool weights are distributed as following:

  • Pool 1 - 64%
  • Pool 2 - 4%
  • Pool 3 - 4%
  • Pool 4 - 4%
  • Pool 5 - 4%
  • Pool 6 - 4%
  • Pool 7 - 4%
  • Pool 8 - 4%
  • Pool 9 - 4%


What makes Emporium.Finance different?

With so many DeFi platforms and protocols, what makes Emporium.Finance different? First and foremost, it’s coming from an existing and trusted player within the cryptocurrency space in Crypto Emporium. Secondly, the platform and token is being launched in a fair and distributed way, we’re running no token pre-sale and no private sale event, tokens will be distributed through a linear weekly emission that allows the market to determine the price. Thirdly, from day 1 we’re giving the CEFI token a real-world utility and a very clear path for adoption.


What happens after the Emporium.Finance Liquidity Program ends?

After the pre-launch stage, Crypto Emporium x Emporium.Finance will have minted and distributed 150,960 tokens of the total supply of 888,000. Upon conclusion of this 8 week Liquidity Program, Crypto Emporium will be in a position to launch our Peer-to-Peer Cryptocurrency-Only Marketplace and Governance Rewards Program.

During this stage, CEFI tokens will follow a weekly emission schedule that rewards various buyer and seller activity on the platform;

Buying and Selling - Each active participant will be rewarded in CEFI tokens for buying or selling anything on the platform. Users with the highest volume and number of transactions will receive a percentage of this fixed weekly emission. Users will be able to claim rewards on a weekly basis from the CEFI deployer contract.

Referral Program - Active participants will be rewarded CEFI tokens for inviting users to the platform. This will be done through an affiliate program that allows users to share links and other promotional material with a unique referral ID to encourage sign-ups. This is a fixed weekly emission distributed as a percentage of participant activity.

Sponsored Cashback System - Each week community voting decides on which sellers, categories and products are to be offered with additional cashback. This cashback will incentivise purchases made through the platform of these boosted sellers, categories and products. Each purchase containing one of the above, will receive CEFI tokens.

Out of the total emission rate, the weight distributions are as follows:

  • Buyers and Sellers - 60% or 2,126.08 CEFI p/w
  • Referral program - 10% or 354.35 CEFI p/w
  • Sponsored cashback - 23% or 815 CEFI p/w
  • Team tokens - 7% - or 248.04 CEFI p/w


Conclusion

The message of Crypto Emporium is one that is clear, it’s time to use Bitcoin and other cryptocurrency as it was originally intended, as a digital currency for online trade and transactions. This message has been rung loud and clear through social media communications since February 2018.

Emporium.Finance and the Decentralized Finance revolution has created the perfect storm for the Crypto Emporium team to present and forward this idea to a wider audience, it allows them to incentivise and build an ecosystem that rewards, engages and entrusts the community.

CEFI and Emporium.Finance is more than just a speculative liquidity mining investment with no real end goal, it is a business with intention, utility and experience. They know the future of payments is cryptocurrency and they want to invite you to be a part of it.


ACCURATE INFORMATION


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4 years ago by

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