Cyclone Finance Community Update 1#
Community update #1 -Governance Pools and Selected Tokens
Hello there Cyclone People!
I bet you were all wondering what we were working on the last days, and we finally want to present everything to you.
🟢No coins owned by the team
🟢600 members in Telegram and 250 followers on Twitter
🟢Liquidity Locked with UniCrypt for 3 years
🟢Listed on Pancake Swap
🟢Applied for Coin Gecko
🟢Applied for BSC Price Bot
🟢Applied for Coin Market Cap
🟢Updated website and introduced a new platform
In this post, we want to announce the launch of our new Governance Pools and our future voting system. The development of our new yield optimizing platform will start by launching the Magnetite ($LODE) token that will be used for governance of the ecosystem. The Governance token and Pools along with the new vaults that we will present in the future are built with forked contracts of Beefy Finance.
The act of giving governance tokens during this period serves two main purposes.
- To give a chance to the community to actively take part in the decision process. The Cyclone Ecosystem will be controlled by $LODE token holders who will submit and vote on proposals that govern the ecosystem.
- Second, with the pools, we are trying to provide pools with popular projects from the Binance Smart Chain.
At the moment we are not offering high yield pools, but we are preparing new Magnetic vaults!
The point of those pools is to fairly distribute $LODE our governance token, that can become valuable if our ecosystem becomes stronger. We look forward to collaborating with all of you to build an amazing ecosystem.
The initial pools, and token allocation will be:
- Pool 1: WBNB— 17.500 $LODE
- Pool 2: ETH— 17.500 $LODE
- Pool 3: LINK— 17.500 $LODE
- Pool 4: LP Pancake yCLN-BUSD— 17.500 $LODE
- Pool 5: LP Pancake (USDC-BUSD) — 10.000 $LODE
- Pool 6: LP Pancake(BNB-BUSD) — 10.000 $LODE
The idea behind the pools is to:
Pool 1($wBNB): oWrapped BNB is good for the entire BSC ecosystem and is a cryptocurrency that we are all holding.
Pool 2($ETH): By bringing more ETH into the BSC ecosystem, we can give people the chance to maintain their exposure to ETH, but take part in a much more affordable DeFi experience.
Pool 3($LINK): We want to incentivize $LINK liquidity in BSC. We want to help grow a healthy oracle ecosystem.
Pool 4($yCLN-$BUSD): We want to incentivize $yCLN liquidity in BSC. We want to give our holders another way to earn $LODE while collecting the 2% transaction fees + the LP fees.
Pool 5 ($BNB-$BUSD): Being able to swap in a decentralized manner in and out of a solid stable coin with little slippage is central for some of our possible strategies.
Pool 6 ($USDC-$BUSD): This one is a stable coins pair for anybody who does not like volatility and risks,
The pool algorithm uses a linear approach that calculates the amount of pool liquidity, your shares in the pool and the amount of time it´s been staked to give the rewards.
There’s a maximum of 100.000 $LODE tokens available, the supply is capped and there will never be more.
All the community tokens will be distributed in a 2 month period, and there won’t be any more to mint. The team will receive 10000 $LODE tokens from which half will be vested in a year period.
Blockchain and smart contracts give us the opportunity for anyone to audit the code. That’s why, you will be able to check all of this, including the timelock contracts for the team members in the community update tomorrow.
This update will be a step by step audit for any non highly technical user to verify the contracts.
Join our Governance Pools at https://gov.cyclonefinance.org/
We are hoping to grow a thriving community to help build and govern the project.
In the next post we will present our smart contracts and development plans for the yield optimization platform!