Update 03/03/2021 — Rasta.Finance
It has been a very productive week, but before we dive deep into details and explanations, we’d like to share the core of what has changed:
- Maximum Supply is now 6M, instead of 60M
- Launch Price will be ~3$ = 1 RASTA
- Burns are back on the table, allocations have been made
- Emissions have decreased to 0.25/Block for Launch Week
We will try to cover as much ground as possible, and if you have anything left unclear, please reach out to us on Telegram. Now, to the nitty gritty details.
Let’s start with the most important question.
When is Rasta.Finance launching?
As longtime users of DeFi protocols, and fiduciaries in our (non-crypto) lives, we wanted to ensure that when the doors open and fellow Rastas flung in, that there is no apparent risk to their holdings. This meant wild fluctuations in price, hordes of FUDS coming into attack, and even cybersecurity threats.
We wanted to ensure that our Tokenomics were in order, given the crazy climate we are currently in, and also with the timing of the crypto market correction, we deemed a short delay to be necessary and ideal.
Currently we are ready to deploy our contracts on the main net, preparing the submission of our repos to auditors (this also includes making them available to the public), and testing the site for additional bugs before launch.
We anticipate to be ready to open our doors before the weekend, so our farmers could stay focused on their yields while they are taking it easy, and recovering from their work weeks. We don’t want to make concrete statements pertaining to Launch Hour, since we are all working across a number of time zones at the moment.
We also intend to hold our first community vote soon for existing holders of RASTA, but please stay tuned for more on that later in the week.
Why did the max supply decrease?
As explained in our launch delay announcement, we were cautious about wild fluctuations in the price, that could render potential adopters with wild downswings on the value of their purchased token.
We chose to implement the Buoyancy Fund in order to counteract significant swings and support the RASTA price when needed. With a Maximum Supply of 60M Coins, the Buoyancy Fund would have to hold a relatively large amount of coins in order to be effective. This would mean more of the coin under the supervision of the management, which is something we would like to avoid. (At the end of this article you will see the wallet addresses for the Operating Account, Buoyancy and the Trust Funds, which you can track in real time).
This is also one of the reasons we have limited launch emissions, but we will get to that shortly.
Although the community will eventually gain control of these mechanisms, we would like to limit dev holdings of tokens as much as possible. Therefore, a lower maximum supply with lower emissions would ensure that the Buoyancy Fund, given what it currently is holding, can contribute and function properly in doing what it is supposed to over the course of the next 6 months, as we transition to community governance.
This also means that if you currently hold RASTA tokens, your token is now more scarce, and will meet less inflation over time.
Why is the launch price 3$?
There is not much to add on this topic, our pre-sale landed the price of the coin around $2.30 due its BNB equivalency. We would like to further incentivize our first adopters, by giving them a more scarce coin at a higher value.
So some of you may know that we have been weary of burns, as it serves as another mechanism outside of the users control that dictates coin value. This is why we chose the Buoyancy Fund to be the main mechanism of ensuring that the coin remains deflationary as it grows.
HOWEVER! We were greeted with the question, “Why not burns?” too many times, and therefore we would like to invoke controlled burn mechanisms that would satisfy the community. We will be burning a certain amount of RASTA tokens at Launch, as well as additional burns at each major milestone (to be determined along with community).
Why are the emissions lower?
In our initial docs you would have seen that we wanted to keep the yield high in order to incentivize early adopters, but this would also give power to speculators and early leavers.
Instead we would like to incentive early adopters and holders over time, using the Trust Fund. This wallet was created with the sole intention of incentivizing and rewarding the community.
The emissions also had to be adjusted given the latest reduction in the max supply amount. We believe over time emissions can be adjusted as deemed healthy and necessary by the community as well.
What else is under development?
- Removal of Migrate Functions
- New Stable Coin Pairing Farms and Pools (this may even happen before launch but no promises)
- Audit Submissions & Negotiation
Are you affiliated with DankSwap???
This is something that came up in the chat today for both groups and we would like to clarify it for those who are still curious.
Myself (@senorburdy) and my partner (@Rasta_Fi) originally met at DankSwap. I was a very early investor, had made a bit of money on CafeSwap (Entrance $2, Exit $22), as well as PandaYield (Entrance $4, Exit $19), and he had put in 6 figures in DankSwap. I put all of my earnings in DankSwap and was ready to see this thing climb all the way up.
The reason was simple, The Community.
I swiftly became a “GanjaKeeper” because I cared about the community and was even cultivating the beats at GanjaRadio, my partner became a mod because he was a large holder. We started our friendship with expressing how happy we were to be a part of this community, but this swiftly led to disappointment as the devs behind DankSwap stopped caring all too much.
We knew then, that we could build something better, with clearer exchange of information, and a whole lot more transparency.
That is why we started Rasta.Finance with the intention of growing a community oriented platform, and handing its governance over to its users.
We would like to express that beyond being Community Mods for DankSwap, we have absolutely ZERO material or immaterial affiliation with DankSwap and its creator team.
If you would like to discuss this topic further, please do reach out, and I will be happy to clear the air.
Giving you much love,
Please check out our Dev Wallets @ the addresses below:
Main Operating Account Address:
— Allocated for Burn Due to Change in Max Supply = 375,000 RASTAS
— Allocated for Operating/Dev Costs = 15,000 RASTAS
Buoyancy Fund Address: 0xf2A92c2d85C1A5e4F5A6d4B99C4C8F74D85fBD06
— Current Holding Amount: 160,000 RASTAS
— Please read more on our gitbook for its purpose, this will ensure that we buy the RASTA when it needs our help, and provide RASTA back when needed to stabilize value and prevent wild swings.
Trust Fund Address:
— Current Holding Amount: 40,000 RASTAS
— This will be our primary incentive method for existing and long-term users of RASTA.
Please keep a close eye on these Dev Wallets, these are the only official wallets of Rasta.Finance at the moment.