Introduction to the DEGO project: Building a DeFi world in the form of Lego
Introduction to DEGO
Recently, we have witnessed the prosperity of Decentralized Finance (DeFi). The exponential growth of sentiment surrounding DeFi and FOMO (Fear Of Missing Out) has also attracted many new crypto investors and developers, in addition to stimulating the interest of traditional financial players. It seems that everyone is looking for treasure in the DeFi world.
Exploration is worthwhile, but funds, time and opportunities are limited, and it is impossible to fully seize all investment opportunities.
But with DEGO, things are different!
DEGO uses a modular design. The so-called modularity refers to the combination of various elements of a product to form a subsystem with specific functions. We combine these subsystems as a common module with other modules to form a new system with excellent functions and performance.
In short, each product can be regarded as a module. Through the combination of different modules, new products can be launched to achieve the effect of 1+1>2. Lego bricks are the best example and source of inspiration for these modules. Although every small piece is unremarkable, putting it together will create endless possibilities.
In the DeFi world, DEGO is equivalent to Lego. Treat every DeFi protocol as a brick, including stablecoin (DAI), lending (Aave, Compound), decentralized exchange DEX (Uniswap and Balancer), derivatives (Synthetix), insurance (Nexus Mutual), etc. . We will build a new dApp, enhance the value of DeFi, create a diversified investment portfolio, and bring rich returns to users. DEGO will become the entrance to future financial services.
Token
DEGO tokens are the product of liquid mining. It is the governance token of the DEGO ecosystem. Users who hold DEGO can participate in community proposals and decisions, and continue to receive dividends. DEGO contracts use a completely fair distribution system, without private placement or pre-mining mechanisms.
Token distribution
Total issuance (100%): 21,000,000 DEO
Liquidity mining (80%): 16,800,000 DEGO
Pre-sale and whitelist (10%): 2,100,000 DEGO
Uniswap liquidity (5.25%): 1,102,500 DEGO
DEGO DAO (3.75%): 787,500 DEGO
Airdrop (1%): 210,000 DEGO
Destruction mechanism
When users trade DEGO tokens, 2% of the transaction amount will be deducted as a transaction fee, of which 1% will be directly destroyed, and the remaining 1% will be transferred to the dividend pool (80% will be allocated to users; 20% will be allocated to the team).
Recommendation mechanism
Users who initially participated in the recommendation will receive an official mysterious gift in the future.
- Users can purchase their own unique recommendation ID. Its initial price is 0.1 ETH. For every 100 recommended IDs sold, the price will increase by 0.1 ETH. For example, the price of the 1st to 100th ID is 0.1 ETH, the price of the 101st query ID will rise to 0.2 ETH, and so on.
- After the user logs in to the wallet by entering the referral link and permanently binds the Ethereum address, he will receive 7% of the invitee’s income and 3% of the income of other newly invited users. For example, if user A invites user B, and B invites C , Then user A will get 7% of user B’s income and user C’s 3% of income.
DEGO Decentralized Autonomous Organization
DEGO is the Lego in the DeFi world. It is different from MAKER DAO, COMPOUND, YFI, and most recently SUSHI in diversity, creativity and fairness. We hope that DEGO will become a work of art representing freedom, equality, openness and innovation in the blockchain world.
We are very grateful for the many investments made by venture capital and angel investors in the DEGO team, and we are also encouraged, even though our community governance mechanism does not allow us to accept these investments. Except for the pre-sale and 1% airdrop, any other DEGO tokens must be approved by the DEGO DAO governance department before they can be used. DEGO is a complete governance token, and we hope it can spread all over the world. Everyone can participate in DeFi equally and become part of the DEGO ecosystem.
Phase 1: Create
The DEGO team members come from all over the world, with different backgrounds and cultures. But our common interests, values and vision make us a unique team. In order to realize the openness and transparency of the decision-making process, we will select 5 representatives from the team to start the operation of the DEGO project.
We will set the governance authority of each contract to a multi-signature wallet, and make adjustments and decisions only when 3 of the 5 representatives vote in favor.
The initial reward will also be aggregated into this multi-signature wallet to achieve the founding team's governance goals.
Phase 2: Empowering the community
After the project is successfully launched, the community can re-elect the co-holders of the multi-signature wallet through the proposal and voting mechanism. DEGO DAO is designed to be run by community members in a clear and transparent way. The community can vote on suggestions to change system parameters and align individuals with common interests.
Governance
DEGO holders can participate in the development of DEGO through governance.
DEGO non-homogeneous token
DEGO NFT is an exploration of GameFi. New things are often more attractive in the form of games. There should be more novelties in the world of DEFI, and DEGO NFT will present them in a new way.
Currently, DEGO NFT can be traded on Opensea. Address: https://opensea.io/assets/gego-dego
(Note: GEGO is the name of DEGO's NFT token, or it can be commonly called "pick")
DEGO ecology-NFT glossary
Six grades: bronze, silver, gold, platinum, diamond, krypton gold
Capacity: Each NFT has its own capacity, which is one of the core factors of mining efficiency
Face value: DEGO value of casting NFT
Mining efficiency: the core factor of mining speed
Power: The core factor of mining revenue (power = DEGO face value * mining efficiency)
Decomposition: Users can decompose NFT to withdraw DEGO tokens in the wallet
NFT casting
Users can use any number of DEGOs to mint NFT, and the grade of minted NFT is random. NFT can be decomposed into DEGO tokens for minting.
Stake NFT in the mining pool to harvest DEGO (power = DEGO face value * mining efficiency)
Pledge
Liquid mining has recently become the focus of interest and discussion in the extensive crypto community, opening a new era of DeFi through liquid mining. The current common liquid mining model is: Daily output of each user = Daily output of the mining pool * Staking amount / Total pledge amount
In this mode, the giant whale will become the biggest winner. They can easily get almost all of the liquidity gains and can sell them irrationally. For Xiao Xiami, this is a cruel predatory game. With the popularity of liquid mining, giant whales are the most concerned issue for miners.
In order to solve this problem and make the DeFi ecosystem more sustainable, we have created liquidity mining with adjusted algorithms.
Mining power
In the DEGO ecosystem, we use a set of deterministic algorithms for liquidity mining. We convert the LP tokens pledged by users into power (similar to the hash rate of Bitcoin mining) and obtain them through these algorithms The corresponding benefits. The pattern is as follows:
1. Daily output of each user = daily output of the mining pool*provided power/total power
2. Power = number of pledged LP tokens * corresponding coefficient
Power calculation formula
According to the user's LP pledge amount, users are divided into three levels:
a) Low-level: users with the least number of pledged LPs: 1 times factor
b) Top: users with the most pledged LPs: 5 times factor
c) Intermediate: Users with the middle number of pledged LPs: 3 times factor
For example, if the user pledges 10 LP tokens and is at an intermediate level, his power is 10 * 3 = 30
Initial level
The initial three levels of numbers are [10, 10, total number of users-20]. Every time the total number of users increases by 100, the number of low-level and advanced users will increase by 10, and the upper limit is 50.
- If the token pledge time is less than three days, 10% of the proceeds will be deducted and transferred to the dividend pool.
- Every 7 days, mining revenue is halved.
Liquid mining pool
Pool 1: DEGO- ETH UNI-V2 LP——20% of the mining pool (4,200,000 DEGO)
Pool 2: DEGO-UNI UNI-V2 LP——2.5% of the mining pool (262,500 DEGO) (Note: the latest launch)
Pool 3: USDT-5% of the mining pool (1050,000 DEGO)
Pool 4: WETH——5% of the mining pool (1050,000 DEGO)
NFT mining pool rules
The total power of the 3 mining pools will be hidden for 12 hours after the start of mining, and then displayed. Mining income is linked to the level of the pickaxe. (Note: The reason why the number of mining pools is 3 here is because the project party did not update in time)
1. Each NFT draft sub-level represents a different mining power. Users can evaluate their benefits according to the following table.
2. The three NFT mining pools represent three competing teams. Each pool accounts for 0.5% of the total supply, which is 105,000 DEGO tokens per pool. Each pool produced 52,500 DEGO tokens in the first week, and the output was halved every week.
3. Calculate the accumulated pledged mining power every 24 hours. The mining pool with the highest mining power will inject 0.1-0.15% of the total supply of tokens every day (for 10 days). The specific injection rules are as follows:
If the total amount of pledged NFT is less than 2500, then 0.05% of the total supply is injected every day, that is, 10500 DEGOs per day; if the total amount of pledged NFT is between 2500-7500, then 0.1 of the total supply is injected every day %, that is, 21,000 DEGOs per day; if the total amount of pledged NFT is greater than 7,500, 0.15% of the total supply is injected every day, that is, 31,500 DEGOs per day;
4. For each address, if the DEGO NFT value pledged in one of the first three pools exceeds 200, the pledged DEGO value will be capped and recorded as 200
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This document should be used for general research purposes only. This does not constitute an endorsement of professional investment advice, recommendations or independent analysis, and should not be construed as a commitment to the pursuit of the goals and objectives outlined herein, that is to those of the staff. to change from time to time at the discretion of the degofinance team. therefore, the information contained in this Article has not been prepared in accordance with the relevant governing rules and regulations such as publication in various jurisdictions.
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