The Rise of Carve 2.0
What happened with Carve 1.0?
As we announced in our community channels last week, we came across a fatal bug in the source code that prevented us from making updates to our contract. Although this bug is fairly common and can be triggered in many Sushi-derived projects, we were unable to plan for the damage it would cause.
Unfortunately, Our test-net pool address was added to the main-net when Carve first launched (0x116c1820452f363b6bf45c859262a1fd6d780dd7), and was referencing a “null reference” type error preventing any other updates to be executed.
In addition to that, in the time it would have taken us to fix the issue and help spread the word of the token, the supply and rewards emissions were creating havoc in terms of the supply it was generating. We ultimately tried to come up with multiple strategies to help mitigate the supply issue that we were faced with, but in the end, we were unable to come up with a solution to build value in the token and push buying pressure in the market.
What did we learn?
- Lower Supply is better!
- Liquidity upfront and lock it for life!
- Setting a hard-cap.
- Slow the rewards and spread the wealth.
🙌🏼 Good news for our early adopters of Carve 1.0.
We will be delivering an airdrop based on a Snapshot time of when our initial announcement was made.
📸 Snapshot time: Dec 08, 2020, Time: 09:10 PM PST
Users will get a much appreciated thank you for taking the first step and showing us their support! We have yet to determine what the rewards will be, but we will be sure to account for the early adopters who aped in with good faith.
The Start of Carve 2.0
We have listened to our community and we have heard the pains from our earlier launch. Using this opportunity, we were able to re-focus on what it really means to bring value to our users and platform.
Most of the protocol will remain the same and we ask you to reference our previous article for more detailed info. There will be some key critical changes most of which revolve around liquidity and supply.
Lower supply and a true hard cap!
Carve will now have a total supply of 100,000 tokens. All rewards will be omitted over multiple epochs, where the total supply will never surpass the cap.
Carve “LGE”
25,000 Carve tokens (25% supply) will be offered in a pre-sale.
- 10% of the funds raised will be deposited to the Carve Treasury to be used later for additional marketing and PR.
- The remaining funds will be deposited into our CARVE/ETH pool and the generated UNI LP tokens will be burned, forever locking liquidity within the platform.
- For all tokens that do not end up being sold they will be added as rewards for our users in our farming pools.
Once the pre-sale is completed, the Carve contract will then mint additional CARVE supply to match the ETH generated and deposit into a newly created LP Carve/ETH pool, all done via our pre-sale contract.
📣 More info on when our pre-sale will start will be announced via our Twitter and Telegram channels.
What happens to the remaining Carve?
- Rewards and more rewards!
- Stake LP and earn CARVE
Our farming pools will be distributing the remaining Carve tokens via our emissions strategy.
Building functionality in parallel
As all these awesome things are being planned out, we are still hard at work on the platform! The pre-sale and added strategy is one thing, but we are still marching forward on delivering what we promised. Our main goal is moving away from the stigma of being “just another farm” and as we continue to deliver, here are just a few things we are focused on.
- Governance implementation
- Carve Vaults Strategy
