The Grays Currency is an example of a successful ecosystem that is rooted in the principles of self-custody and censorship resistance. After the launch of the pTGC token and the creation of different liquidity pools, the team launched the UFO token, which continues to burn pTGC, creating a closed loop of buy and burn mechanics. In a world where the traditional financial system is riddled with currency inflation, manipulation, and centralization, pTGC and UFO bring a whole new paradigm where the supply is deflationary, there’s no admin keys, and merely holding the token in your wallet brings yield.
Introduction to UFO Token
UFO Token positions itself as an amplifier within the pTGC ecosystem, aiming to unify the coins launched by Richard Heart and The Grays Currency. The amplification takes advantage of the arbitration bots present on PulseX V2. The arbitration bots capitalize on price discrepancies of tokens across different trading pairs, fueling activity and volume.
Such mechanisms combined with buy and burn create a positive price effect on the price floor. This floor and the constantly reducing supply are what cause an anti-dumping mechanism. This doesn’t mean that there won’t be any price decrease, but rather that the price can go down only to a certain level and no more. This ensures a soft and always-growing cushion for all investors.
Similarly to pTGC, UFO started with supply zero, no admin keys, no allocation to founders, an open source project, and community ownership. Once launched, it’s unstoppable and works as an autonomous system.
Tokenomics
Supply
- Total Supply: 999,999,999,051.00 UFO
Buy and Sell Fees
- Buy Fee: 6%
- Sell Fee: 6%
Fees Distribution
- 3%: Rewarded to UFO LP providers in the following pools (rewards paid in PLS): PulseX V2
- UFO/Pulse
- UFO/PulseX
- UFO/Inc
- UFO/Hex
- UFO/Hex from Ethereum
- UFO/pDai
- UFO/pTGC
- 1%: Rewarded to holders of the UFO token (paid in UFO)
- 1%: Utilized to Buy and Burn the UFO Token
- 1%: Used to Buy and Burn PTGC
UFO, bots, and LPs
UFO leverages the PulseX arbitrage bots to help its price floor grow liquidity, attract people to create more liquidity pools, and reward the holders of UFO and pTGC. This can be done because each buy and sell incurs a 6% tax. Once a bot identifies an opportunity in price discrepancy, it executes a series of trades to capture the profit. The bot executes a buy order in a liquidity pool where the token is cheaper and a sell order in the liquidity pool where the token is more expensive. The tax from each trade is then split up for different purposes delineated above in the fee distribution section.
A holder of the UFO token is awarded a 1% fee share merely for keeping it in the wallet. There’s no need to take any action or stake anything to get the reward. This is a powerful buy-and-hold incentive that needs to be yet discovered by the larger Pulsechain audience.
Since the creation of the UFO contract on May 2, 2024 6.1% of the total supply has been already burned.
pTGC holders are rewarded indirectly through the 1% UFO fee share going to the pTGC buy and burn action. 11% of the pTGC supply was burned both through its own burn mechanism and thanks to the UFO fee share allocation for this purpose.
Every token paired with UFO benefits from the mechanics introduced in the Greys Currency system. This is why UFO helps all Richard Heart coins that are traded on PulseX, increasing their trading volume and activity. It’s worth knowing that when users interact with PulseX, a 6% fee is imposed both during LP provisioning and removal. The team made sure that those who want to avoid this fee can use the dapp created on the Greys Currency website to provide LP. LP providers via the dApp also earn their share of the 3% rewards, which are paid in PLS.
The integration of UFO Token within the pTGC ecosystem exemplifies a forward-thinking approach to cryptocurrency, emphasizing community engagement and mutual growth. By holding and providing liquidity with UFO Token, users not only benefit from rewards but also contribute to the overall health and expansion of the ecosystem.
Conclusion
UFO Token is more than just a cryptocurrency; it is a strategic tool designed to enhance the pTGC ecosystem and build bridges with the RH ecosystem. Its well-structured tokenomics and user-friendly features make it an attractive option for both casual holders and active liquidity providers. As the ecosystem grows, UFO Token will continue to play an important role in driving volume and delivering rewards, solidifying its place as a cornerstone of the Pulsechain defi.
