Our vision 🌎
Move out the way SUSHI there’s a new sheriff in defi-town. His name — Printer.Finance. Tired of your portfolio taking a hit big enough for your wife to leave on the daily? It’s ok. Don’t stress. We the kind folks at Printer.Finance have you covered. How you ask? By tackling head on the two-sided problem lurking in the underbelly of all these projects; whales and supply inflation.
In the past week we’ve seen defi-food failure after defi-food failure, and we are here to make it right. We implement a sensible approach to mining reward structure, enabling both early liquidity providers to be adequately compensated while also preserving the long-term value of PRINT, an ERC-20 token deployed to the ethereum blockchain.
The KIMBAP Problem 🍣
Too many projects let down their early stakeholders, the very people who are responsible for the project’s success. Let us take as a case-study KIMBAP. It started out as a very promising KIMCHI and YUNO fork but unfortunately there were avoidable issues that led to its downfall. Crucially the initial supply provided as liquidity to Uniswap was 1000 KIMBAP. However, mining in its pools rewarded 1000 KIMBAP per block. As you can imagine this led to an immense increase in supply which immediately crashed the price, leaving early buyers holding something valueless.
We as a community driven project want to do the utmost to avoid that. Part of being community focused means the PRINT token will act as the de-facto governance token for the protocol. You as the community will hold an integral stake in the future of the project. As we believe inasmuch as you guys are the project stakeholders you should be project drivers. The token burn rate — set by you. The reward per block , you guessed it, — set by you. Any proposed changes to the protocol will be guided and voted on by you. Therefore, we hope to use your better judgement to turn this into something great, together.
To get started on the right foot we implement sensible initial Tokenomics, which include:
- A 1200 PRINT pre-mint at the $PRINT smart contract deployment to provide initial liquidity on uniswap
- An initial base PRINT per day mining reward across all pools that will be voted on by the community
- Multipliers on the PRINT reward per day for the first four days to be voted on by the community
- 1% initial burnrate on every transfer
From that point onward the future is yours to decide :)
To further our vision, we aim to be fully transparent and we will make sure this project is as fair as possible for everyone involved. For this reason,
- Based on a community vote we are raising 20ETH in a capped presale to raise liquidity with a 0.5ETH max per person
- There will be no 5% transfer to the dev on every mint (Looking at you again KIMBAP)
- There will be no 5% transfer to the dev on every burn (Care for a Burger anyone)
- Uniswap liquidity locked for a month
- There will only be a 6% dev fund (that will be locked via a smart contract for a month)
So liquidity locked and no shady business, great! But what about the mint function? Yes, some of the more astute among you might have noticed there is indeed a mint function in the code. But don’t worry, if you take a closer look you’ll notice it has an onlyMinter modifier, this means that it can only be called by the address designed as the ‘minter’. After our intial mint to provide liquidity on Uniswap we will transfer the minter privileges to the MasterPrinter smart contract, so it can distribute PRINT. From that point onwards we will be completely unable to mint, so rest assured there will be no rug pull here. Feel free to look over our smart contracts and see our superstar dev’s hard work in action!
What are liquidity pools? What is Uniswap? 🚀
For those of you unsure about what exactly liquidity pools are, we’ve got you covered. First, we can think of a pool as simply a smart contract that contains reserves of two (or more) unique ERC20 tokens. When you provide liquidity to a Uniswap pool you add an equal value of each token in the pool. Therefore, you are allowing Uniswap to act as a market-marker — allowing buyers and sellers to exchange tokens freely. You do this in exchange for a percentage of all transactions that occur in the pool. And the Uniswap V2 LP (liquidity provider) tokens you receive represent your ownership of the pool, and your cut of the transactions.
Uniswap deterministically sets the price of tokens to one another based on the amount of reserves of each token. This means when you buy token A you take reserves of the token out of the liquidity pool thereby increasing its price. To be precise if we have two tokens A and B, to set price, Uniswap uses the formula, X * Y = K, where K is a constant set when the initial liquidity is provided to the pool and X and Y are the reserves of token A and token B. Therefore the more the reserves of token A in the pool relative the reserves of token B, the lower the price of token A.
That’s a lot to take in but all what you need to know is that when you provide liquidity to a pool you are facilitating trading on the platform. As a reward you receive LP tokens. It’s these tokens that you can stake on Printer.Finance to earn PRINT.
How does printing work? 🚜
So you are sold, but how exactly do you get started printing? It’s really a straightforward process once you get the hang of it! Just head over to our HOW page at printer.finance to find an in depth guide.
THE INITIAL SET OF POOLS :
PRINT — USDC
PRINT — ETH
PRINT — USDT
Link was chosen as the four PRINT pair as per a community vote!
You’ll be pleased to hear we will be adding exclusively PRINT pairs to uniswap. We won’t allow tethered up whales to jump in, take block rewards and dump on all of us hard at work PRINTers. We want folks who are invested in the project and are invested in something trying to be worthwhile. We have one saying around here — if you don’t buy in you can’t print out!
Our plan is to add liquidity to the ETH/PRINT pool the day before launch. The liquidity we provide will be locked for a month. Given exclusively print pairs are required to mine we expect a lot of demand for the initial supply of print so make sure you get in early!
To reiterate this project aims to be completely community driven. We hope that we can build something unique together and reward the printers who stick around. Hope to see you all soon!