- Shard Chain Swap and Shardnomics
Just now·9 min read
As voted on by the community, Shard will be swapping to become an ERC-20 token on the Ethereum Chain. It will also be bridged to the Binance Smart Chain as a BEP-20 token and later to other chains, allowing it to be used within the Infinity Protocols and Infinity Crypto Platform as a multi chain token.
We have completed development of the Shard Token and bridged Shard token contracts, which are viewable on github for anyone that would like to review them: https://github.com/InfinityWallet/Shard-Token
The Shard ETH token and bridged Shard BSC token contracts have been deployed and can be found here:
We are excited to reveal that the Shard tokens will support a unique feature we have developed, Shard Send, allowing Shard to retain its usability as a future decentralized currency unlike no other! It will allow holders to send their Shard by paying the transaction fee in Shard, without requiring the base chain’s coin for gas. We look to integrate this functionality into the Infinity Wallet in the future, to allow users to hold and spend Shard in their decentralized wallet without requiring any ETH or BNB, in a completely trustless way.
The initiative for this feature came from the big issue that Ethereum and other chains face today, in which the base chain’s coin is needed to send a token. Our main incentive for this innovative feature was from the Infinity Wallet. With which the team has received hundreds of messages from users, asking why they cannot send their tokens without having Ethereum. This is something which is currently affecting the overall user experience when using tokens in a decentralized wallet, which has been solved for Shard. More information on Shard send and other Shard token features will be detailed in the upcoming documentation.
Our goal is to make the swap as easy as possible. We understand that some holders are worried about Ethereum fees and this is why we look to provide a cheap option to swap. We will be integrating the ability to swap Shard to the Ethereum Chain or Binance Smart Chain, directly within the Infinity Wallet. This will allow users to send their Shard into their decentralized Infinity Wallet, then go to the Swap section and select Shard to Shard(ETH) or Shard to Shard(BSC). So make sure to have the Infinity Wallet downloaded and ready for the swap in the coming weeks.
The choice of which chain to swap to will be up to each user and will depend on if you prefer cheap fees and where you want to use your Shard.
The Shard BSC token will be a bridged version of the Shard ETH token. It will allow for low fees when swapping and use on the BSC chain where the Infinity Protocols and Infinity Crypto platform will be first launched. There you will be able to stake your Shard either by itself or in liquidity pools to earn more Shard.
The Shard Ethereum token will be the native chain for Shard. It will have a larger fee when swapping and won’t be usable on the Infinity Protocols or Infinity Crypto platform until they launch on Ethereum. It will however allow you to take benefit of the rich Ethereum ecosystem and decentralized/centralized exchanges such as Uniswap and many others, until we launch the Infinity protocols and platform on Ethereum later this year.
We are currently in the process of integrating Binance Smart Chain into the Infinity Wallet. As well as setting up the service for swapping Shard to Ethereum ERC-20 or Binance Smart Chain BEP-20. Once this service has been integrated we will release an official start date for the swap, which we expect to be sometime within April and ideally before the live launch of Infinity Crypto phase 2. Find out more about Infinity Crypto and the Infinity Protocols in the link here: https://infinitycryptox.medium.com/infinity-crypto-infinity-protocols-the-future-of-decentralized-finance-ac7afec20b08
We advise everyone to keep an eye out over the next couple months on the latest Shard news and share it with fellow communities that may hold Shard, so that nobody misses out on the swap.
The swap will run for 3 months from when it officially starts, allowing plenty of time for everyone to swap over.
After 3 months the service within the Infinity Wallet to swap will be disabled. However depending on the state of the Shard blockchain, we will try to process any late swaps manually for some time after. This is so that anyone who somehow missed the swap deadline will still able to swap their Shard. The extra swap period will last for up to a year at a reduced rate of 50%. With the remaining 50% being burned, reducing the Shard supply.
As a multi-chain token Shard will have access to new use cases and will allow for further use cases in the future. We also look to expand governance for Shard holders to the new community treasury and Infinity Protocols, empowering Shard as a more decentralized and community governed project.
Additionally Shard will have new burn and deflationary methods via the decentralized Infinity Protocols. As an example with a 500 million USD daily trade volume there could be up to 150 million USD of Shard burned a year. This is not even including additional burn methods or future methods we look to further build on, with the many more unique features and advancements we have planned.
We also look to work with the community on bringing to light your ideas and proposals to further advance this all-in-one decentralized ecosystem using Shard (Infinity Crypto, Infinity Protocols, Infinity Wallet, and future projects/platforms).
You can find out more regarding some of Shards use cases on Infinity Crypto here: https://infinitycryptox.medium.com/infinity-crypto-infinity-protocols-the-future-of-decentralized-finance-ac7afec20b08
Shard governance is designed as a catalyst for the growth and long term governance of the Shard Token and Infinity Protocols. The goal is to create a future proof framework which relies on multilevel governance from Shard holders and incentives to create an efficient equilibrium that stimulates long term growth, optimization and adoption of the protocol, Shard and the overall ecosystem.
Governance of Shard and the Infinity Protocols will allow Shard holders to submit and vote on Shard and protocol related proposals. On topics such as use of Shard funds, use of the Infinity Protocol collected fees, grants, developments, integrations, listings and much more. With your voting power dependant on your Shard held.
There will be more documentation on this in the near future with the release of the Infinity Protocol documentation, as well as an update to the Shard website in the coming months.
The supply cap will remain at 210 million Shard to maintain the current scarcity. With Proof of Stake rewards being replaced by the community treasury, governed by the community for future staking, liquidity pool rewards, grants or anything else that is proposed and accepted by the Shard holders.
The total token supply at genesis will be 80 million Shard including the community treasury, which is limited to minting a maximum of 1% of the current Shard supply every half a year to ensure continued participation and contribution to Shard and the ecosystem’s growth. This would mean that it would take a minimum of 48 years to reach the maximum supply if the community voted to distribute the maximum amount available each year. However with new burn and deflationary methods which we look to further expand on in the future, the cap may never be reached.
As a token, 80 million Shard will be minted at the start, which will be assigned in the following way:
- Up to 30 million Shard will be reserved for the current Shard supply to swap over 1:1, anything remaining after the swap will be burned;
6 million for initial staking, liquidity pool rewards, grants and other distribution incentives. This is in place of the current Proof of Stake rewards;
44 million locked and released over 4 years to the Shard community governed treasury for further liquidity rewards, staking, airdrops, marketing incentives, community developments, listings and grants, or anything else the community may propose and vote on;
The Shard reserves are to be used to ensure long term growth of the ecosystem with developments, marketing, incentives, community grants and much more. Additionally any community member with a great idea for what the reserves should be used for, can submit it to the community to be discussed and voted on by the Shard holders.
Some of the current uses will be:
Allowing Shard holders to lock up their Shard and earn rewards without the need to participate in liquidity pool staking.
This lets holders which only want to hold Shard to still earn from being part of the ecosystem. The % gains will vary depending on the amount of Shard staking.
The Shard rewards will be distributed evenly between stakers based on their share of the total amount of Shard staking. The more Shard you have the bigger your share!
Liquidity pool staking rewards
This will give bonus Shard rewards to liquidity providers on top of their liquidity provider fees collected. Further incentivizing participation in the ecosystem and becoming part of the Shard community. With larger Shard rewards distributed to Shard liquidity pair stakers such as SHARD/BNB. Bringing further liquidity and adoption of Shard, the Infinity Protocols and the platforms within the ecosystem.
After the initial rewards have been distributed, future liquidity and staking reward amounts can be voted to be changed by the community governance of the Shard treasury.
Shard holders will be able to vote or provide their opinion/feedback on grant proposals from community members on community developments, platform integrations and other proposals that aim to benefit and bring growth to the ecosystem and Shard alongside the current platforms.
As an Ethereum and BSC token, Shard will have the ability to be more easily integrated into exchanges and access the rich ecosystems of Ethereum and Binance Smart chain.
Once the tokens have been deployed we will start to reach out to exchanges. We will also be looking to integrate into further decentralized platforms shortly such as Uniswap, SushiSwap, PancakeSwap and approach a few centralized exchanges to start with. This is alongside our own revolutionary decentralized platform, bringing a massive increase in exchanges as well as other platforms and wallets for Shard.
There are additionally a few top exchanges we are in contact with. However to be listed on these we need to see much more market activity for Shard, a higher market cap, stronger community involvement, increased social presence and much more. Which we hope to have the community’s assistance with bringing further adoption and growth of the ecosystem.
As the development team of a revolutionary open source cryptocurrency, we have a lot that we hope to achieve. We aim for Shard to become one of the top digital assets, used in platforms that are not only unique, but bring unprecedented value to the blockchain industry.
We are now in an era where we have the technology to accomplish nearly anything we can imagine. With countless ideas and endless possibilities; all we need now is a community that is actively involved in bringing Shard into the light.
With the swap and new changes coming to Shard, this will allow for a big leap in new exchanges, platform integrations, liquidity, volume and price action. As well as a wide range of use cases for Shard and new deflationary methods. Shard and the overall ecosystem is now ready for the community to fully participate in bringing awareness, to attract large exchange listings and global exposure. As we make a global impact together on the world and mass cryptocurrency adoption. With Shard as one of the leading cryptocurrencies, bringing innovative new platforms and ease of use unlike anything seen before.
- Date of publication:
- Thu, 04/08/2021 - 12:00
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