The Toad Network is much more than a simple farming project, the Toad Team is creating a new era of yield farming. During the recent bull market, a lot of farming projects appeared on the Binance Smart Chain (BSC), but most of them are merely clones of other farming projects run by a team that brings little to no value or innovation to the scene. On top of that a new type of scam is now widespread: “The Rug Pull”, if you don’t know by now what a rug pull is, don’t worry, we are going to explain this later in this article. Here at Toad, our goal is to solve those two problems by creating a new model of yield farming and creating a “rug pull proof” project by decentralizing the liquidity.
What is a rug pull?
A rug pull is a new type of scam, where the team of a project, that promised to use a part of their returns from the presale to add liquidity, waits for the price of their token to go up, accumulating more eth/bnb on the liquidity pool, to then remove their liquidity. Stealing the eth/bnb from the liquidity pool and leaving their token with almost no liquidity, makes it impossible for the holder to sell without a huge slippage and big drop in price.
What makes toad rug pull proof?
After witnessing a lot of recent farming project being rug pulled, the Toad Team decided to create a project where the users don’t have to worry about it being possible. The first idea was for the team to provide liquidity and thenburn the liquidity tokens, thus making it impossible to ever remove the liquidity added by the team. But then the Toad Team had a brilliant idea: “what if we give the LP tokens back to the users who lock their liquidity?”. The whole purpose of yield farming is to provide an incentive to the users to provide liquidity, rewarding them with tokens for staking their LP. Rewarding the users who are staking their LP for the long term with more LP tokens seemed like the right thing to do.
“But how do we give the tokens back to the community without the risk that they are going to remove that liquidity as soon as they are in profit?”
Well, that’s when our LP farming smart contract comes in: the Toad Team created a contract that will allow Toad liquidity providers to stake their LP tokens to farm LP tokens in a perpetual farm that is never running out.
The Toad Team decided to add all the liquidity provider tokens to the farm pool, getting them out of the team hands, thus effectively removing our ability to remove liquidity, and making toad a “Rug Pull Proof” project.
What is the LP farming contract, and how does it work?
By now you must be asking yourself:
“How can a farming contract never run out without minting more tokens?”
Our liquidity farming smart contract will allow users to stake their LP tokens and farm more LP tokens, thanks to the smart contract featuring a dividend pool, that drips 1% of its value every day. Moreso, as written above, the team is going to add all of its liquidity tokens to this pool. There is a 10% fee for Users who want to stake or unstake their lp tokens from the farm. That fee goes right back to the farm pool to be distributed as rewards. This measure ensures that the pool will never run out of rewards, therefore providing users with an incentive to keep providing liquidity for TOAD.
For example, let’s say the dividend pool starts to go down and users who are already in profit start to remove their LP tokens and remove liquidity. What will happen is that the fees from those stakes leaving are going to increase the farming pool again, and providing liquidity and staking tokens is going to be attractive for investors once again.
But what if I don’t want to pay any fees?
Well, you don’t have to worry, Toad is also going to offer regular farming pools where you can farm TOAD using Toad-Bnb, Toad-Usdt, and TOAD.
Cool, but what is TOAD’S maximum supply?
Toad has a max supply of 200k TOAD, fully minted right before the presale, our bep20 contract doesn’t allow the team to mint extra tokens.
What is the token distribution?
Toad’s plans for the future:
This is our Roadmap, and one of Toad Team big plans for the future is the launch of the savings accounts, and although we state in our roadmap that this is only planned for June, we think we can launch those contracts much earlier.
What are those the Savings Account?
Savings Accounts are smart contracts that work similarly to the LP farming one but using other tokens. For example: BNB, ETH, BUSD BTCB. There is a fee for Users to pay in order to get in and out, and Users will receive dividends for holding their tokens, on top of that 1% of the value deposit will buy toad. So users who stake BNB, for example, are going to receive BNB and TOAD dividends. Those savings contracts are also a great tool for us to make partnerships. For example: We can offer to open a savings account for a token of a certain project, giving them exposure to our community, in exchange for them allowing our users to farm their token with TOAD.
The toad portfolio tracker:
The toad portfolio tracker is going to be a dashboard with nice charts for our users to track their portfolios and dividends of their savings accounts.