Bible Inspiration: Latest DeFi Experiment Triggers Supply Cut Whenever it Hits an All Time High
After YFI, YAM, and BASED, it's time for the Bible itself.
The latest token in the DeFi town this week is inspired by the Bible story “where humanity builds a tower so high that they challenged God's divinity.”
This token is called “Tokens of Babel” (TOB).
Launched by Bill Drummond, a pseudonym for a developer or group of developers, the goal of the project is to return cryptocurrency to its “cypherpunk roots.”
“Cryptocurrency has the potential to become a liberating force in society, or yet another way for the rich and powerful to exploit the average citizen,” reads the official website.
The idea is to fight against the urge to become corrupt crypto magnates and end corporate fascism.
— Alex (@classicmacro) August 15, 2020
This “experiment” protocol is an Ethereum-based trading game that burns tokens whenever a new all-time high is made.
The protocol is operated by an on-chain Oracle and a Rebaser for anyone to activate the rebase, which makes it “truly a decentralized game.”
Every 24 hours, “on a fixed time schedule,” the rebase occurs if the value of one TOB token exceeds its historical all-time high — 1% of the total supply is burned from all TOB holders wallets, an event that can happen two times within a day.
At the time of writing, TOB has been trading at $8.85 up 13% but lower than the ATH at $11.49 from yesterday.
It is the exact opposite of Antiample (XAMP), which decreases its supply when the value of the token decreases. XAMP is trading near its ATH at $0.0316 but over 700% higher than its all-time low on August 1st.
The total supply of this token is 4,012,101 TOB, with 5% of the supply airdropped to all Antiample (XAMP) holders two weeks after the launch of TOB. 15% of TOB supply is also allotted to the developer fund, which has eight months vesting period.
This is the fucked game Bill is making us play. People will get rich or lose everything doing this.$TOB supply decreases when price breaks ATH. $XAMP decreases when price is lower. You trade $TOB by swapping XAMP, making XAMP go down. So both supplies burn on some days. Huge.
— Jeremy (@joelostertag1) August 15, 2020
Right after the launch, TOB-XAMP has been the highest volume pair on Uniswap. From $14.8 million volume over the weekend, TOB-XAMP volume has now fallen 84% to just about $2 million.
Liquidity meanwhile has risen from about $739k to $985k after 500 Ether value was placed into the initial liquidity pool.
According to the website, “Up to 400 Ether can be used to fund future projects, but only ever 20% or less of total liquidity.”