Purple Monster Finance — Whitepaper Version 1.1
Main Features
Purple Monster Finance is an innovative Yield Farm. It provides holders of Purple Monster NFTs with the ability to stake their NFTs in a variety of ways for a high Annual Percentage Yield (APY) on Binance Smart Chain.
Staking can occur in solo pools or in farms paired with other tokens for greater rewards.
Deflationary systems are in place to support the token. A games section will be created which will add to deflation.
Native Token
The Purple Monster Token (PMOT) is the native BEP 20 token of the Yield Farm. All APY rewards from the farm will be in PMOT.
PMOT will not be held or locked for any team members on launch. It is intended as the native token of the Yield Farm for the Purple Monster Community.
Purple Monster pool liquidity will be locked.
Tokenomics
PMOT for NFTs will produce a maximum of 50 per block. The amount yielding is dependant on the number of NFT staked.
The formula is:
50 per block / 3 pools / Total Supply of NFT type = Per Block reward for each NFT.
The per block reward for each NFT is static.
The total Per Block Reward for each NFT is then multiplied by the number of the particular NFT staked.
For Example:
1000 common NFT staked:
50 / 3 / 10000 * 1000 = 1.666 PMOT minted per block.
If the amount staked changed from an additional deposit or withdrawl, the amount minted will also change based on that formula. This maintains the value ratio of each rarity of NFT in terms of overall ROI and controls the amount of PMOT minted in the case that not all NFTs are staked.
The Yield Farm has a deflationary model with a 4% staking fee for non-core farms and pools. This entire fee will be used to buyback and burn PMOT as a key deflationary system which supports the token. Core farms and pools have no fee.
As mentioned previously, the Team does not have a PMOT allocation at launch. PMOT is intended for the community.
Games Section
A games section will be added to the platform as well. A portion of the tokens from games will be burned. This will provide additional deflationary mechanics to promote a higher value for PMOT.
As the platform develops, games will be added to further support interactivity for our community while bolstering token burns.
Available Liquidity
Liquidity will be provided exclusively through ApeSwap liquidity pools. ApeSwap has an excellent vision for the future and we are privileged to offer liquidity through their platform.
Future plans include providing PMOT rewards for Farms and Pool connected to our partners.
Safety & Security
There is no migrator code present in the Purple Monster code. This is important to eliminate the possibility of a “rug pull”.
Purple Monster intends to be a sustainable, long-term project. For this reason, all systems are designed benefit community members and grow the project. The Farm is not a Fork and has been coded from scratch.
Audit
Purple Monster Finance is in the process of being Audited by Tech Rate to ensure the best possible experience for its community.
The Audit will be made available once it is complete and this will be reflected in an update to this document.
Roadmap
Q1 2021:
-Develop Purple Monster Finance Yield Farm
Q2 2021:
-Whitepaper
-Audit
-Social Media Accounts
-Yield Farm Active
-Marketing and Promotion
-Partnerships
-Launch of Games Section
Q3 2021:
-Partnerships
-New Staking Options
-Marketing and Promotion
-Expansion of Games Section
Q4 2021:
-Marketing and Promotion
-Partnerships
-New Staking Options
-Expansion of Games Section
Q1 2022:
-Partnerships
-New Staking Options
-Marketing and Promotion
-Possible development of integration with other stake-able NFTs
Q2 2022:
-Marketing and Promotion
-Partnerships
-New Staking Options
