Contribute for dummies
Current crypto landscape is so rich and exciting that we tend to get lost in all those protocols, chains, sisterchains, DEFI, Staking…
Today i will try to explain an innovative project in very simple words, targeting the dummies :)… the idea is to simplify the concepts and shed a light on the advantages. So let’s get started…
1) Bearing interest in DEFI
As like a bank, there is actually services in DEFI that when you put your money in, it generates interests, better than a bank, DEFI rates are great!… double digit on stablecoins is just wonderful. One of theses is mUSD, you put your mUSD in the vault and interests start generating. check here : https://app.mstable.org/#/save
2) $TRIB innovation
$TRIB is the token of Contribute, the initial smart contract takes mUSD or ETH from buyer and gives him $TRIB. Having $TRIB is having a part of the savings. So far this is simple. Whenever there is a buy or sell of $TRIB on the tribtoken.com website there is a tax of 10% that goes to savings. This tax keeps growing; currently it is more than 500k$. As you might understand this interest is claimable buy the $TRIB holders (button clearly put in the picture below).
So interest is generated, then claimed, each time claimed there is tax means more saving , more interest …. This means that $TRIB has a value related to the saving size and the volume of transactions… Floor price!
This is the governance token of the Contribute savings or funds. Like $UNI or $Sushi, holders can choose the parameters of governance, for example the tax level!
This is the wrapped $TRIB/TDAO that was generated during the LLE. It mines $TDAO and makes some nice passive income. On the website APY are visible on TDAO Tab.
5) Why is that interesting
Before all, this is a completely decentralized project, no premine no team allocation no VC. The DAO managing now through $TDAO has a great ability to manage a respectable fund in the best way that serves the project participants.
Also, price floor makes $TRIB better than a stable coin, imagine one of the best uses is a collateral for debt in the DEFI space.
$TRIB price increase in perpetuity ! As explained this reinforcement positive loop of generating interest, claiming, taxing, more capital and then more interest and higher price for $TRIB, makes it a great investment for the long term, even a hedge against the bear market! check blow the current price and floor price for $TRIB…
Finally, if you are a fan of farming and passive income, holding $TRIG provides returns on all volume on $TDAO transactions.
6) How to contribute
$TRIB: purchased on the bonding curve on the site for ETH or mUSD. Or on uniswap.
When sold, it is better to sell on the site and claim interest, equivalent to 100% your $TRIB. That’s a quick 2X (although you need to watch the website for a few time).
$TDAO : directly from uniswap… price is higher than price floor set on the LGE… highly speculative.
$TRIG : Currently OTC via airswap.
For further details here are sources:
Website : https://tribtoken.com/#/
Medium : https://medium.com/contribute-defi
Hope this helps. You can contact me on twitter on my profil.