What is ElonGate (ELONGATE) | What is ELONGATE token

In this article, we’ll discuss information about the ELONGATE project and ELONGATE token

$ELONGATE is a frictionless Yield & Liquidity Generation Token, where a 10% transaction fee rewards holders and donates significant sums to charity.

ELONGATE instantly splits the fee: half goes to all holders and half auto locks in Pancake LP.

Every 14 days funds are extracted and donated to a charity the community chooses.

About ELONGATE :

Elongate is a crypto project that began as a parody of Elon Musk’s tweet referencing the Watergate Scandal.

It has since ballooned into an active community in the tens of thousands who intend to use the power and leverage of meme culture in order to raise awareness of and combat world hunger.

ElonGate began as a meme, inspired by a viral tweet from our favorite billionaire at the forefront of revolutionizing cryptocurrency. The events that transpired after our establishment saw the formation of a community spanning 25,000 people1 , a number that is constantly growing. In 2021, the battle against the global pandemic has forced the world to embrace digital initiatives in a parabolic trajectory.

Today, ElonGate aims to harness our chance to self-reflect and channel this into charitable acts that could help make the world a better place. Built upon the ElonGate token ecosystem, corporate social responsibility is integral to ElonGate’s identity. For this reason, various fellows have rallied behind us – influencers across many channels, private investors looking to support our chosen charities, and even a correspondence request by the New York Times

This begins by participating in fruitful discussions with charitable organizations, educating them about the cryptocurrency space, and providing a bridge for real-world charitable endeavors to embrace the digital world of cryptocurrency. We are on track to establish this with organizations like the United Nations World Food Programme, Action Against Hunger, the Big Green Organization, as well as charities that will be chosen by the community as we mature in time.

Core Values

Charity

We can make a real impact for the greater good, not just ourselves. By donating to charity, we remind ourselves of our duty to make this world a better place for everyone.

Community

Founded by the community and for the community, we take pride in our collective mission. We support each other and other communities, and we have fun doing it.

Clarity

We share transparent information with each other and the community. We are organized, cohesive, and all push in the same direction.

Sustainability

The future is coming, and we’re ready for it. We make every decision with consideration for its ripple effects, and we are committed to a long-term vision.

The ElonGate Ecosystem

ElonGate Token

ElonGate ($ElonGate) is a BEP20 token issued on the Binance Smart Chain with a total fixed supply of 1 Quadrillion (1015) tokens. The ideation of ElonGate as a token with charitable purposes entered a pre-sale campaign which was hosted by DxSale, a decentralized, cross chain, token management platform as a service. Further to this, ElonGate’s initial token liquidity pool has been locked under DxSale’s DeFiLaunch Certified Liquidity Locker, ensuring safety and security for our community of investors.

PancakeSwap

PancakeSwap is a Binance Smart Chainbased Decentralized Exchange (DEX) for swapping BEP-20 tokens. To facilitate ElonGate’s initial public offering, PancakeSwap offers our community the ability to exchange their BNB for ElonGate. In line with a pragmatic approach, ElonGate shall be listed into major exchanges in the near future.

Binance Smart Chain

The Binance Smart Chain (BSC) is a blockchain network that runs in parallel to the Binance Chain. In contrast to the Binance Chain, BSC features smart contract functionality and compatibility with the Ethereum Virtual Machine (EVM). The Binance Smart Chain offers our community the added interoperability of facilitating their investments through Ethereum-based wallets, such as MetaMask. An added advantage of issuing ElonGate tokens on the BSC is that it offers our community an affordable blockchain experience through smaller transaction fees compared to the Ethereum Network.

Gnosis Safe Multisig

As an added security feature for the token/ liquidity pool of ElonGate, the Gnosis Safe Multisig platform was implemented. The Gnosis Safe Multisig is a smart contract wallet that requires a minimum number of people to approve a transaction before it can occur (M-of-N). This means that a multisignature signoff from the whole of the leadership team is required for any token interactions with the LP wallet.

Tokenomics

The token’s utility can be summarized into 3 fundamentals: earn, burn (through token extraction), and charity. These will be further explained in the proceedings of this chapter.

Earn

The earn aspect of ElonGate is backed by the imposed 10% tax for all transactions. Five percent of this tax is redistributed to the community, proportional to the tokens that they hold. This system incentivizes our community of holders who in turn support ElonGate to make it a sustainable movement. Further details are outlined below:

1. Five percent of the tax is redistributed to our community of holders, proportional to the ElonGate tokens they hold.

2. The remaining 5% is transferred back as liquidity provider tokens to the PancakeSwap Liquidity Pool (LP). On a biweekly basis, 60% of the newly accumulated LP tokens will be removed from the liquidity pool and a majority of this will be appropriated as proceeds to our chosen charities.

What is unique about the ElonGate ecosystem is that it universally provides a goodwill commitment to the speculative nature of cryptocurrency trading – both incoming and outgoing transactions intrinsically reflect the charitable cause of ElonGate. For example, an outgoing transaction contributes to the liquidity pool wherein tokens are removed and appropriated as proceeds to our chosen charities.

Token Extraction

For the best interests of the community, the burn process has been instituted as part of a manual extraction process ocurring every 14 days. There are cases wherein the burn process increases the floor price. In ElonGate, burn has been integrated into a charity-burn system. The initial algorithm is as follows* :

Of the newly accumulated LP Tokens (the 5% fee) over a two-week cycle, 60% will be removed from the PancakeSwap Liquidity Pool: half are BNB, half are ElonGate. These tokens will then be appropriated to our overarching initiatives in public and transparent wallets, which will be vetted by the community as we go further.

This is our current approach to ElonGate’s tokenomics to ensure that we are capable to operate fully sustainably. Moving forward, a continuous assessment program will be instituted and the whole community will be involved in the decision-making process. We also have a wallet set up to hold manual buyback funds: up to 20% of the BNB extracted in a cycle can be returned to the pool to support a stable liquidity. Adaptability is a key security measure that the team upholds to put ElonGate in the best place for long-term sustainability and growth.

Charity-Burn

Of the extracted BNB:

67% - Charity
20% - Marketing fund
13% - Business & Logistics fund

Of the extracted ElonGate:

67% - Burn
33% - Community Giveaways In other words,
1% of the accumulated transaction volume of the two-week period will be donated to charity, and an equal amount will be burned.

Token Figures

Total Supply : 1,000,000,000,000,000 ELONGATE

Pre-Sale Allocation: 400,000,000,000,000 ELONGATE

We have created four wallets to manage transparent funds moving forward.

Funds from the Charity Burn Parties will be moved in as outlined above. We invite our community members to make additional contributions on areas that they would like to further support.

Community Charity Fund

0x122C3B80e82eDe80cc096041B1330bD9d0b593cD

Community sourcing of funds for our bi-weekly charity donations. In the future, we want ElonGate holders to vote on which charity the funds are donated based on the voting results.

Community Marketing Fund

0xDB2d32c613A06fDCF32014a29902e2Ce9b6BB3cA

Community sourcing of funds for marketing initiatives and exposure.

Community Business & Logistics Fund

0x9ec2d18c51Cb0b74C66AC43D893Bf75f344a4462

Community sourcing of funds to evolve our movement, such as expanded e-commerce infrastructure, new listings, and other funding related to growth of our movement.

Community Giveaways Fund

0x99D07A9F91DEC1715f01a6e6b3bFCea19443fa69

No need for you to contribute to this, as this is for us to give back to you!

Source : https://www.youtube.com/watch?v=kDUwP_CGn0Y

How and Where to Buy ELONGATE ?

ELONGATE is now live on the Binance mainnet. The token address for ELONGATE is 0x2A9718defF471f3Bb91FA0ECEAB14154F150a385. Be cautious not to purchase any other token with a smart contract different from this one (as this can be easily faked). We strongly advise to be vigilant and stay safe throughout the launch. Don’t let the excitement get the best of you.

Just be sure you have enough BNB in your wallet to cover the transaction fees.

You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…

We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.

Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…

☞ SIGN UP ON BINANCE

Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)

Next step

You need a wallet address to Connect to Pancakeswap Decentralized Exchange, we use Metamask wallet

If you don’t have a Metamask wallet, read this article and follow the steps

☞What is Metamask wallet | How to Create a wallet and Use

Next step

Connect Metamask Wallet to Pancakeswap Decentralized Exchange and Buy ELONGATE token

Contract: 0x2A9718defF471f3Bb91FA0ECEAB14154F150a385

There are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once ELONGATE gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!

Top exchanges for token-coin trading. Follow instructions and make unlimited money

☞ https://www.binance.com
☞ https://www.bittrex.com
☞ https://www.poloniex.com
☞ https://www.bitfinex.com
☞ https://www.huobi.com

Find more information ELONGATE

☞ Website ☞ Website 2 ☞ Explorer ☞ Social Channel ☞ Social Channel 2 ☞ Social Channel 3 ☞ Message Board ☞ Coinmarketcap

🔺DISCLAIMER: The Information in the post isn’t financial advice, is intended FOR GENERAL INFORMATION PURPOSES ONLY. Trading Cryptocurrency is VERY risky. Make sure you understand these risks and that you are responsible for what you do with your money.

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Wallet address:

BTC: 1FnYrvnEmov2w9fovbDQ4vX8U2dhrEc29c
USDT: 0xfee027e0acfa386809eca0276dab286900d75ad7
DOGE: DSsLMmGTwCnJ48toEyYmEF4gr2VXTa5LiZ

I hope this post will help you. Don’t forget to leave a like, comment and sharing it with others. Thank you!

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