What is Goes Up Higher (GUH) | What is Goes Up Higher token | What is GUH token
In this article, we’ll discuss information about the Goes Up Higher project and GUH token
Historically, currency rebases were used during or after periods of hyperinflation in order to reduce the nominal value of your wallet, and psychologically influence its users to view the event as the end of hyperinflation. In contrast, GUH uses rebases not to influence your mind, but to Go Up Higher.
GUH is unique in its mechanism with no other token on the market operating on similar principles. The contract mathematically guarantees a constant price increase over time, reaching the price of bitcoin in 60 days. This process is entirely automatic after the first supply-adjustment is called. All the initial liquidity will be permanently locked via burning, with contract ownership being renounced shortly thereafter.
GUH uses an initial target price of $.001 as the peg, with its price increasing by 5.00% every four hours, and expands or contracts the circulating supply depending on where the current trading price is relative to the peg price. After the 360 epochs of 5.00% price increase GUH switches to an oracle contract which sets the peg to the current market price of Bitcoin plus 1% at the same interval of 4 hours. This continual adjustment of circulating supply according to a peg guarantees that the price per token will exceed that of Bitcoin.
Protocol
An elastic supply (or rebase) token works in a way that the circulating supply expands or contracts due to changes in token price. This increase or decrease in supply works with a mechanism called re-basing. When a rebase occurs, the supply of the token is increased or decreased algorithmically, based on the current price of each token.
In some ways, elastic supply tokens can be paralleled with stablecoins. They aim to achieve a target price, and these re-base mechanics facilitate that. However, the key difference is that rebasing tokens aim to achieve it with a changing (elastic) supply. GUH differs by having an increasing peg price, an upcoin.
Supply-elastic tokens work differently. As mentioned, the re-basing mechanism adjusts the token circulating supply periodically. Let’s say we have an elastic supply token that aims to achieve a value of 1 USD. If the price is above 1 USD, the re-base increases the current supply, reducing the value of each token. Conversely, if the price is below 1 USD, the re-base will decrease the supply, making each token worth more.
What does this mean from a practical standpoint? The amount of tokens in user wallets changes if a re-base occurs. Let’s say we have Rebase USD (rUSD), a hypothetical token that targets a price of 1 USD. You have 100 rUSD safely sitting in your hardware wallet. Let’s say the price goes below 1 USD. After the rebase occurs, you’ll have only 96 rUSD in your wallet, but at the same time, each will be worth proportionally more than before the rebase. The idea is that your holdings proportional to the total supply haven’t changed with the rebase. If you had 1% of the supply before the rebase, you should still have 1% after it, even if the number of coins in your wallet has changed. In essence, you retain your share of the network no matter what the price is.
Protocol Parameters
• exchangeRate → TWAP(GUH/BNB) / TWAP(BNB/BUSD) = (GUH/BUSD)
• targetRate → targetRate ∗ 1.05epoch
• deviationThreshold → If the current exchange rate is within this fractional distance 2 from the target, no supply update is performed 5% if < 360 epochs, else BTC price if > 360 epochs
• rebaseCooldown → More than this much time must pass between rebase operations.
• lastRebaseTimestampSec→ Block timestamp of last rebase operation in seconds
• epoch → One every 4 hours
Price Oracle
A price oracle is any tool used to view price information about a given asset. When you look at stock prices on your phone, you are using your phone as a price oracle. Similarly, the app on your phone relies on devices to retrieve price information - likely several, which are aggregated and then displayed to you, the end-user. These are price oracles as well.
When building smart contracts that integrate with DeFi protocols, developers will inevitably run into the price oracle problem. What is the best way to retrieve the price of a given asset on-chain?
Many oracle designs on Binance Smart Chain have been implemented on an ad-hoc basis, with varying degrees of decentralization and security. Because of this, the ecosystem has witnessed numerous high-profile hacks where the oracle implementation is the primary attack vector. A Time-Weighted Average Price (TWAP) is used to mitigate common attack vectors
Pancake V2 enables developers to build highly decentralized and manipulation-resistant on-chain price oracles, which serve the purpose of trustlessly providing pricing data to the protocol.
Contracts
• Guh ERC20 token code and re-basing mechanism
• Master Triggers GUH re-bases, re-basing helpers, keeps track of protocol parameters, updates market-price TWAP, and consumes market oracles
• IOracle Oracle Definition
• MarketOracle Retrieves the current market price of Guh in USD terms, maintains TWAP
• MarketOracleBTC Retrieves the current market price of BTC in USD terms, maintains TWAP
Predictions
Goes Up Higher token, as the name suggests, will continuously rise in price, uncorrelated to the greater market. After 60 days from launch GUH will peg to the price of Bitcoin, plus one percent, every 4 hours, forever. The question is then posed whether GUH’s inherent value relevant to Bitcoin, which it is pegged to, will inherit its returns. Whether this happens or not depends purely on speculative forces and market psychology. We can assume that 4 there may be some correlation to the pegged price returns, although as with any speculative asset, only time can truly tell!
GUH FAQ
- What is GUH (Goes Up Higher)?
An elastic supply (or rebase) token will expand or contract its circulating supply depending on where it trades relative to it’s peg price. For 360 epochs, GUH will increase 5% every 4 hours, starting from an initial peg price of $.001
- What is an elastic supply token?
Elastic supply tokens have a changing circulating supply. The idea is that instead of price volatility, what changes is the token supply through events called rebases.
- What is a rebase?
The rebasing mechanism adjusts the token circulating supply periodically. Let’s say we have an elastic supply token that aims to achieve a value of 1 USD. If the price is above 1 USD, the rebase increases the current supply, reducing the value of each token. This is known as a positive rebase. Conversely, if the price is below 1 USD, the rebase will decrease the supply, making each token worth more. This is known as a negative rebase.
- Was there a presale?
There was no presale, fair/stealth launched.
- Is liquidity locked?
All $150,000 of initial liquidity has been burned and is permanently locked in the burn address.
- What’s going on with the chart?
Due to the nature of the protocol, the price of the coin rebases every 4 hours to the pegged price. If you observe early on, the coin experienced many positive rebases due to the coin’s price being well above the pegged-price. In this situation, the token’s value dropped to match the pegged price, however, the token supply increased. If you are holding GUH tokens in your wallet, you will notice them fluctuating after a rebase. The protocol is designed for token supply to change without the holders having to do anything.
- Will I lose coins?
In the event that we experience a negative rebase, the value of the coin will increase to match the pegged-price. In this event, the protocol will reduce the amount of circulating tokens to match. It is important to note, this will not influence the value of your holdings. Like most tokens, that value will be determined by the buying and selling pressure.
How and Where to Buy GUH token ?
GUH token is now live on the Binance mainnet. The token address for GUH is 0x42069c0cf4da25420fc4c9d9001ba5af7846ccfd. 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.
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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)…
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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
Transfer $BNB to your new Metamask wallet from your existing wallet
Next step
Connect Metamask Wallet to Pancakeswap Decentralized Exchange and Buy, Swap GUH token
Contract: 0x42069c0cf4da25420fc4c9d9001ba5af7846ccfd
Read more: What is Pancakeswap | Beginner’s Guide on How to Use Pancakeswap
The top exchange for trading in GUH token is currently Pancakeswap v2
Find more information GUH
☞ Website ☞ Explorer ☞ Whitepaper ☞ Source Code ☞ Social Channel ☞ Social Channel 2 ☞ Social Channel 3 ☞ 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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