What is DeGate (DG) | What is DeGate token

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

DeGate aims to be an Ethereum layer-2 (L2) native decentralized exchange (DEX) protocol that is formed, governed, and owned by the community as a Decentralized Autonomous Organization (DAO), whereby the token will be distributed to the community via a fair-launch process.

We expect the protocol to encompass a full-set of exchange-related modules including but not limited to autonomous-market-making (AMM) functionalities, orderbooks, leverage-capabilities, L1-L2 bridge, fiat on/off-ramps, and initial-offering capabilities.

The governance of the protocol will be conducted via Home DAO and Council DAO:

Home DAO owns and controls the DeGate protocol, and is thereby entitled to the revenue generated.
Council DAO is entrusted by the Home DAO to manage the day-to-day decision-making.

Background

The technical constraint of Ethereum layer-1(L1) brought forth an interesting challenge: due to high cost and uncertain process timing, the common orderbook + market-depth exchange model practiced in traditional finance does not really work. Thankfully, the ingenuity behind the Uniswap team brought forth a new, cheap way of trading ERC-20 tokens effectively – the mathematical-formula-driven, “vending-machine-like” model which we call Autonomous Market-Maker (AMM). The elegance of this solution plays well into the confines of Ethereum L1 today and achieved strong product-market-fit, evident by the ~1 - 1.2 Bn USD of transactional volume per day by Uniswap alone (No. 4 in the world if we compare across all crypto exchanges). It appears self-evident to us that AMM DEX model is not only the mainstream, but also the optimal way of exchanging tokens on Ethereum today.

As layer-2 technology on Ethereum matures, however, we believe that the transactional throughput within the Ethereum ecosystem is about to explode by at least 1-2 orders of magnitude in the coming years, if not months. The significant reduction in cost per tx on L2 thanks to rollups will make cost-prohibitive / uneconomic design-choices on L1 possible, or even optimal. We strongly believe that this sea-change will empower new design primitives and leads to significant market share shifts – It is with this belief that we are throwing our hats in the ring with DeGate.

DG Token

DG will be DeGate’s native token with a total supply of 1 Billion, 100% owned by Home DAO initially.

19.8% Founder Financing: the founding team would acquire the stake for 990,000 USD, whereby the tokens will vest linearly over 4 years. The unvested DG tokens cannot be transferred but will enjoy the same set of token rights otherwise. All raised proceeds will be owned by the Home DAO treasury.
44.0% Incentives: we plan to allocate most of these tokens towards liquidity mining. We expect 1/11 of the 44% (4% of total) would be allocated for token-swap offering to KEY holders (which naturally would be BIHU and MYKEY users). We plan to initially allocate half of the 4% (2% of total) immediately to phase 1 of this swap exchange offering, and the remaining half will be reserved for a similar process later subject to Home DAO decisions. We believe such a DG: KEY exchange channel will help build consensus and expand DeGate’s reach immediately levering the sizable BIHU / MYKEY community. Additionally, any operational expenses related to community-building and marketing would be paid from the 44% incentive pool also.
20% Financing: this 20% allocation can either be offered publicly or privately strategic parties to raise capital for our continuous growth. However, those privately offered prices must be derived from publicly traded ones. All raised proceeds will be owned by the Home DAO treasury.
9% Business Development: this 9% allocation would be used to compensate strategic partners in exchange for any services, support, and other forms of collaboration. The allocation can also be sold via structured products (such as long-dated options) to strategic partners to align long-term interest. All raised proceeds will be owned by the Home DAO treasury.
5.2% Reserve: reserved for Home DAO on any unforeseen or immediate needs.
2% Liquidity Pool: we plan to contribute half of the 2% allocation (1% of total) to an AMM pool at the Founder Financing round valuation of ~5 million USD to bootstrap day 1 token liquidity. The remaining half of the 2% (1% of total) will be deployed into the same pool for further liquidity. All raised proceeds will be owned by the Home DAO treasury.

Token Info

Token Name: DG Token

Contract: https://etherscan.io/token/0x53c8395465a84955c95159814461466053dedede

A guide to L2 DEX DeGate Social Network Offering

In a unique initial Social Network Offering, to honor all those who supported the development of the Crypto Asset sphere on social media, DeGate is offering an early opportunity to buy DG tokens at a preferential rate.

Basic Info

The Social Network Offering, launched by DeGate Home DAO, will distribute 10 million DG tokens, which account for 1% of the total token supply. Participants can obtain a right to purchase DG at a price of $0.005 per token by completing the required tasks and passing the qualification verification. The number of rights that can be purchased is based on the Bitcoin hash value on the agreed time by using an open-source lottery algorithm to generate reward rankings. See details below.

Token Info

DG is the native token of DeGate, with a total of 1 billion, which is initially fully owned by Home DAO. DG is the protocol of the community, by the community and for the community. DeGate stands by a fair launch process of the DG token, meaning that there is no private sale and no one gets free DG tokens.

In order to follow the principle of fair token distribution, the founding team purchased a total of 19.8% of DG tokens from Home DAO at a price of $0.005 to complete the initial financing of Home DAO. Home DAO also put initial liquidity on Uniswap for the first time at the same initial price of $0.005.

For more detailed information about DG tokens, please see: https://degate.com/token

How to participate

There are four steps in this Social Network Offering round, as shown below:

Apply to participate, Verification, Lottery and Receive DG

Participants should pay attention to the time shown in the figure below:

Apply

If you have posted content related to Bitcoin, Ethereum, or DeFi on Twitter or Weibo, you have the opportunity to qualify and participate. You can also invite friends to participate in the event. If the invitee passes the review, you can also be eligible to participate.

Participants can directly visit the website and complete different tasks to be verified with the requirements of different platforms (choose one of Twitter or Weibo). Please complete the task and submit the application before 12pm (UTC) on April 6th.

Wallet Notes

The activity website of the Social Network Offering needs to completed using an Ethereum wallet compatible with MetaMask or Web3 standards. If you don’t have an Ethereum wallet, it is recommended to use the Chrome browser and download the MetaMask plug-in.

We plan to put DG tokens to be claimed on the Layer 2 network of Ethereum, Since it is hard to predict the progress of smart wallets supporting Layer 2, please do not use smart wallets (such as MYKEY, Argent, etc.), please use ordinary wallets to participate in the Social Network Offering.

Verification

All registration submissions will be manually verified. For those who participate on Twitter, we will verify your qualification within 24 hours. If you received the ‘rejected’ message, please re-submit your entry following the rules.

For Weibo users- after the verification is passed, the user will receive a lottery ticket on April 8, 2021. Please check the official website at that time.

Lottery

Check your lottery number from April 8th to April 9th and wait for the result of the draw. If you win multiple awards at the same time, the quotas will be superimposed.

About Claim Time

Because the participants in this Social Network Offering may be huge, in order to maximize the optimization cost, we intend to distribute the final DG tokens on Ethereum Layer 2 infrastructure. Due to the uncertainty of the infrastructure, the details of the collection are not yet announced. All the winning addresses and quotas will be posted on Github, please wait patiently.

How to Invite

After logging in with the wallet, you will get an invitation link with your address. Copy and share the invitation link. Other participants who meet the requirements: complete the task and fill your address in the referrer field of the registration form and you can get a lottery ticket- there’s no upper limit.

Everyone is welcome to participate in this exciting Social Network Offering of DeGate!

Would you like to earn TOKEN right now! ☞ CLICK HERE

How and Where to Buy DeGate (DG)?

DeGate is now live on the Ethereum mainnet. The token address for DeGate is 0x53c8395465a84955c95159814461466053dedede. 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 ETH 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 Uniswap 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 Uniswap Decentralized Exchange and Buy DG token

Contract: 0x53c8395465a84955c95159814461466053dedede

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 DG 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 DG

☞ Website ☞ Explorer ☞ Whitepaper ☞ Source Code ☞ Social Channel ☞ Social Channel 2 ☞ Social Channel 3 ☞ Message Board ☞ Coinmarketcap

🔺DISCLAIMER: The Information in the post is my OPINION and not 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.

🔥 If you’re a beginner. I believe the article below will be useful to you

⭐ ⭐ ⭐ What You Should Know Before Investing in Cryptocurrency - For Beginner ⭐ ⭐ ⭐

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

#blockchain #bitcoin #dg #degate

What is DeGate (DG) | What is DeGate token | What is DG token