CarrotCake (CCAKE) is a multi-token protocol that consists of three tokens: cCAKE (the algorithmic token pegged to CAKE), CarrotCake Shares sCAKE which holders can claim cCAKE inflation when the network expands), and CarrotCake Bonds bCAKE, which can be purchased when the network is in contraction and can be redeemed for cCAKE when the network comes to its deflationary phase and price goes below CAKE.
In this article, we'll discuss information about the CarrotCake project and CCAKE token
Inspired by the most successful Algorithmic stablecoin on Binance Smart Chain: bDollar (We are a HUGE fan). CarrotCake is a multi-token protocol that consists of three tokens: cCAKE (the algorithmic token pegged to CAKE), CarrotCake Shares sCAKE which holders can claim cCAKE inflation when the network expands), and CarrotCake Bonds bCAKE, which can be purchased when the network is in contraction and can be redeemed for cCAKE when the network comes to its deflationary phase and price goes below CAKE.
CarrotCake Protocol is an experimental project and the first algorithmic token pegged to CAKE that enables the generation of cCAKE tokens that run on the Binance Smart Chain.
The protocol is designed to expand and contract the supply of cCAKE tokens similar to the way central banks trade fiscal debt to stabilize purchasing power, without any rebates or collateral risk.
Below is the explanation of how CarrotCake mechanisms works
cCAKE trades below the CAKE’s Current Market Price
When the cCAKE price is below CAKE’s Current Market Price, token holders can purchase CarrotCake Bonds (bCAKE) and Bonds will be burnt to reduce the circulating supply when users redeem cCAKE tokens with a 1:1 ratio.
In case of redemption, an amount of cCAKE will be minted with premium with the CarrotCake Bonds (bCAKE) that have been redeemed. Important to note is that Bonds have no expiry after purchase.
cCAKE trades above the CAKE’s Current Market Price
When cCAKE price is CAKE’s Current Market Price peg, the token supply will have to expand to push it back down to CAKE’s Current Market Price and the contract will allow the redemption of the CarrotCake Bonds (bCAKE).
When the price of cCAKE continues trading above the CAKE Current Market Price peg after bond redemption, the contract mints an appropriate amount of new cCAKE and this will be distributed to the CarrotCake’s Oven Stakers.
cCAKE (CarrotCake) distribution
Reward rate for Bank pools (Bakery) from Day 1
Since Day 2
Cake-LP cCAKE/CAKE: 70x
sCAKE (CarrotCake Share) distribution
sCAKE has a maximum total supply of 10,000 tokens
The remaining 8,000 sCAKE are allocated for incentivizing Liquidity Providers, as follows:
Since Day 3:
Since Day 4
CarrotCake Unique Algorithm:
Participate in cCAKE farming
To participate in the protocol, visit the Bakery Menu dashboard, and select your preferred pool:
Participate in the Boardroom
Boardroom opens 7 days after the launch: 06/04/2021 00:00 UTC and the first seigniorage will happen 8 hours after that.
CarrotCake Protocol is the experimental product running on the Binance Smart Chain ecosystem as we are strong supporters of algorithmic tokens in particular and DeFi in general. However, CarrotCake is an experiment, and participants should take great caution and learn more about the seigniorage concept and supply expansion and contraction mechanism to avoid any potential loss.
CCAKE is now live on the Binance mainnet. The token address for CCAKE is 0x47C4f3ffc31c135AFC0C157068f6E0eEA90b7dC9. 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)...
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
Connect Metamask Wallet to Pancakeswap Decentralized Exchange and Buy CCAKE token
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 CCAKE 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
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Find more information CCAKE
🔺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.
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