The DOGESTOP team is excited to introduce our new $DOGESTOP token, which serves as a synthetic asset on Ethereum pegged to the price of the DOGECOIN cryptocurrency. Our team consists of several software developers who have had prior experience developing on Ethereum, who have now come together to join forces and create an ecosystem whose primary goal is to bring DOGE to DeFi.
DOGE is making its way around the crypto industry with another wave of buyers flooding in on the news that Robinhood will support the trading of it recently. Within the last month, DOGE has exploded in value becoming one of the top cryptocurrencies available.
For far too long this popular cryptocurrency has gone all but ignored in the field of decentralized finance. There are little to no bridges supported by popular protocols built for accepting transactions with DogeCoin, leaving billions of dollars in potential market value practically untouched.
With even the worlds richest man tweeting about this revolutionary cryptocurrency (Elon Musk), it becomes clear to us here at DOGESTOP that there needs to be a practical solution for users to interact with DOGE on the Ethereum network.
INTRODUCING DOGESTOP
The DOGESTOP token is a decentralized cryptocurrency on the Ethereum network featuring an elastic supply controlled by a combination of smart contracts and algorithms. This concept was used to ensure that the price of one DOGESTOP token will always be correlated with one DogeCoin, through a process that is known as a rebase.
This model allows a portion of the users who make up what is upwards of $3,000,000,000 in DOGE holdings to have the option to participate in yield strategies that are native to only Ethereum.
In the sections below, the DOGESTOP team will outline the fundamentals of the DOGESTOP token, with details on all of the following concepts:
- “Rebasing” of the DOGESTOP token
- Our relationship and inspiration from DOGE
- Melvin’s Capital
WHAT IS A REBASE?
A rebase is an operation that will be called at 8:00PM UTC every day, effectively adjusting the supply to a predetermined figure in an amount that is proportional to each holder’s balance.
If the price of one DOGESTOP token is lower than the target price of 1 DogeCoin, the supply will automatically decrease. Similarly, if the price of one DOGESTOP token is higher than the price of 1 DogeCoin, the supply will increase. This system will continue until a target price of 1:1 has been met, with a buffer range of +-5% the target price.
The mathematical formula that can be used to calculate rebase % is illustrated below:
This means that the supply of the DOGESTOP token is ever-changing with the preconfigured variables listed above, which help meet a desired value closer to that of DOGE.
Furthermore, the DOGESTOP protocol contains other configurable variables including:
- The deviationThreshold — the rebase will only happen if there is a minimum change in price. For example, if the threshold is 5%, then the rebase will happen if the price deviation is outside the range +5% to −5%
- The rebaseInterval — the minimum time between rebases
- The rebase window offset in seconds — the start time of the time window in which rebasing is allowed
- The rebase window length
These values can and may be adjusted through a governance proposal in the future, to be voted on by holders of the token.
When you buy the DOGESTOP token, you are essentially locking in your ownership of the supply. Every wallet balance will be affected universally upon rebase, but your percent of the supply will remain unchanged unless another transfer has been made.
Users will not have to do anything but hold the DOGESTOP tokens in their favorite ERC20 wallet to receive the daily rebases.
Our unique mechanisms allow the DOGESTOP token to be a fair, non-dilutive, and highly speculative synthetic asset which is softly pegged to the popular DOGECOIN cryptocurrency.
DOGESTOP has integrated with Chainlink oracles to relay reliable and distributed price feeds of DOGE to our smart contracts.
WHY DOGE?
DogeCoin was chosen due to its linear growth pattern, popularity, as well as its reflection of the cryptocurrency ecosystem as a whole. Inspired by Ampleforth, DOGESTOP expanded upon the idea of a supply-adaptive currency uniquely with a target price that adjusts accurately to a fluctuating coin that is constantly growing rather than a stable value.
The value of DogeCoin has increased steadily over time, attracting a significant number of new-coming investors recently. In the last month alone, it’s value has increased nearly ten-fold, with its average daily volume at the time of this writing sitting at $10B.
Furthermore, DogeCoin has been around a long time and it is a popular cryptocurrency which has good name recognition amongst investors, even Elon Musk has tweeted several times about it.
Nothing beats the meme-ability of DOGE and the simplicity of Ethereum, which DOGESTOP is built on. DOGESTOP BRINGS DOGE TO DEFI.
MELVIN’S CAPITAL
Recently, a large hedge fund named Melvin Capital made several questionably large investments intending to drain GameStop of value artificially with shorts over 100% on the companies shares. Traders quickly came to the realization that given the current state of GameStop, it would not go into bankruptcy, and they could theoretically drain the hedge fund of billions of dollars by simply buying in and holding their position to drive the value of the shares up.
This event is known as a “short squeeze”, where a domino-type effect occurs at the hands of traders who are short that become forced to buy the asset to try and recover their short position’s losses.
The hedge fund used upwards of $2.7B on their position, reporting a 30% loss after closing a few days ago.
Melvin’s Capital is the DOGESTOP team’s representation of what has occurred recently with GameStop, which has created a movement across the financial market.
Put simply, Melvin’s Capital is a smart faucet that allows users to continuously obtain rewards in return for providing liquidity. The more coins you stake, and for longer, the higher the multiplier will be when withdrawn.
It continuously drips DOGESTOP tokens, “draining Melvin’s Capital” over time, the longer users hold and stake. This platform will bootstrap liquidity and offer a fair and non-dilutive method to distribute tokens to members of the community.
Melvin’s Capital consists of an ecosystem fund controlled by several smart contracts, from which the funds are continuously distributed to liquidity providers. Melvin’s Capital has two pools with the $DOGESTOP token and staked UNI-V2 tokens (locked and unlocked).
Over time, tokens in the pool from Melvin’s Capital are unlocked, and paid out to liquidity providers in an amount proportional to their share of the pool. Pay outs are equivalent to the short being squeezed.
There is no minimum lock-up period or staking/unstaking fee when utilizing Melvin’s Capital outside of basic gas fees. You can deposit funds or withdraw at any time.
Melvin’s Capital was developed with particular importance placed on the liquidity and distribution of the DOGESTOP token. The smart contracts forked from Ampleforth (which were used for implementation in Melvin’s Capital), have been audited by certik, and are licensed under GNU GPL V3.
Tutorial
In order to stake your tokens in Melvin’s Capital, you must:
- Deposit ETH and DOGESTOP into Uniswap V2
- Receive UNI-V2 liquidity provider tokens
- Stake the UNI-V2 LP tokens by visiting Melvin’s Capital, and selecting “deposit” after inputting the desired amount
TOKEN ECONOMICS
It is important to remember that DOGESTOP has an elastic supply which is changing frequently based on a variety of factors described previously. When investing in $DOGESTOP it is advised to consider the current state of DOGE, and the supply, price, and total market cap of the $DOGESTOP token.
Initial breakdown and distribution upon launch of the token on Uniswap is laid out below:
TOTAL SUPPLY: 2,500,000 DOGESTOP
TEAM: 11.15% 277,778 DOGESTOP
Treasury: 11.15% 277,778 DOGESTOP
PRE SALE: 32% 800,000 (40k per ETH)
LIQUIDITY: 28% 700,000 + 17.5 ETH (40k PER ETH)
MELVIN’S CAPITAL: 17.77% 444,444
INITIAL CIRCULATING SUPPLY: 1,777,777 DOGESTOP
INITIAL MARKET CAP: $57,700
DOGESTOP is the native token of the DOGESTOP ecosystem. It will serve as a governance token and synthetic asset for DOGE on the Ethereum network.
WE ARE BRINGING DOGECOIN TO DEFI!
WEBSITE: http://DogeStop.com/
TELEGRAM: https://t.me/DOGESTOP
