Pamp Network Information
Hello new Pamp Network community members!
We greatly appreciate the level of attention our project has received recently. In the 24 hours since trading went live, over $560,000 worth of volume was traded on the PAMP/ETH trading pair, making us the highest 24H volume pair on Uniswap V2! https://uniswap.info/pair/0xbbb68aa436d5f636981c581bbda279e48ed17b22
This has been nothing short of incredible to watch and we are encouraged to see such a positive response from the community. What was initially an idea a couple of months ago has quickly gained traction and momentum. This is the power of open-source software! But we are just getting started — staking and burns are not yet live on the smart contract. We expect to finish integrating this by the end of the week. We will of course provide an update to the community on this — please keep an eye out.
When we initially deployed the contract, we decided that we would introduce 4 million of the tokens on Uniswap over time and let the market determine the price. We began by listing 500,000 tokens and did not expect the level of adoption to rise so quickly. The majority of the liquidity was tied up in the liquidity pool, and as a result, significantly less tokens than expected were sold. In the end, approximately 1 million tokens were sold, 100,000 tokens were airdropped, and 200,000 tokens are on exchanges at the moment. We estimate that the current circulating supply is 1.29 million tokens.
We understand your concerns with the total supply. We are going to clearly outline the token allocation below.
As you can see above, 43% of the total supply will be circulating amongst the holders. This will increase over time as staking rewards are distributed. Given that the current circulating supply is approximately 1.3 million tokens, we have decided to burn the total supply to meet the percentages outlined in the above diagram.
Following the diagram, we computed the following numbers:
Circulating supply/public sale: 43% -> 1.29m tokens
Airdrops and bounties: 12% -> 360k tokens
Founders: 25% -> 750k tokens
Liquidity reserve pool: 20% -> 600k tokens
Therefore, the total supply after burning unallocated tokens will be 3.0 million. Founders tokens will be locked in a smart contract and subject to a vesting period to be described in detail later. The airdrops and bounties will be given out over a course of two years at the discretion of the founders and community. The liquidity pool is reserved for exchanges — often exchanges require a deposit of a certain amount of tokens to list a project. We anticipate that the community agrees that this would be a good strategy to adopt in order to ensure appropriate liquidity is available and we can list on more prominent exchanges over time.
Currently the total supply is 10 million, so we will be burning 2 million tokens per week over the coming weeks until we arrive at the desired 3.0 million total supply.
Thank you to those community members who have been asking questions — feel free to keep them coming and we will address them and update the community regularly!
The token is both deflationary and inflationary. When the token is transferred from person to person, a fee between 1–4% is taken from the total value transferred and burned. This number is computed by taking the previous blockhash modulus 4 and adding 1. In addition, when a holder transfers any amount of tokens, his ‘staking time’ (the amount of time he has been holding, which acts as a multiplier on his rewards) is reset to zero. When an individual sells some tokens on Uniswap V2, 5% of the tokens sold are burned from the seller’s wallet in the next transaction sent on the network (this is done because Uniswap V2 disallows token burns to happen in the same transaction as the trade). Both of these burning mechanisms are deflationary and disincentivize people from transferring and selling tokens. ETH->token swaps (token purchases) on Uniswap V2 cause no tokens to be burned, because this activity is good for the value of the token and thus the incentive mechanism promotes this behavior.
Every day, the price of the token will be taken from Coingecko or CoinMarketCap and the percentage change across BTC/ETH/USD (if applicable) will be averaged. If the percent change is positive, a call will be made to the PAMP token smart contract with the following information: Percent change (numerator and denominator), price, and volume. That information is stored as data on the blockchain. If there is a streak (2+ days with price increase in a row) that information is stored as well. Once the price information is updated, each holder needs to call a separate function on the smart contract that calculates their rewards based on the stored pricing information as well as the token total supply and the number of days that holder has been holding for. The tokens are then minted and added to the holder’s balance and the total supply. This function will be represented as a big green button on the pamp.network website, similar to the airdrop.
Frequently Asked Questions
How many tokens will I get per day?
This is dependent on a lot of factors so it’s difficult to say exactly how many tokens you will get on a given day. Generally speaking though, this is the formula:
This formula does not take into account streaks or volume. When the price is on a streak, more tokens will be minted, and this will increase with the length of the streak. When the volume is too low, less tokens will be minted. For your reference, currently the inflation adjustment factor is set to 1000. Note how important the number of days staked is — this number increases every day regardless of the price action or whether you claimed a reward. This number is reset to zero if any tokens are moved or sold. In the future, the development team may change this function if it does not work as intended, but this likely will not be the case.
How do I claim my rewards?
When rewards/staking is activated, on a day that the coin is positive, you can navigate to our website (https://pamp.network) and click on the green ‘claim my rewards’ button. Metamask should pop up and have you send a transaction. Note that the daily price must be updated before you can do this, and we will have an area that shows this. If Metamask shows an error do not send the transaction. Wait some time and try again.
Are there any minimum requirements to claim rewards?
Yes. You must be holding tokens for two days and have at least 100 tokens in your address to participate in rewards. You must also have your tokens in either Metamask or Trust Wallet in order to use the button on our website.
What is the total / circulating supply?
Circulating supply: 1.3 million.
Total Supply: 3 million. The initial ten million tokens will decrease by 2 million every week until there are only 3 million tokens remaining.
Why is the team anonymous?
The team has decided to remain anonymous so that their software can be released to the public freely and without concern for their private lives. Our vision is that the project will take on a life of its own and decentralized projects do not always need a public leader. We believe that if the code is open-source, it shouldn’t matter who wrote it.
Where can I buy PAMP?
We are currently trading on ForkDelta and Uniswap V2. We are in talks with other exchanges for listing and will update the community on our progress.
ForkDelta: https://forkdelta.app/#!/trade/0xce833222051740aa5427d089a46ff3918763107f-ETH
Uniswap V2: https://uniswap.info/pair/0xbbb68aa436d5f636981c581bbda279e48ed17b22
https://uniswap.exchange/swap?theme=light&&outputCurrency=0xCe833222051740Aa5427D089A46fF3918763107f
Thank you again for supporting the Pamp Network. We hope that the above information has been helpful in addressing some of the questions we have received from the community. As always, please provide feedback to us through the official telegram channel and we look forward to updating you all soon!
