Time is Money: Introducting PTIME (Pamp Time)
Over the past couple of weeks here at Pamp Network we’ve been working on building a derivative of time — PAMP staking time, to be exact. This derivative token encapsulates the value of what makes the Pamp Network staking protocol unique; that is, the PAMP rewards are based on how much time you’ve been staking in days, and the days staked act as a positive multiplier on your rewards. This is a very core principle to the protocol, and it presents so much value to PAMP stakers that we decided to create a representation of it in the form of an ERC20 token called Pamp Time (PTIME).
Here is how it works.
First, it should be noted that there is a cap on the total number of PTIME available — the total supply can not exceed 10,000 PTIME (however the initial supply will be less). This is to ensure that the Pamp Network protocol remains stable, because with too many days staked floating around, it would be cheap and trivial to have a high multiplier on multiple different stakes in PAMP staking. There will likely always be demand for PTIME, so long as the Pamp Network staking protocol remains used, but we want to keep the price high enough to dissuade individuals from cheaply redeeming lots of days on multiple accounts. An ultra-low maximum supply of 10k is one way to do this, and we have other measures mentioned below.
In order to increase your Pamp Days staked using PTIME, you must first obtain some PTIME. One way to do this is by claiming them, based on your PAMP days staked. The minimum number of days staked to be eligible to claim is 51 days, and the minimum number of PAMP staked to be eligible to claim is 1000 PAMP. The following details the number of PAMP you can claim based on days staked and balance.
Note that you can claim 3 times over the life of an address, once in each of the above days staked brackets — 51–99, 100–199, 200+. This gives you a further incentive to hold, because you’ll be able to realize a percentage of that time in PTIME. Claiming PTIME does not affect your days staked or PAMP balance. If the PTIME total supply has reached the cap of 10k, you can only claim more PTIME if other PTIME are burned (redeemed).
Once you have obtained the PTIME, you can redeem it for days staked on a staking account at a rate of 1 PTIME = 1 day staked. You can redeem fractional amounts of PTIME for fractional days (like 1/2 day, 1/4 day, etc) but fractional days are not used when calculating PAMP staking rewards, only whole days. When you redeem a certain amount of PTIME, those PTIME tokens are burned and removed from the supply. You can redeem a maximum of 50 staking days (50 PTIME) over the life of an address.
Another way to obtain PTIME is by buying it from an exchange like Uniswap. However, this requires liquidity in the pair, and it’s not guaranteed that a given pair on Uniswap will have sufficient liquidity to support all trades with minimal slippage. We are solving this problem in two ways.
First, we are having a presale of PTIME to bootstrap liquidity in the pair. The price of PTIME during the presale will be 0.075 ETH = 1 PTIME. The presale will last for 48 hours after this post is published or until the hard cap is reached. The hard cap is 300 ETH (roughly 10% of the market cap of PAMP) or 4000 PTIME. We believe PTIME is worth much more to the Pamp Network ecosystem than just 10%, but we are willing to start at a reasonably low figure. 50% of the ETH raised in the presale will immediately go towards Uniswap liquidity when the presale ends (and this liquidity is automatically locked in the PTIME contract). The other 50% will go to the Pamp Network team for marketing and development of PTIME and Pamp Network. To participate in the presale, visit pamp.network or pamp.finance and click “Buy Presale”. You can also send the amount of ETH you’d like to contribute to 0x869aA079b622DEf8D522968E7A73a973B8B00CD6 and you will automatically receive the corresponding amount of PTIME. Note that these tokens are currently locked until the presale finishes.
Second, we have incentivized liquidity provision for PTIME via PTIME liquidity staking. PTIME is not designed to be an inflationary token like PAMP and it has a max cap of 10k tokens, so the staking rewards come from burns when traders sell or transfer tokens. This ‘deflationary farming’ feature is similar to CORE tokenomics, because 2% of each transfer and sell on Uniswap is removed from the amount sent, with 1% of that sent to a staking rewards pool and the other 1% burned (removed from the supply). The staking rewards pool is then shared by all PTIME liquidity farmers. Note that unlike PAMP, PTIME is not designed to be price-reactive — the only way to ‘stake’ is to provide liquidity on Uniswap, and the 2% burn is not intended to change based on market activity.
In addition, we will have a one-click ‘buy PTIME with ETH and stake’ feature, which should make it easy for new entrants to stake PTIME without having to worry about dealing with Uniswap.
Finally, the Pamp Network team is locking 1000 PTIME (10%) for marketing and development, and we will also use it to increase liquidity in the PTIME pair if liquidity gets too low. This amount is locked in a smart contract and vests at 25% per month.
Here is the approximate timeline of events for PTIME:
Within 48 hours, the presale will end. We will list on Uniswap as soon as possible and trading and transferring will be enabled.
24 hours after the presale end, we will enable PTIME liquidity staking.
48 hours after the presale end (approximately) we will enable PTIME claiming for PAMP stakers.
72 hours after the presale end, we will enable PTIME redemptions for staking time.
Hopefully this answers all your questions regarding our new addition to the Pamp Network ecosystem. Remember everyone, PTIME is MONEY.