DeFi "scavenger" Poop: Want to achieve "only up but not down"

Under the crypto bear market, various assets have depreciated sharply, and investors have launched a "money bag" defense war. In the Meme season not long ago, compared with most of the Memecoins that returned to zero overnight and Rug in the middle, JayPeggers, an alternative NFT liquidity solution, once attracted the attention of the market with the concept of "only rising but not falling" and "investment loss and tax saving" However, due to reasons such as a small concept and no growth mechanism, the participation in the project was not high.

Recently, PANews found that an upgraded version of JayPeggers appeared in the DeFi market. In addition to focusing on "only rising but not falling", Poop also proposed an innovative mechanism of "garbage coin recycling", hoping to become a "scavenger" in the DeFi field.

Shitcoin** can also return value? **

In the movie "The Richest Man in Xihong City", Wang Duoyu randomly invested in the stocks of sunset industries and made 100 million yuan. The unfinished buildings in Zhuang Qiang and Dacongmingtun turned into school district housing and made 1 billion yuan. 10 million playing football with Heng Tai received a donation of 100 million.

But in the real world, the story of junk assets "turning a crow into a phoenix" is rarely staged. Especially in the bear market of encryption, a large number of projects began to show their original shape after the curtain call of the liquidity feast, the actual value was greatly reduced, and investors' assets shrank severely. However, these investment targets have a long payback period, and whether they can survive the long bear market is still unknown.

There is a famous saying on Wall Street: "Cut off losses and let profits run." The Shitcoin Recycle function launched by the DeFi protocol Poop uses the "recycling" of crypto assets with low liquidity or even zero in the hands of these investors to give full play to the last heat of these assets. After all, the possibility of these long-tailed and illiquid assets returning to value is extremely slim.

According to the official document, the Shitcoin Recycle function allows users to burn any type of tokens and get $POOP in return through Swap, and now supports more than 100 encrypted assets. When the liquidity of a Shitcoin is ≥ the required minimum liquidity, the Recycle protocol will convert the Shitcoin into an L1 Coin through a smart router, and then use the L1 Coin to purchase $POOP; when the liquidity of a Shitcoin is < the required minimum liquidity , the user needs to pay the fee of L1 coin (the fee is the minimum required liquidity of 0.001 BNB), and then the Recycle protocol will recycle these Shitcoins, and the user will get $POOP in return.

Of course, users can also use Layer 1 tokens (such as BNB and ETH) to purchase $POOP directly through Poop. As the core of Poop's operating model, $POOP uses an over-collateralized flexible supply mechanism to ensure that $POOP has stable liquidity support, thereby ensuring that $POOP will only rise but not fall compared with the price of Layer1.

Specifically, the minting and burning of $POOP is supported by the deposit and withdrawal of the Backing Vault composed of L1 tokens. When $POOP is bought or sold, the vault takes a fee from each transaction, ensuring that the growth rate of Layer1 tokens in the vault is always greater than the total supply of $POOP. The more contracts are traded, the more Layer1 tokens will be in the vault, and the price of $POOP will rise faster. Even if users sell $POOP, these tokens will be burned directly, and the value of $POOP can still be increased. In addition, Poop also supports users to pledge $POOP to obtain rewards.

And Poop draws 10% of the user’s minting $POOP or burning Shitcoin as a service fee, of which 60% belongs to the Poop treasury, 10% is used for recommendation rewards, and 18% is used for incentive plans (LP pledge reward 8% + futures allocation 10%) , 10% goes to the team, and the remaining 2% goes to contributors.

For example, when a user pays 1 BNB to mint $POOP, 0.9 BNB will be used to mint coins and flow into the treasury, 0.1 BNB will be used for taxes, 60% of which will be used to support the treasury, and the rest will go into the development fund. That is, the treasury adds 0.96 BNB collateral, and this value exceeds the $POOP minting value of 0.9 BNB, thereby guaranteeing an increase in the POOP/BNB price. Conversely, the same is true for the destruction mechanism.

With its own Meme gameplay, it will be expanded to Ethereum and other markets in the future

With entertainment elements and network effects, meme has evolved into an important cultural expression and brings crypto assets to a wider group of people. In the design of Poop, Meme elements are also deliberately incorporated. In addition to the absurd and funny appearance, it is easier to be accepted by users, and it also tries to resonate with investors emotionally.

In fact, the value of Meme largely depends on the degree of dissemination. In order to achieve the early dissemination and cold start of the product, Poop launched a recommendation plan with an incentive mechanism.

When a user becomes a recommender, the invited user can get 10% of the income after any buying and selling operations through Poop, and all rewards will be automatically sent to the user's address in the form of Layer1 tokens. For example, after the invited user purchases $POOP worth 10 BNB through the Poop platform, 1 BNB will be generated, and the referrer will be rewarded with 0.1 BNB.

It is worth mentioning that, compared to VC platform projects with high FDV, $POOP has no pre-sale and no investors. It will be sold for a limited time at 20:00 on June 28, Beijing time, and will be sold publicly at 21:00. This fair way will attract more users to participate.

It should be noted that Poop was created by an anonymous team, which claims to be composed of experienced DeFi developers and encrypted Degen, and has been audited by the security agency Peckshield. According to Poop's plan, after BNB Chain, it will also be on top of Ethereum, Arbitrum, Optimism, zkSync and Polygon, covering more assets and user groups.

On the whole, mathematics, code, culture and solid liquidity are the elements that Poop creates a new paradigm of encryption. It will take time to verify whether Poop can make Shitcoin regain its "value landing" and create a meme effect that continues to spread.