[ANN] (DAM) Datamine Network - FLUX: Time is Money 2.0 - DeFi DApp - page 8.

TheOldHat

newbie

Activity: 15

Merit: 0

Quote from: Datamine on July 06, 2020, 06:00:23 PM

We're one of the only few tokens in the world with a built-in on-chain use case (the most important is the on-chain burn).

This is the proof: As of 07/06/2020, FLUX Burned 2,259.34 FLUX / $ 90,003.40 USDC (63.06% of minted FLUX).

It'll take 2 months to find a stable price for FLUX. You will see the true potential of on-chain burn after FLUX is stable and has enough liquidity.

Datamine Market Equilibrium (what is our use case?).

- The Buyer & Burner: Someone that mints FLUX in the most efficient manner (at 30x mint rate)
- The Seller: Someone that provides liquidity for the above (at below 30x mint rate)
- The Whale: Someone accumulating FLUX from the market (as there is value to the above)
- You are providing value for someone in need, that is the true use case FLUX = TIME

Seriously, I asked very basic questions so you could explain to me in layman's terms what was the PURPOSE of creating tokens only to burn them. WHAT'S TO BE GAINNED IN value for the individual user?

Why couldn't u adrress my questions directly in a methodical fashion? Instead you answered with the same techincal terms that made my doubts arise in the first place.

I wish there was a telegram channel, so much more friendly than Discord. There someone would dfinitely help me with this.
And how does this add value to DAM in the first place. It's like DAM only exists for the sake of FLUX.

Datamine

copper member

Activity: 55

Merit: 4

Quote from: TheOldHat on July 06, 2020, 07:28:24 AM

I am struggling to understand this staking system and unfortunatelly I seem to be the only one. I've already read most of the "getstarted" guide and my doubts reI am struggling to understand this staking system and unfortunatelly I seem to be the only one. I've already read most of the "getstarted" guide and my doubts remain. Even went on Discord but the replies I get there seem redundant.

What's the point of burning FLUX to earn more FLUX.In the end what do you do with the FLUX you earn...keep burning them to earn more?? Do people actually sell FLUX or does the number of FLUX you hold have any influence in DAM? I ve seen other staking projects and normally you're purpose of earning dividends is to grow your holdings withe the idea to sell them eventually. Here, it just seems redundant.

Can someone please explain the value of this to me.
Thanks

We're one of the only few tokens in the world with a built-in on-chain use case (the most important is the on-chain burn).

This is the proof: As of 07/06/2020, FLUX Burned 2,259.34 FLUX / $ 90,003.40 USDC (63.06% of minted FLUX).

It'll take 2 months to find a stable price for FLUX. You will see the true potential of on-chain burn after FLUX is stable and has enough liquidity.

Datamine Market Equilibrium (what is our use case?).

- The Buyer & Burner: Someone that mints FLUX in the most efficient manner (at 30x mint rate)
- The Seller: Someone that provides liquidity for the above (at below 30x mint rate)
- The Investor: Someone accumulating FLUX from the market (as there is value to the above)
- You are providing value for someone in need, that is the true use case FLUX = TIME

bspus

legendary

Activity: 2165

Merit: 1002

Quote from: TheOldHat on July 06, 2020, 07:28:24 AM

I am struggling to understand this staking system and unfortunatelly I seem to be the only one.

You are not

TheOldHat

newbie

Activity: 15

Merit: 0

I am struggling to understand this staking system and unfortunatelly I seem to be the only one. I've already read most of the "getstarted" guide and my doubts reI am struggling to understand this staking system and unfortunatelly I seem to be the only one. I've already read most of the "getstarted" guide and my doubts remain. Even went on Discord but the replies I get there seem redundant.

What's the point of burning FLUX to earn more FLUX.In the end what do you do with the FLUX you earn...keep burning them to earn more?? Do people actually sell FLUX or does the number of FLUX you hold have any influence in DAM? I ve seen other staking projects and normally you're purpose of earning dividends is to grow your holdings withe the idea to sell them eventually. Here, it just seems redundant.

Can someone please explain the value of this to me.
Thanks

Datamine

copper member

Activity: 55

Merit: 4

Quote from: Bimmerhead on July 05, 2020, 12:42:17 PM

Is the requirement to unlock before locking additional DAM by design, or is this a possible future feature?

This is done to prevent various exploits and to discourage accessing cold storage balance.

Bimmerhead

legendary

Activity: 1291

Merit: 1000

Is the requirement to unlock before locking additional DAM by design, or is this a possible future feature?

Datamine

copper member

Activity: 55

Merit: 4

Targeted $FLUX Burning is now live!

You can now specify which address receives burned #FLUX dividends.

This feature adds new use cases for $FLUX token:

Use $FLUX burn as a form of payment.
Burn $FLUX to your friend's address to increase their mint rate.

Today, Datamine took the #1 spot as the top Global Ethereum DeFi dapp

So Far:

$4,087,148 $USDC (53.22% of lifetime supply $DAM - 8,982,501 Tokens) are now locked.
$90,156 $USDC (68.16% of minted $FLUX Dividends - 919 tokens) have been re-invested through burning.
$851,015 $USDC (24 hour trading volume across all exchanges).

NetTime

full member

Activity: 253

Merit: 101

Quote from: Chosentry on July 04, 2020, 04:13:41 AM

We can only unlock to lock more after 28 days, right?

you can unlock to lock more anytime but time multiplier will be reset

Chosentry

newbie

Activity: 1

Merit: 0

We can only unlock to lock more after 28 days, right?

tusandii

hero member

Activity: 1708

Merit: 522

Leading Crypto Sports Betting & Casino Platform

How is Dam circulation supply works, is it only 16 M? Let us know the token distribution system

Datamine

copper member

Activity: 55

Merit: 4

Quote from: brainloser on July 03, 2020, 02:40:19 PM

Small question. Do we need to unlock DAM to lock more/new DAM? Or am I missing a button? TY.

Unlocking your DAM tokens will cause you to lose your current unminted FLUX Dividends. Therefore, we recommend that you mint your FLUX Dividends before unlocking DAM. After unlocking DAM, you can add more DAM and then re-lock your updated DAM token balance.

brainloser

newbie

Activity: 10

Merit: 1

Small question. Do we need to unlock DAM to lock more/new DAM? Or am I missing a button? TY.

Datamine

copper member

Activity: 55

Merit: 4

Introducing Realtime On-Chain FLUX Token Dividends Forecasting. You can now forecast your FLUX earnings with our built-in forecasting mode!

Using realtime on-chain data straight from multi-router Uniswap data you can get an estimate of both FLUX and USDC amount based on any amount of DAM. It is SUPER SIMPLE to use, just click "Forecast Mode" within the Datamine Dashboard and you get to enter any DAM amount to see the Dividends you would earn.

We'll be expanding this forecasting calculator even further in the coming days so be sure to follow along: https://datamine.network

dinhvinhson

jr. member

Activity: 54

Merit: 3

Can I buy Dam token now?

Datamine

copper member

Activity: 55

Merit: 4

Quote from: brainloser on July 01, 2020, 09:37:16 PM

When can we lock more DAM please? TY.

Fail safe ends in ~26.80 hours (6432 blocks), after which you will be able to lock in any amount of DAM.

brainloser

newbie

Activity: 10

Merit: 1

When can we lock more DAM please? TY.

Datamine

copper member

Activity: 55

Merit: 4

Quote from: Bimmerhead on June 30, 2020, 02:30:33 PM

I'm a DeFi noob with a dumb question: what is the benefit of the two-token system that DAM has implemented? Why Flux and not just Dam?

We have built a robust, feature-rich user dashboard that allows anyone to interact with our smart contracts. With the recent launch of FLUX token, we are making significant headway in emerging as a DeFi DApp leader.

To answer your question: FLUX tokens fuel on-chain applications within the Datamine DeFi Ecosystem. FLUX Dividends are only produced by locking in DAM tokens. Dividends can be re-invested by burning FLUX tokens.

For a technical explanation, read about our smart contract implementation here: https://github.com/Datamine-Crypto/white-paper/blob/master/docs/datamine-smart-contracts.md

Using the Datamine Dashboard, you can now calculate exactly how much $FLUX is required (with $USDc equivalent) in realtime to get 10x burn bonus using on-chain data.

Hover over the Unminted amount to see how your bonus multipliers factor into your mintable FLUX sum.

Bimmerhead

legendary

Activity: 1291

Merit: 1000

I'm a DeFi noob with a dumb question: what is the benefit of the two-token system that DAM has implemented? Why Flux and not just Dam?

Datamine

copper member

Activity: 55

Merit: 4

You can now find links to both DAM/FLUX smart contracts right on the homepage:

We've also updated the UX of the mint call to action to ensure the Realtime Analytics don't go below the fold so it fits nicely on a 1080p monitor:

Datamine

copper member

Activity: 55

Merit: 4

Introducing Realtime Unminted $FLUX $USDC Balance

See your unminted $FLUX balance in realtime.
You can now see how much your $FLUX is worth based on real, on-chain $USDC multi-route UniswapProtocol data.
See it in action: https://datamine.network

Topic: [ANN] (DAM) Datamine Network - FLUX: Time is Money 2.0 - DeFi DApp - page 8. (Read 6010 times)