Meet $hrimp. Get $hrimp.

A brand new yield farming token that enables massive token swaps on the WhaleStreet Protocol. This blog describes the tokenomics and distribution strategy for $hrimp.

If you are familiar with $hrimp tokenomics and would like step-by-step instructions for $hrimp farming, go to this link.

Overview:

1. $hrimp is the native yield farming token of the WhaleStreet protocol. Overview of WhaleStreet is available here. Link to launch video is here.
2. $hrimp is not a pre-mined token, which means 100% is allocated as a reward for liquidity providers, without any separate allocation for the team behind WhaleStreet.
3. The team will not mine $hrimp for the first 10 days of main net launch.
4. $hrimp mining kicks off on Dec 5 (once the Quantstamp audit report is ready). The token will not be available until then; please do not attempt to buy in the open market.
5. Target supply of $hrimp is 240 mn. It will be distributed in phases, beginning with a bootstrapping/community building phase, followed by periodic halvings.
6. Liquidity providers who have contributed to the LST-ETH pool in Uniswap until Dec 4 will be awarded 1% of the target supply.
   

Context

As of September 2020, swaps usually incur a  slippage that increases with swap-size, that is, the larger the swap, the larger the slippage. Therefore, a swap in the order of millions can amount to a sizable slippage cost, a significant cut of the swap percentage.

WhaleStreet attempts to solve this problem in a decentralised manner, with a fixed slippage of 2.5% for very large swaps - called WhaleSwaps. For a WhaleSwap to work, it needs to be interconnected with various modules engineered with fairly distributed economic incentives. While these modules are loosely coupled, collectively they will help enable a WhaleSwap. When all the modules work together, we get the WhaleStreet dApp.

Two elements are vital to WhaleStreet - DeFi Collectibles, NFTs within the ecosystem; and $hrimp, the native token of WhaleStreet. For more details about the NFT, read our launch blog at this link. Read on for a strong overview of $hrimp tokenomics and distribution.  

$hrimp Utility

As an ERC20 yield farming token, $hrimp can contain a variety of use cases. However, the two key functions within the WhaleStreet dApp can be described as ‘Currency’ and ‘Treasury’.

Currency: $hrimp is needed to purchase DeFi Collectibles, NFTs within the protocol that give the holder some serious powers, including the right to decide which tokens will be swapped. The NFT also indicates the fee percentage that the holder will receive.

Treasury: $hrimp, as we saw above, is more than a governance token. However, to not use it for governance would be a missed opportunity. $hrimp holders get to take decisions regarding the WhaleStreet treasury.

$hrimp Distribution

$hrimp is not a premined token. That is, it is exclusively a reward for liquidity providers. The team or the foundation will not be given any $hrimp earlier than the community. The target supply of $hrimp is 240 mn. $hrimp mining will kick off on December 6.

$hrimp is farmed by contributing liquidity to a pool which accepts LST-WETH Uniswap Pool tokens as liquidity. Liquidity Providers need to stake their LST-WETH-UNIV2 into the pool and, in turn, are rewarded $hrimp tokens. The rate of the $HRIMP reward per liquidity provider is based on

1. The amount of LST-WETH-UNIV2 tokens staked
2. The duration for which the LST-WETH-UNIV2 tokens are staked

Figure 1 : UML diagram of the Farming module

Table 1 : $HRIMP distribution per era

Figure 2 : $HRIMP distribution graph with time

Early supporters of Lendroid - those who have provided liquidity until December 6 - will be awarded 1% of the $hrimp total supply on a pro-rata basis.

To keep abreast of developments with respect to WhaleStreet and $hrimp, join the discord channel, follow us on Twitter, and subscribe to our weekly newsletter - the Metatracker.