Turn your stories into NFTs

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StoryPress tokenomics

StoryPress uses two tokens. The Cherry token (CHRY) used to mint new stories, comments, reactions. And the Cherry Tree token (CHRT). Learn all about them in this story.

Cherries - CHRY

Cherries are the main utility token of StoryPress. You need it to mint a new story NFT, comments and reactions. Cherries are cheap (currently around 4cts) and are here to:

  1. make spam bots too costly
  2. be an easy way to reward authors
  3. discourage useless or nasty comments and low quality content in general

You can buy CHRY tokens on SpookySwap.

Contributing to StoryPress burns cherries. As the number for cherries is limited, this will tend to make cherries more expansive.

The problem is that we don't want cherries to get too expansive, or using StoryPress won't be affordable. How could we prevent cherry price to get too high?

Cherry Trees - CHRT

Here come cherry trees. Cherry tree is StoryPress's second token. When cherries get too high in price (above 1 FTM), cherry trees start to mint cherries. This makes cherries more numerous and will lower their price.

The newly minted cherries will be given to cherry tree holders.

You can buy CHRT tokens on SpookySwap.

Possible price actions

Cherries will never go very high in price, because they will be minted in cherry trees as soon as they go above 1 FTM.

Cherry trees are limited. There are only 100 000 of them, and they are a non-mintable, non-burnable token. So there will only be 100 000 of them for ever.

If StoryPress gets used a lot, the demand for cherries will be high. Cherries burnt by minting new story NFTs on StoryPress will need to be replaced by cherries minted in cherry trees. This will make cherry trees some kind of passive income ressource, which might give them a high value. Time will tell.

Everybody who owns cherry trees will benefit from the success of StoryPress.

How are cherry trees distributed?

  1. 10 000 CHRT are currently on sale on SpookySwap
  2. 10 000 CHRT are being distributed on a first private round of airdrop
  3. 10 000 CHRT will be distributed on a second round of airdrop (called the Tetraktys airdrop, stay tuned for that)
  4. 10 000 CHRT have been put as rewards in The Forest to CHRY/FTM liquidity providers as incentive to provide liquidity
  5. 10 000 CHRT will be given to CHRT/FTM liquidity providers as incentive to provide liquidity
  6. 5 000 CHRT will be used to reward CHRY/FTM liquidity providers on the long term once the CHRT of number 4 will all have been distributed.
  7. 5 000 CHRT will be used to reward CHRT/FTM liquidity providers on the long term once the CHRT of number 5 will all have been distributed.
  8. This keeps 40 000 CHRT for the team and to create other incentives when we'll launch another product (which we surely will, stay tuned).

Most of these cherry trees have not been distributed yet. They will, and everybody will be able to get some, either by providing liquidity (this will help to stabilise the price of CHRY and CHRT) or by participating in the tetraktys airdrop.

So, if you are interested in cherry trees, stay tuned.

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