Cherry Merry and Tomb Forks
In this article, we'll see why Cherry Merry is an improved kind of Tomb fork, where Cherries act like Tomb tokens, and Cherry Trees act like Tshares.
If you want to first read a less technical description of Cherries and Cherry Trees, you can read StoryPress tokenomics.
What's in common
Like all Tomb forks, Cherry Merry uses 2 tokens:
- a base token: Cherry (CHRY) that is equivalent to the TOMB token
- a share token: Cherry Tree (CHRT) that is equivalent to the TSHARE token
When the Time Weighted Average Price (TWAP) of cherries is bellow 1 FTM, cherry trees produce nothing. They are useless.
When the TWAP goes above 1.01 FTM, cherry trees start to generate cherries. These cherries are distributed to people who staked their cherry trees at the Orchard.
- What is called the Cemetery in Tomb, is called the Forest in Cherry Merry.
- What is called the Masonry in Tomb, is called the Orchard in Cherry Merry.
- What is called the Pit in Tomb, does not exist in Cherry Merry.
- What is called the Field in Cherry Merry does not exist in Tomb.
The basic tokenomics is quite the same: cherries may vary in price, but when they go above 1 FTM, a lot of them get minted, so as their supply increases, their value should not go higher than 1 FTM for long.
That was the common points. Now let's look at the differences.
Cherry is a utility token
First and foremost, CHRY is a utility token. You need to burn a few of them (from 1 to 5) each time you add content to StoryPress.
Minting a new story as an NFT, adding comments or likes, burns cherries.
Why? Because it will deter bots, spammers, online hate, ... and all these ugly things that plague other publishing platforms like Twitter, YouTube, etc...
So, unlike most of other Tomb forks, the base token is actually useful.
We don't have bonds on Cherry Merry. First, because they are useless, and second, because we don't really care if the price of cherries goes down. We see it as an opportunity for new users to come and write stories, comments or likes on StoryPress.
Cherries falling in price will make the platform cheaper to use, will attract more users, which will burn more cherries to use the platform. This will make cherries more scarce and in the end, will pull their price back up.
We don't need bonds to prevent the price of cherries falling, because we see it as an opportunity.
There was no genesis at the inception of StoryPress. We minted 20 000 cherries, put ten thousands to start the liquidity pool on SpookySwap, and are giving the rest away to friends who want to start testing the platform.
Sorry, no genesis pool rug this time.
Peg starting at 0.1 FTM
We did not start the cherry price at peg, oh no. Because we did not want to ask a lot to our first authors on StoryPress. This is some kind of welcome bargain. If you are one of our first writer, then you'll get very cheap cherries to start experimenting the platform.
As StoryPress gets used, cherries will get burnt, more scarce, and they will be more expensive for the following users.
So you might come on Cherry Merry and, with the traditional Tomb fork logic, think that the peg has already been lost and that Cherry Merry is another of those failed Tomb forks.
Actually no, we started at 0.1 on purpose.
We simply use the Tomb fork tokenomics so that our utility token will never go to high, so everybody will always be able to afford using StoryPress.
That one is just a detail, but we started the epoch with the Unix epoch on 1970-01-01 00:00:00.
- it makes computations easier and gas cost effective.
- it gets dead easy to synchronize our different smart contracts. They all know the current epoch number without having to ask each other.
- it makes it much easier for our web front-end to know at which epoch the different smart contracts should be
- for anyone who would interact either with our web front-end, or our smart contracts, it makes it very easy to know if our contracts are up to date, or need a call to the update() function
Want to know the current epoch? Just take the Unix time in seconds and divide by 21 600.
So yes, the current epoch of Cherry Merry is way above the 70 000. Normal.
When you have tokens that you can swap on SpookySwap, you are always happy when your liquidity pools have a lot of liquidity: this makes the prices less volatile.
Traditional Tomb forks put strong incentives to liquidity providers (that is what the cemetery is for), rewarding them with the share tokens.
The problem is that these incentives are limited in time, and when they end, the whole system is bound to collapse.
Here on StoryPress, we also have an equivalent of the cemetery called the Forest. In the Forest, the rewards will slowly decrease over time, and will last much longer (years).
As longer does not mean "for ever", we are also developing the Field. It is something that does not exist on other Tomb forks: basically, 10% of newly minted cherries from the Orchard will be distributed to people who stake their CHRY-FTM LP tokens at the Field. Another 10% will be distributed to people who stake their CHRT-FTM LP tokens.
Yes, that's 20% less reward for cherry tree stakers, but that is the price to pay for having an enduring protocol.
At the beginning, it will probably be more interesting to stake your LPs at the Forest, but as forest rewards decrease, there will be a time when switching to the Field will be more interesting.
But as with all these staking pools, the more people who stake, the more you have to share the rewards. Being alone on a pool with low rewards is often better than being with the crowd on a pool with high rewards.
This is all there is to know about Cherry Merry. As you've read, we took the Tomb fork system from a completely different angle. We use it to make sure the cherry utility token will never go to high in price.
If you've considered cherry trees carefully, you've probably realised that, in an indirect way, they will receive the "revenues" of StoryPress.
Writers will burn cherries to write stories, add comments, make likes. At some point, there won't be enough cherries any more so cherry trees will start minting them. Writers will have to buy new cherries from cherry tree holders. Imagine that 1 000 cherries are burnt every day because of people writing stories, making comments on those stories, and adding likes. This will transform into an inflow of 1 000 FTM / day to cherry tree owners.
100 000 cherry trees were minted, and they are not mintable nor burnable. So holding 1 000 cherry trees will ensure you 1% of all future revenues of StoryPress.