StoryPress.info is a web3 publishing platform where you can mint your stories into NFTs, make comments and add reactions. Here are a detailed insight on the different tokens behind StoryPress.
To deter spam, bots, online hate, that plague traditional publishing platforms, StoryPress uses the Cherry token (CHRY). You need to burn one (or up to five in case of reactions) each time you publish a story or make a comment on StoryPress.
As more and more cherries will get burnt, their scarcity will tend to increase their price.
Because we don't want cherries to be too expansive (or people will stop contributing to StoryPress), we created another token: cherry trees (CHRT).
When the price of cherries goes above 1.01 FTM, cherry trees start to mint cherries. These newly minted cherries are given to people who staked their cherry trees at the Orchard.
Cherry Merry is the place where you can stake your cherry trees to earn cherries.
To incentivise people to bring liquidity to the CHRY-FTM and CHRT-FTM liquidity pools, two other pages on Cherry Merry, allow you to earn cherry trees when you stake your CHRY-FTM or CHRT-FTM LP tokens: Forest Y and Forest T.
If you want to see how it works, simply visit Cherry Merry.
If you are curious about the inside machinery, and want to have a look at our smart contract code, here is the list of our smart contracts:
Forest Y and Forest T currently distribute 10 cherry trees per epoch. As almost nobody is currently staking LP tokens in them, the reward rate is a bit crazy. For the time being, the forest is almost air dropping cherry trees to stakers.
The Orchard currently rewards nothing. Normal. StoryPress is just starting, and has very few users, hence, very few cherries are being burnt. Remember: cherry price started at 0.1 FTM so that our first authors will be able to start contributing to StoryPress.info at bargain price. The Orchard won't mint cherries as long as cherry price is under 1 FTM.
Summertime is the contract that looks at the Oracle to get the cherry price, and ask the cherry token contract to mint cherries and send them to the Orchard for distribution.
If you have any question, please feel free to ask them in the comments.