Wildroom
CHIMP (Chimp Money Token)
$CHIMP token is designed to be used as a medium of exchange. The built-in stability mechanism in the protocol deterministically expands and contracts the CHIMP supply to maintain the $CHIMP peg to 1 BANANA in the long run. $CHIMP is an algorithmic token with a peg actively maintained by a smart contract. It does not mean it will be valued at 1 BANANA at all times as it is not collateralized and will be subject to a certain level of volatility.
CHIMP Distribution (Boardroom)
The Distribution of CHIMP during Epoch Expansion is as follows:
1.65% as Reward for $SMOOTHIE Stakers in Boardroom
2.30% goes to DAO Treasury
3.5% goes to Dev Allocation
If there are bonds to be redeemed, 65% of minted CHIMP goes to Treasury until it's sufficiently full to meet bond redemption. If there is no debt (BOND), it will follow the maximum capped expansion %.
How do the Algorithmic Peg works?
When CHIMP is below peg
When CHIMP price is below BANANA Current Market Price (peg), Token Holders can purchase CHIMP Bond (APEBOND) and CHIMP be burnt to reduce the total circulating supply when Bond Holders redeem CHIMP token with a 1:1 ratio.
When CHIMP is above peg
When CHIMP price is above BANANA Current Market Price (peg), the token supply will have to expand to push it back down to peg and the contract will allow the redemption of the $SMOOTHIE(SHARE). When the price of CHIMP continues trading above the BANANA Current Market Price (peg) after bond redemption, the contract mints an appropriate amount of new CHIMP and this will be distributed to the $SMOOTHIE Stakeholders in the Boardroom.
$SMOOTHIE(SHARE) (CHIMP Shares)
$SMOOTHIE is one of the ways to measure the value of the CHIMP Protocol and Shareholder Trust in its ability to maintain CHIMP close to peg. During epoch expansions the protocol mints $SMOOTHIE and distributes it proportionally to all $SMOOTHIE stakers in the Boardroom.$SMOOTHIE Holders have voting rights (governance) on proposals to improve the protocol and future use cases within the CHIMP finance ecosystem.
$SMOOTHIE Distribution (Farms)
$SMOOTHIE has a maximum total supply of 60,001 tokens
DAO Treasury (CHIMP Reserve) acts as the second line of defence on top of the Bond Mechanism controlled by CHIMP Core Team to conduct the following actions:
Investment (Growing Treasury)
Strategic Buybacks (Stabilize Protocol)
Marketing
Building Protocol Utility
Protocol Expansion
In a later stage, DAO Treasury will move to a governance system to vote on using funds in certain areas of the project including investment, marketing etc.
APEBOND(CHIMP Bond)
APEBOND main job is to help incentivize the changes in CHIMP supply during an epoch contraction period. When the TWAP (Time Weighted Average Price) of CHIMP falls below 1 BANANA, APEBOND will be issued and can be bought with the current CHIMP price.
Purpose of buying APEBOND (exchanging CHIMP for APEBOND):
Burns $CHIMP tokens
Takes $CHIMP out of circulation (deflation)
Helps to get the $CHIMP price back up to the peg (above 1 BANANA).
Rationale: Buying APEBOND addresses CHIMP inflation issue and CHIMP sell pressure to help to push CHIMP back above the peg. This APEBOND can be redeemed for CHIMP when the price is above the peg in the future. Investors who are here for the long term and are bullish on $CHIMP and BANANA can choose to hold APEBOND longer as the premium gets higher when $CHIMP TWAP increases over time. Contrary to early algorithmic protocols, APEBOND does not have expiration dates on redemption $CHIMP. All APEBOND Holders are able to redeem their APEBOND for CHIMP as long as the Treasury has a positive CHIMP balance which typically happens when the protocol is in epoch expansion periods.
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