Wow. This has been a wild ride. So much so that it is breathtakingly difficult to explain just what kind of history we have achieved here. As some say, “few know, even fewer understand.”
As a core group of three people with a vision to bring the first truly decentralized, deflationary passive yield farming protocol, we never imagined to get to this level of growth. This is truly something to celebrate! We want to congratulate everyone who participated in our “ACE” (“Absorber Creation Event”) because without you, we wouldn’t be decentralized, and we likely wouldn’t even exist. Before we get to the cool stuff, and the cooler stuff, let’s reflect on what we exactly are.
What we are — a quick and easy summary
Whether you’re a newcomer to cryptocurrencies, DeFi (decentralized finance), or our project itself, we want you to know that we’re different. The first thing that makes us different is that our token does something that many other tokens do not: we ensure that there’s liquidity in the pool, there’s a burn, and there are passive yield farming rewards. Let’s break it all down.
- Deflationary. The supply is ever-decreasing. Decreased supply means increased scarcity which leads to the compacting of the market cap and a higher price.
- Passive staking rewards. You’re in control of your tokens. Distribution is directly to your wallet. No need to pay any gas to claim anything.
- Continual liquidity harvesting. Every buy, sell, and transfer is harvested by the contract to provide liquidity for all holders of the token.
- Completely decentralized. At the core, no one entity controls the protocol. Anyone can build on it; anyone can integrate it.
If you’re a buyer and a holder, here’s how it works:
- You buy $100 worth of $ABS.
- If the harvesting fees are 4% to liquidity and 4% to yield farming, you will receive 92 $ABS from the purchase with a little bonus (explained below).
- First part: two (2) tokens are swapped for Ethereum and two (2) are kept as tokens (a pre-requisite for generating an LP token). (Note: this swap causes a part of the tokens to also go to a burn address.)
- Second part: what’s left of the above is then added to the lifetime (permanent) liquidity pool.
- Third part: after the contract receives an LP token, the remaining 4 tokens are distributed between all holders. This is why you get a bonus even on sells, and this is a weight-based mechanic (simply put, the larger the wallet in relation to the supply, the more reward is assigned to it).
The best part is saved for last: as a buyer, you now have access to the token’s reward scheme by simply holding it. That’s not all, though. By having $ABS, you now also have the ability to participate in governance, allowing you to decide how the protocol functions and what its direction should be.
What exactly does that mean for you, you may wonder? It means that development can continue to give the token even more utility than it already has such as future vaults, arbitrage schemes, loan programs, project integrations, and other future changes. How it’s funded and what can be done with it all depends on the community. We did say this is decentralized earlier, didn’t we? :)
A NOTE REGARDING GAS/FEES
Gas on the Ethereum network is a way to crunch numbers. The more code is being processed, the more energy it requires. Gwei, on the other hand, is a form of supply and demand. When you have higher demands on both sides (transaction flood on the network + complex code), you get higher gas prices. This is absolutely out of the control of the protocol and is inherently a problem of the Ethereum network. Ethereum 2.0 should alleviate these issues in the near future.
A NOTE REGARDING SELLING & SLIPPAGE
Slippage is the concept of how many tokens you’re willing to take in return for a trade. On sells, the slippage must be greater than the fees + price movement in the given time from when the order is made. For example, if the harvesting liquidity fee is 2% and yield farming rewards are at 2%, your slippage must be no less than 5%. Assuming the price doesn’t move at all, you should be able to settle the transaction. Otherwise, please increase your slippage. Buys, however, are not affected by this (you can buy even with no slippage!).
The launch that made history
The success you brought to yourself and the community. You. That’s right — don’t be shy. You, the reader, who bought this token. You did buy, didn’t you? Oh, you thought it was going to be a rug or a scam? No, sorry to disappoint because we’re better than that! Below you’ll find some amazing stats/facts so that you can feel proud and pat yourself on the back. Let’s dig in!
- Absorber raised 349 ETH in less than 3 minutes during “ACE” (presale)
- Absorber launched on 2020/12/08 on Uniswap
- Several million dollars in volume was created by early investors/traders
- There are currently over 1300 holders of $ABS and growing daily
- Equally so, our Telegram channel has over 1500 members and growing
- 152,900+ $ABS have been locked in the Liquidity Pool forever
- 31,700+ $ABS have been absorbed (burned forever) in an active wallet
- Currently maximum circulation of $ABS is ~500,000
- You can now buy $ABS directly through your bank (listed on Dharma)
- We were listed in record time on these coin & token aggregates: Coingeko, Dextools, CoinMarketCap (applied for), and Etherscan.
As usual, we leave the best for last: an exclusive group of community leaders who are actively moderating and directing the Absorber Protocol has been created, and those most interested have made massive contributions thus far to the protocol’s vision and development. All of this will be realized in due time with our roadmap that you’ll find in the next section.
The takeaway? We’re more than a token — we’re a vision, an idea, driven to great new heights thanks to people like you.
The future, condensed.
We know that DeFi runs so fast that there are skipped heartbeats and that everyone wants the answer to the question of “what’s next?” Luckily, we do have do have answer: lots of stuff!
So far, it’s been all about building the core team (which is now over 10 people, and all sourced from the community itself) because having just three work on Twitter, Telegram, development, making connections, the website, etc., is physically exhausting. And to ensure that we can deliver, we had to put off this roadmap until now.
- Community voting on proposals
- Developer onboarding
- Planning of website, dashboard, and DAO
- A series of partnership and AMAs for marketing and development
- New members to expand and grow the team of community of current leaders
- Completion of website, dashboard, and DAO
- Key burning — the project goes into full “decentralized” mode
- Vaults: Staking Pools
- TBD based on community feedback
- TBD based on community feedback
We thank you for your support of this project, and we hope to thrive in the DeFi space. We’re all in this together, and we’re here to stay forever.