Pi Protocol
Part 1- Tokenomics & Mechanics
Pi Protocol on Binance Smart Chain ( BSC )
Pi Tokenomics
Name: Pi-Protocol
Symbol: PIP
Supply: 600,000
Type: BEP20
Mechanics: Price Floor (locked liquidity), burning utility, deflationary, self-sustaining yields
TX fee: 4.5%
·1.5% Treasure Game
·0.5% Development fund
·0.5% Burns, removed from supply forever
·2.0% Circle Pool, infinite rewards for Circle Holders
Contract Address: TBD
DEX Link: TBD
DEX: Pancakeswap
Name: pBNB
Name: pBNB
Symbol: pBNB
Function: Synthetic BNB token backed by a 1:1 ratio with BNB as collateral
Supply: infinite mint/burn
Type: BEP20
Contract Address: TDB
Name: small Circle
Symbol: sCircle
Supply: infinite: mints at a 1:1 ratio to PI/pBNB LP
Type: ERC1155 NFT
Function: Wrapper Token for the PI/pBNB LP
Contract Address: TDB
Name: big Circle
Symbol: bCircle
Supply: infinite: mints at a 1:X Ratio to sCircle (TBD)
Type: ERC1155 NFT
Function: Utility Token for the Ecosystem
Contract Address: TBD
Mechanics:
The Usecase of the LP — Wrapper (sCircle)
With locked LP, the LP is permanently stuck inside the liquidity pools and inaccessible. If a user checks his wallet, they will see that the LP is not named as the project, but displayed as an LP.
To give the project’s LP an additional use case, we have created a small Circle (sCircle), which is wrapped LP tokens.
sCircle is the entry and utility token for the Pi Ecosystem.
Holders of sCircle can use the PI Utilities and will have access to our services.
sCircle can be traded and will be the utility token inside the Pi Ecosystem.
How does that work?
By adding liquidity to the Project (pBNB/PI LP), the user will receive an LP. This LP can be swapped or converted into a sCircle NFT (the Wrapper Token).
By swapping an LP to a sCircle, the LP will be permanently locked inside the wrapper and the sCircle NFT will be minted via our smart contract in a 1:1 ratio and distributed to the LP holder.
We made a swapper, or instant trading tool, that removes any hassles and makes it easy by allowing the user to do this transaction directly with BNB.
Instead of having an unnamed LP in their Wallet, the user will see the sCircle which represents his holdings of pBNB/PI LPs.
Normally, a locked LP can NOT be sold, but sCircle holders can sell their NFTs directly in Open seas or the Pi NFT marketplace.
In addition to being able to sell sCircle in the secondary market, there is also a forced price floor offered by the Pi ecosystem. You can always burn your sCircle via the Pi buyback system to receive 50% worth of the LP used to create sCircle in current market value. This creates more flexibility and guaranteed exit liquidity for sCircle holders.
And the Utility? (sCircle & bCircle)
To participate in the PI Treasure Hunt, users need to hold at least 1 sCircle to get access to the gaming area.
The Ecosystem has a second NFT, the big Circle (bCircle)
sCircle and bCircle are both the Utility Token of the Pi Ecosystem.
Users can swap their sCircle to bCircle. As a holder of bCircle, a user will have access to the exclusive NFT Vaults. The NFT Vaults are accessible with bCircle and with all Partner NFTs.
Additionally, 2% of each Pi TX is going as a reward into the Circle pool.
bCircle holders can benefit from infinite rewards for holding a wrapped LP in the form of sCircle -> bCircle by staking into the bCircle pool.
bCircle cannot be burned back into the Ecosystem, however, can be sold on the PI NFT Marketplace or elsewhere.
Optional Utility
If a user does not want to participate directly in the Ecosystem by using the token Wrapper, we will offer a bitCircle NFT.
By holding a bitCircle NFT, users will be able to stake into the bitPool.
bitCricle will be available on the Marketplace and can be traded.
Total Supply: TBD
The Price Floor:
The LP Token (wrapped Token, sCircle) will be locked via the LP wrapper to create a price floor mechanic.
The BNB inaccessibly locked into liquidity pool pair (pBNB/PI) can be “swept out” and utilized for the growth and benefit of the community.
How can I Trade PIP and the Circles?
There are two ways to buy and sell the PI Token ( PIP ).
- PI Swap:
The Pi website has a swapper, where users will be able to buy and sell PI Token directly.
BNB -> PI: The contract will convert BNB to pBNB in a 1:1 ratio and will market buy PI Token via Pancakeswap.
BNB -> sCircle: The contract will convert BNB to pBNB in a 1:1 ratio,
50% of this pBNB will be used to market buy PI Token. The contract is creating an LP of pBNB/PI and minting a sCircle in a 1:1 Ratio, locking the LP inside the Wrapper. (incorporating price impact)
Trading options on PI site: (swap)
BNB -> pBNB | BNB -> PIP | BNB -> sCircle
pBNB -> BNB | pBNB -> PIP | pBNB -> sCircle
PIP -> pBNB | PIP -> BNB | PIP -> sCircle
sCircle -> BNB | sCircle -> pBNB | sCircle -> PIP
sCircle -> bCircle
pBNB/PI LP -> sCircle.
Trading options on PCS site: (DEX)
- Buy pBNB (1:1 ratio to BNB)
- Buy PIP with pBNB.
- Follow directions on Pancakeswap to add liquidity to pBNB/PI
All other Tokens are exclusively tradeable on PI Protocol UI!
Will there be a BNB/PI direct LP on Pancakeswap?
Yes, we are planning to add a separate LP on BNB/PI at a later point as well as adding liquidity on other DEXs to open possibilities of arbitrage trading.
Why is the pBNB necessary?
The Protocol is based on rootkitfinance (extended by the token Wrapper and NFTs mechanics), which means we will be able to sweep out the unused BNB to be utilized for the growth and benefit of the community. For example, buying back from the market.
Without the pBNB pair, sweeping would not be possible.
Next Steps:
Introduction in the Utility of PI Protocol, Treasure Hunt, NFT Vaults, and Partnerships.
