What is MCY Token? MCY is an erc20 DeFi token. In layman’s terms that means it’s a decentralized cryptocurrency built on the Ethereum blockchain. MCY is a true DeFi token, where many other “DeFi” projects rely on middlemen and/or controlling central parties.
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MCY has a 30 day launch period for investors to reserve MCY. Each day of launch, 1000 MCY are available, which are distributed proportionately according to the amount of total ETH sent for that day.
Lock up your MCY in order to earn interest over the duration. The longer you stake, the more interest you earn. You may access interest at any time for no fee, but ending a stake early penalizes the principal. All fees and penalties are redistributed to other stakers.
Cash-out instantly using the Uniswap DEX. While other projects rely on users to slowly build markets for their tokens, the very nature of the MCY contract includes the instant creation of a massive pool of liquidity on Uniswap, featuring no KYC and the ability to swap from your private wallet.
MCY Smart Contracts
The MCY project consists of smart contracts capitalizing on token liquidity formation, a referral system, and token staking capabilities. The overall flow of the MCYproject can be described in two main epochs — each developed as a smart contract for a specific financial purpose.
Liquidity Transformer Epoch
The launch of the MCY contract will kick off an initial 30-day phase during which users may send ETH to the contract in order to reserve MCY tokens and form the main liquidity pool.
Atthis point, no further token reservations can be made. Reserved MCY and referrer bonus MCY may now be minted by users, at their leisure. Users may begin staking MCY.
This component of the MCY project trustlessly generates the main liquidity pool for MCY using the Uniswap protocol. MCY tokens are minted to investors who make reservations with ETH, and the ETH is paired with more MCY and sent to Uniswap. This ownerless liquidity pool backs the value of all MCY tokens and allows anyone to buy or sell large amounts of MCY at their leisure.
Use DeFi Tokens for MCY Reservations
The MCY Liquidity Transformer will be able to accept various tokens and convert them through Uniswap into ETH for MCY reservations.
Provable Oracle API
The amount of available MCY tokens offered on random supply days is determined shortly after the end of that day. MCY leverages the Provable Oracle API, which generates randomness delivered on-chain in a provably cryptographically secure manner. On random supply days, even the MCY developers won’t know how much supply is offered until that day ends.
Funds collected for MCY reservations are managed by the Uniswap protocol and used to form the initial liquidity pool for future trading.