Tokenomics - $DEAPcoin
DEAPcoin (DEP) is an ERC-20 utility token issued to users on the PlayMining platform, with a maximum issue of 30,000,000,000.
-Token contract address: 0x1a3496c18d558bd9c6c8f609e1b129f67ab08163
[Role of DEP in PlayMining]
On the PlayMining platform, DEP functions as a common reward token for each game, while it is also used to purchase NFTs on the PlayMining NFT marketplace, purchase items and unlock various features in each game.
With the update of the PlayMining platform (January 2023), NFTs can now be purchased with legal tender, but legal tender can only be used to purchase NFTs (or spent to acquire NFTs in each game). Other in-game purchases are essentially limited to DEP only.
The intent here is to create an environment where users unfamiliar with crypto currency can easily access the PlayMining platform through the introduction of legal tender payments, while at the same time maintaining demand for DEP in the PlayMining economy.
[Stabilizing the value of the DEP]
In order for the PlayMining platform to be enjoyed by a large number of users over the long term, we believe it is important that the market price of DEP remains stable. To this end, we will manage the balance between DEP expenditure by our users and DEP rewards for each of the games we offer on the PlayMining platform.
We also continue to take a direct approach to the exchange market, including the DEP Buyback Program (see below). This will help to curb sharp fluctuations in speculative token prices and ensure stable and continuous price increases for DEP that reflect the growth of the PlayMining economy.
[DEP Buyback Program]
The DEP Buyback Program will be funded by up to 40% of DEA sales (excluding DEP sales) continuously starting in January 2023. The timing and size of the buyback will be determined based on market trends and conditions of the PlayMining economy, and actual buyback results will be reported in this white paper on a weekly basis.
DEP bought back by DEA will be closed at the end of each month and moved to the "DEP Buyback Vault" during the first week of the following month.
・How DEP will be used after buyback
The DEP bought back will be used for the following purposes in order to stabilize and revitalize the PlayMining economy.
1. Allocation to DEP staking reward (50%)
50% of the buybacked DEP that is transferred to the Vault will be used to reward DEP staking (see below).
2. Lockup (50%)
The remaining 50% of DEP is locked in the Vault for two years. By preventing it from flowing right back into the market, the price of DEP will not plummet in a short period of time, thereby creating a safe and secure environment for PlayMining users to enjoy.
・DEP Buyback Vault : 0xDe6dEe53E99F2Ef914AD79575B83079892cd0543
PlayMining offers DEP Staking in the PlayMining NFT, where users who participate in DEP Staking can earn DEP as a reward for their contribution to the PlayMining ecosystem.
Currently, DEP Staking offers the following four plans;
・1 month at 5.576% APR
・3 months at 8.523% APR
・6 months at 10.340% APR
・12 months at 15.000% APR【NEW!!】
<Example> Assuming a user applies for a "6-month at 10.340% APR" plan with 1,000,000 DEP. After 6 months, the following will be the calculation for the reward.
1,000,000 DEP × 10.340% APR × 0.5 years (6 months) = 76,700 DEP
・A minimum deposit of 3,000 DEP per plan is required to apply for a DEP Staking.
・DEP Staking is limited to 10 million DEP per PlayMining account.
・DEP Staking can be applied for up to 5 plans per PlayMining account.
・In the event that a staking is canceled before the set expiration date, no reward will be granted.