Hello upCORE members,
In this article we are introducing FUEL token to the community, which will be used to facilitate additional LP pools for increased staking options within the Upcore project scope.
Launch of FUEL will solve many problems upCORE is facing right now. Most important one is; it will make upCORE a utility token. Within two weeks of LGE event ending, we will launch a third upCORE/FUEL pool, where users will stake their upCORE to earn from daily emissions of FUEL. We are separating a portion of total supply of FUEL just for that.
Here are the tokenomics of FUEL -
Total supply: 1000 tokens. 1000 FUEL will be minted at launch.
Reserved for LGE: 400 tokens. 400 out of those 1000 tokens will be available for liquidity generation event. It will be just like upCORE liquidity generation event. People will contribute ether to the pool. At the end of the event, contributed ether along with 400 FUEL will go to uniswap for listing. Liquidity will not be withdrawn once it gets added to uniswap.
All participants of LGE event will be rewarded with FUEL/ETHER LP pairs, which they can stake at the website to farm FUEL tokens.
Reserved for upCORE/FUEL pool: 400 tokens. 400 out of 1000 tokens are reserved for upCORE/FUEL pool where community members may stake their upCORES to earn FUEL. This will take upCORES out of circulation, and in turn will increase the value of upCORES. This pool will be activated after two weeks of when LG event concludes.
For marketing: 150 tokens. This time we have reserved 150 tokens for marketing. After the launch of upCORE, we observed severe shortage of marketing fund. Hopefully we will take care of that by introducing marketing fund. We will entertain community input on how to utilize marketing fund.
For DEV fund: 50 tokens. As only one person (who is me) working as a dev, this fund should be enough to cover all expenses related to upCORE development. If need be, I will be hiring some frontend developers to take care of website and UI. This fund should be enough to cover that.
Miscellaneous: Some of DEV and/or marketing fund (20 upCORES not sure yet) will be utilized to generate ETHER and these ETH will be airdropped to the community members who participated in upCORE/ETH Liquidity Generation Event. These were the people who believed in our project before anyone else. So, this is the way we reward and thank our early investors.
We encourage everyone to participate in the LGE event of FUEL and make it a big success. It is my personal promise to everyone that not only you will make back your investment in no time, but will also be rewarded handsomely in each of future endeavors of upCORE.
Thank you all.