LEONS is the core utility token of the Leonicorn Ecosystem. Following the DEN exploit, the Team created a new token with more functionality for the Leonicorn Ecosystem. As a result, the previous ecosystem tokens will be exchanged for LEON. LEOS holders will swap for LEONS at a 1:2.8 ratio, and LEON holders can claim LEONS at a 10:1 ratio
How the Team designed new tokens and token economic
The Leonicorn Team decided to launch LEONS with a much lower initial supply by scaling down LEON supply from 4B to 400M for LEONS on a 10:1 Ratio. To ensure everyone maintained token value prior to the exploit, the Team set $LEONS starting price at $0.047.
Furthermore, the Team is adding several essential features to LEONS that will improve our Ecosystem's overall security and robustness. Below are the functionalities and utility of the LEONS token:
Whitelist and Blacklist
When the Team transferred liquidity from LEOS to LEON, we observed some were trying to cheat by buying LEOS cheap with the intention of swapping for LEON and thus gaining an undue advantage. To prevent this, all addresses were whitelisted to exclude those who purchased cheap LEOS before the LEOS to LEON token merge.
Similarly, following the exploit of the DEN and the hacker selling LEON on our DEX, many users bought cheap tokens on the market. To ensure such people cannot exchange the LEON they purchased at the 10:1 ratio, all such addresses are being blacklisted. However, we recognize that some may have bought it because they just wanted to buy the dip. We are implementing a fair exchange, where the number of tokens they purchased can still be swapped to LEONS based on the dollar value of their purchase. For example, if one bought $100 worth of LEON after the hack, the person will get $100 worth of LEON (2,128 LEONS) during the merge.
Furthermore, with the blacklist feature, we can limit the activities of arbitrage and front-running bots in our Ecosystem.
Limit on sending LEONS
The Team implemented a feature to limit daily LEON transactions per wallet. This feature is intended to protect our Ecosystem in the event of future exploits, as it will limit amounts that can be liquidated.
Gamefi With mining System
One of the most prominent innovations the Leonicorn Team is bringing into the AMM industry is Mining with LEONS and Multichain tokens. Users earn CUBS, our speciality reward token, based on their playing volumes on GameFi. $CUBS holders will receive part 1.5% of accumulated rewards in the DEN (from DEX fees, IJO/IDO, and GameFi) every 72 hours.
The DEN payout is designed to be one of the prominent mechanisms for LEONS burning, where 50% of all LEONS received by the Team will be burnt.
As an illustration, assume $2M worth of $LEON in the DEN at $0.1 per LEON. During a payout which is 3% of this accumulated value, CUBS holders will receive 300,000 LEONS (worth $30,000), and the Team will also receive 300,000 LEONS.
The Team will burn 150,000 (worth $15,000) from this payout.
Assuming LEONS value in the DEN is $2m during each payout:
Every month $150,000 worth of LEONS will be burnt. And this translates into $1,800,000 worth of LEONS a year!
In the coming months, the Team will add several games to our GameFi (such as Lottery, Bag Robbery and Prediction Market). Furthermore, trading on our NFT Marketplace and all trading activities will earn CUBS in the future.
Whenever a Team raises funds on the Leonicorn Ecosystem through our launchpad, 10% of the total value presented is retained as fees. This fee goes into the DEN, and when the DEN pays out, some will be used to buy back and burn LEONS.
Users will be rewarded by staking LEONS in Flexible Staking (Caves) and Locked Staking.
Users can also earn LEONS rewards by providing liquidity in liquidity pools (Meat).
In the near future, LEONS may be used as the governance token for the Leonicorn Ecosystem by voting with LEONS.