Relaunch and $CHESTv2 — coming July 2021
Website, marketing and $CHESTv2
A brand new website with full dApp functionality and complete redesign is currently in the works and will be released mid-to-late-July. This release will celebrate the start of our relaunch road-map and begin a massive marketing push to help build up hype.
The main star of our relaunch is the release of $CHESTv2 which will contain some exciting new features and utility that you can read about below!
Features coming with $CHESTv2
The major feature coming to v2 is a loaning system backed by the Community Chest. People who buy $CHESTv2 through the Community Chest, or deposit their tokens for the Community Chest to hold, will receive a BNB loan equivalent to the floor price at that time. Token ownership can then be reacquired at anytime by repaying the loaned amount.
One immediate consequence of the loaning system is the ability to allow margin buying of $CHESTv2 — you can now hold more tokens for your original BNB investment than you previously would have if you bought at market price.
These major features would not have been possible without a rework of the token contract. More features that are made possible by the rework will be announced in the upcoming weeks. All new features will put the BNB accumulated in the Community Chest to use rather than collecting dust, whilst still acting as a price floor.
Furthermore, due to a changing of the internal math, $CHESTv2’s price floor will increase at double the speed of $CHESTv1.
What is happening to $CHEST/$CHESTRISE/$CHESTRNG?
All three tokens will be exchangeable for $CHESTv2 before the token goes live on PancakeSwap. $CHEST and $CHESTRISE will receive a 1:1 exchange ratio, whereas $CHESTRNG will receive a 5:1 exchange ratio due to it starting off at a much smaller market cap.
The way $CHEST’s code is written means that version one of $CHEST can never die — you will always be able to able to exchange your $CHEST tokens for the price floor price, which will continue to rise. All $CHEST tokens converted into $CHESTv2 will be burned via the Community Chest. The BNB gained from this will then be transferred over to the v2 Community Chest.
In a years time when LP is unlocked for $CHEST, the tokens remaining in the PancakeSwap liquidity pool will also be burned and have the BNB transferred over. Whilst this means you will no longer be able to trade $CHEST on PancakeSwap, the functionality for claiming the price floor price will always be available and will continue to increase.
Starting now, tax has been switched off for both $CHESTRISE and $CHESTRNG — in a sense, they are now pre-sale tokens for $CHESTv2. This means no more buybacks or lottery. The money previously raised for these will go towards the relaunch. Even though their unique tokenomics are now disabled, I am hopeful that with our marketing, website and relaunch push that these tokens will rise to new ATHs in anticipation for $CHESTv2 as their price is effectively tied to the price of $CHESTv2.
Will there be a pre-sale for $CHESTv2?
As things stand currently, no. $CHESTv2 tokens will only be available for those who buy the original tokens and exchange them.
This would only change if we need to raise BNB for the $CHESTv2 liquidity pool, and even then the pre-sale would be a small % of supply.
Will there be an ecosystem with $CHESTv2?
There are plans to add utility to $CHESTv2 that takes ideas from the previous ecosystem, but are largely different.
More information will be announced over the next coming weeks once plans are finalized.
Version one and the $CHEST ecosystem — what have I learned?
It has been a week since I launched $CHEST and, while that time has been short, I have learned a lot. $CHEST’s base tokenomics were conceived from my dislike of the crypto-token space and its abundance of pump-and-dumps and scams. I set out to create a token that was community run and owned, safe from any type of rug-pull and contained mechanics that rewarded long-term holders.
The harsh truth is that I was underprepared for the launch of $CHEST. I thought it possible to simultaneously run all marketing, development and community facing content by myself. There were website problems on launch causing me to rewrite an incomplete version from scratch in one day. Worst of all, $CHEST became the exact thing I hated — a pump and dump without utility.
I tried to capitalize on the trend of EverRise by releasing $CHESTRISE as a marketing tool, however this bump was only short lived. $CHESTRNG was made in response to those who felt new token releases would negatively impact previous tokens, but again this funding was only a band-aid. In only a few days, the ecosystem quickly became a reflection of the crypto-token space as a whole and reinforced the idea that without utility, a project is worthless.
I’d like to apologise for my inexperience and the decisions made consequently. I am determined not to let down those who have had faith in me and the project from the beginning, and hope that the added time spent on this re-launch will rectify my previous mistakes and reward those who have stuck with me.
-Snugglefish
