The ToshiCoin Genesis
ToshiCoin is a valueless utility token for use within the Toshimon ecosystem. The first of many benefits unlocked by ToshiCoin will be the ability to purchase the first generation of Toshimon card packs in the Dojo. The Dojo opens shortly, so don’t wait to start collecting ToshiCoins!
There are currently two ways to acquire ToshiCoin.
- Stake Uniswap TOSHI / ETH LP tokens to passively earn ToshiCoin.
- Purchase ToshiCoin with TOSHI at a rate of 1 ToshiCoin per 2 TOSHI.
All TOSHI used to purchase ToshiCoin will be sent to the Toshimon Treasury, for use in the future development of the Toshimon platform.
Liquidity providers will earn 60% of the ToshiCoin generated, to ensure 60% of the Toshimon card packs are rewarded to TOSHI/ETH stakers. The remaining 40% of ToshiCoin will be reserved for purchase with TOSHI.
Staking TOSHI/ETH LP Tokens
Staking is a great way to passively earn ToshiCoin, as well as exclusive Toshimon NFTs.
In order to stake to earn ToshiCoin, you first have to have TOSHI/ETH Uniswap Liquidity Provider (LP) tokens. For those new to Uniswap, you cannot buy LP tokens directly. Instead, you have to acquire them by staking both TOSHI and ETH on Uniswap and becoming a liquidity provider for the TOSHI/ETH trading pair. No worries though, this is easy to do!
First, you will need TOSHI. If you don’t own any TOSHI yet, it is possible to purchase some on Uniswap.
Once you have acquired TOSHI, you can provide liquidity to the Uniswap trading platform by depositing TOSHI as well as the equivalent amount of Ethereum into the TOSHI/ETH pool. You can add liquidity here.
Once you have deposited your liquidity, you will be given the equivalent amount of TOSHI/ETH LP tokens. These tokens track your ownership of pool, as well as your earnings on the trades made in that trading pair. Liquidity providers currently earn 0.3% on all trades made. If you later decide to remove your liquidity, you will also receive the equivalent amount of TOSHI and ETH, depending on the number of LP tokens you have.
Keep in mind liquidity providers can also suffer impermanent loss (IL) or impermanent gain (IG). This occurs when the underlying assets in the trading pair (TOSHI or ETH) gain or lose value faster than the TOSHI/ETH LP tokens you are holding, resulting in a net loss or net gain. This is a side effect of the Uniswap trading ecosystem, and is well documented online.
Now that you have your LP tokens, you can start the fun part — Staking those sweet LP tokens for ToshiCoin. Staking your LP tokens is easy on the toshimon.io website, and can also be done by interacting with the smart contract directly. The ToshiCoin and staking contracts can be found here:
ToshiCoin:
https://etherscan.io/address/0x3EEfF4487F64bF73cd9D99e83D837B0Ef1F58247#code
ToshiCoinFarm:
https://etherscan.io/address/0x50c2ac66ED6Da83A8A2eEEAfD468d9dEF522e03A#code
Staking rewards
Those staking LP tokens will earn ToshiCoin and can exchange that ToshiCoin for Toshimon card packs when the Toshimon Dojo opens. ToshiCoin will be rewarded to LP token stakers pro-rata (based on total contribution to the stake pool). The number of ToshiCoin that will be rewarded per day tapers off as we get closer to launch day on December 10th.
For the first 10 days, 300 ToshiCoin will be minted and distributed to LP stakers pro-rata each day. For days 11–20, there will be 200 ToshiCoin minted and awarded per day. From day 21 until launch, there will be 50 ToshiCoin minted and rewarded per day.
Keep in mind, LP stakers will also be rewarded with extremely scarce Toshimon NFTs. Snapshots will be taken periodically and used to randomly reward bonus NFTs to stakers.
All rewards will be awarded to a percentage of stakers based on pro-rata participation — those who have staked the most LP tokens will have the best chance at winning one of these extremely scarce and collectible Toshimon NFTs.
Happy staking!
