Disclaimers: You need to read carefully and accept our general disclaimers and agree to operate on CEX / DEX exchanges. Decentralization requires personal responsibility, Participation in DAO ENVELOP also requires understanding the utilitarian functions of the NIFTSY token.
1. We, as founders and members of DAO ENVELOP, choose a strategy of development to maximize the benefit for all members / members of the DAO.
2. All NIFTSY token holders are members of the DAO.
3. NIFTSY token contract is open source, validated by renowned auditor Certik: https://www.certik.org/projects/niftsy.
4. Data transparency is the key principle of ENVELOP DAO: https://t.me/envelop_en/19176
5. Community is the key value of the DAO.
We would like to explain in detail to existing and potential members of DAO ENVELOP the strategy of listing the NIFTSY token:
1. there are two types of exchanges: CEX & DEX,
2. listing on any type of exchanges has advantages / limitations / risks.
3. listing on CEX for any project is accompanied by payment of operating expenses to exchanges for listing, providing liquidity, regulatory risks and other risks with centralized nature.
4. DEX listing has no risks associated with centralized management and regulation, but it does have the risk of sniping, fake tokens, and others like
5. sniping is a bot that monitors the opening of liquidity pools on DEX, pays an overstated amount of gas and gets into the first block of transactions. As a result, bot buys out a significant amount of project tokens. In accordance with the mechanics of DEX, the price rises sharply and members of the community can buy DAO tokens at a price significantly higher than planned.
6. at a certain point in time, the sniper bot sells out the purchased tokens with a profit, taken from community
7. existing solutions to the problem of sniper bots are the same bots, but working to track suspicious transactions, potential sniper bots and block them.
8. the anti-sniping solution is built on a separate node / node, which is accessed by the smart contract of the token in the first minutes / hours after the pool is flooded, but at the same time, the section of the program code responsible for accessing the anti-sniper bot is closed and stored inside the token forever
9. accordingly, by adding a few lines of closed code to a token smart contract, one can definitely consider such a closed code token smart contract. forever and ever!
10. Since for ENVELOP DAO the openness of the program code and the minimization of community risks are the main values and principles, the ENVELOP DAO team faced a difficult task of choosing:
• either enter the DEX market with a protected token, but with a closed source code;
• either enter the DEX market with a completely open source code and accept the risks of loss of funds for new DAO participants due to sniper bots;
• or enter the CEX market, but at the same time, the project budget will decrease due to the costs of operating fees of exchanges and take risks.
11. Since exchanges such as Gate.io, ZB.com are direct, and AEX.com is an indirect copyright holder of NIFTSY tokens, and therefore DAO ENVELOP members, they are interested in the development of the DAO — the risks of centralization were minimized for all DAO members, although of course not 100% excluded.
12. Taking into account the interests and opinions of members of the DAO ENVELOP community, a listing strategy was chosen with minimal risks for the community and open source,
13. To reduce the risks of sniper bots on DEX, not by technical, but by business, and to form the market value of the NIFTSY token, it was decided to start trading on friendly CEXs, who are also DAO members. According to CEX, the value of the NIFTSY token should level out within 12–24 hours after the start of trading. In any case, it is a limited period of time.
14. At the same time, the project team understands the benefits and values of DEX for the community, and also wants to make DAO members safe when working with DEXs.
15. For this, small pools of liquidity will be formed on DEX Uniswap, Pancake Swap and Quick Swap, the addresses of which will be announced to the community closer to the moment of listing on the DEX.
16. We understand that due to the low liquidity on DEX, the cost of coins on CEX may differ and arbitrage traders will come into play, but they will ensure the full alignment of the token price between the CEX and DEX markets.
17. We get as DAO ENVELOP participants:
• listing on 3 exchanges that are actually members of the DAO and are interested in its success, as well as have their own developed communities and a positive reputation.
• DAO members can store the token and use it exclusively in utilitarian functions, or sell it on CEX if they no longer need such functionality.
• It will be at least less interesting for sniper bots to attack liquidity pools on DEX. the price will be aligned by the market.
DAO ENVELOP team saves the community’s money, that is the most significant goal for everyone.
We hope for your understanding and active participation in the development of the community!