What use does a token have when the only place you can swap it or provide liquidity is on the Ethereum network? Quite a bit, in fact. But not as much as a token that can cross to any other blockchain. This is part of the mission of newly launched Peet DeFi.
As of now, Peet (PTE) resides on Etherum as an ERC-20 token. Its recent launch includes a cross-chain bridge to the NEO blockchain. In the coming weeks, months, and years, PEET intends to bridge to other chains such as BNB and Waves. By DAO governance voting, PTE token hodlers will decide which blockchains to bridge to.
But what exactly is the main mission statement of Peet DeFi? From the words of the Peet Litepaper:
Peet is a decentralized platform on which users can collateralize assets they own to
be represented on the blockchain as stores of value. Simply put this means
transforming anything of value into usable collateral to earn returns.
Peet DeFi places a strong foot forward with some highly esteemable goals. See them below, captured from the Peet Litepaper
Collateralized Real World Assets Via Chainlink Oracles
Another feature not implemented as of yet, Peet intends to make use of LINK Oracles to determine collateral pricing from real world information.
This means a party could take real estate collateral, for example, and tokenize it via Peet. Contract values would be determined courtesy of LINK Oracles.
Tokenomics Of Peet DeFi
What are the Tokenomics, or more simply asked, how does the PTE token function?
PTE Supply
PTE will have a total constant supply of 100,000 tokens. When PTE crosses one chain to another, the tokens left behind are immediately burned from existence.
Token Governance
PTE hodlers will have a voice in future decisions by participating in Peet DAO governance. The DAO exist on the Aragon platform and the Litepaper hints of participation rewards.
Proposals may include adding bridges to new blockchains, increasing the total token supply, distribution changes, or plenty of other possibilities.
PTE Distribution
One percent of the PTE token supply goes to the team, while the remaining supply gets distributed to the public self-forming Peet community.
Distribution methods include direct promotions and Liquidity Mining Incentives. Starting from Black Friday, PTE tokens are for sale via the Peet Decentralized Application (dApp).
Consumers can connect to the dApp via MetaMask or enter their address in directly. Purchases of PTE from the dApp require ETH or wETH. All ETH proceeds from the sale of PTE go directly into the Uniswap LP to help foster its growth.
Market Value & Exchanges
At the time of this writing, PTE has a price value of $8.19. PTE tokens are listed on both CoinGecko & CoinMarketCap with a market cap of $249,847.
Besides acquiring tokens via the Peet dApp, PTE also trades on Altilla, FatBTC, and ForkDelta exchanges.
The POLR Lowest Fee Solution
In Peet terminology, POLR stands for Path of Least Resistance. This means that as the project matures to include different blockchains, swaps will use the one with the lowest fees. Customers have the option to turn this feature off and swap througn their preferred DEX.
Uniswap LP, Yield Percentage, & LP Incentives
PTE On Uniswap
Peet DeFi already has their Uniswap LP up and running. The contract address for PTE is as follows:
https://etherscan.io/token/0x51bb9c623226ce781f4a54fc8f4a530a47142b6b
For the Uniswap LP, visit the contract pair link:
https://info.uniswap.org/token/0x51bb9c623226ce781f4a54fc8f4a530a47142b6b
Potential Yield Percentage
Outside of any extra Yield Farming incentives, Peet DeFi estimates providers will earn a 6.5% monthly return. They explain how in an article on Medium.com where they also provide a reward calculating tool.
Yield Farming Incentives & Swap Rewards
Peet ups the ante as so many DeFi projects are want to do these days. Liquidity providers have two chances to earn rewards. Once the LP reaches a volume of $60,000, whomever has staked the most PTE wins $450. A second random provider will win $100. Read more on Medium.
There are also rewards for the first swaps up to 500 PTE. These may already have been earned. The first 100 PTE to be swapped earns a 5% bonus. The bonuses diminish with each subsequent 100 PTE until the first 500 have been swapped. There are quite a few swaps when viewing the Uniswap LP.
Peet DeFi Source Code & Roadmap
As any decentralized project ought to do, Peet has open sourced its code by providing it to the public on GitHub. And what does Peet have on the books going forward? What is the timeframe for those events? View it on their roadmap!
Final Links To Peet Communiques & Final Thoughts
Does Peet DeFi pique your interest? Still have a few unanswered questions. Visit them on Discord, Telegram, or BitcoinTalk.org. Don't forget to follow on Twitter as well.
As far as what the future prospects for Peet DeFi may be, it's not easy to say at such an early point. The Uniswap pool has over $4,000 in liqudity. It seems like a long way to reach $60,000 when the reward kicks in.
As for the incentives, 6.5% monthly isn't bad or exceptional either. What strikes out the most about the token is its 100,000 circulating supply. That low amount could lead to a shortage of supply, driving the price value upward.
On the other hand, so many projects in DeFi seem to depend on popularity and team reputation. The mission of Peet sounds similar to that of Thorchain and their RUNE token. Could there be room for more than one Liquidity Black Hole in the Cryptoverse? Only time as we know it will tell.
Thanks for your attention and as always...
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