Hello everyone, I want to officially present Polyglot(PGL) to the public.
I thought a lot about how to explain this tokenomics as simple as possible because obliviously if it’s not understandable it won’t be effective. Hence, I decided to start from the inception and from how I came up with this idea.
The original concept was to build a token with no initial supply at all. Ok I know you are now even more confused, what is that supposed to mean? Let’s imagine the paradox that the total supply is 0 with a price of 1$. When our first holder Bob wants to buy 100$ of PGL, this very special smart contract mints 100 new tokens with 10% of taxes therefore he gets 90 PGL, the price of course increases (let’s say 1,1$) so here comes the minting phase. Let’s shift our 0 supply to 9000 because as we all know we can’t add liquidity to a not existing token therefore:
- Occurs when there is less than 9,000 PGL in the QuickSwap liquidity pool.
- 10% minting fee on each buy. New tokens are automatically minted by the contract for each buy.
- 5% fee on each sell. These tokens are burnt forever, reducing the total supply of PGL.
I hope you followed me up until this point, let’s move on the part two and imagine now that our poor holder Bob it’s alone and therefore he decides after a while to sell. The price of course will decrease but let’s go back to the paradox, the original idea was to burn every single Bob’s tokens coming back to 0 supply but because he pays again a bit of taxes now the prices is 1,12!! Why? Because the liquidity generated from taxes is locked forever into the smart contract and the supply is burnt. The problem is we can’t burn everything immediately this would imply a 100% slippage and here it comes the burning phase. When market is flooded with too many not ‘held by anyone’ tokens it’s time to burn more rapidly therefore:
- Occurs when there is more than 18,000 PGL in the QuickSwap liquidity pool.
- 5% fee on each buy. These tokens are burnt forever, reducing the total supply of PGL.
- 10% fee on each sell. These tokens are burnt forever, reducing the total supply of PGL.
Which means that if you buy during the minting phase number 1 and if you are brave enough to hold until the minting phase number 2 you will always be in profit because of the taxes. At this point, I hope I’ve clarified most of doubts around this particular tokenomics that I come up with. Last point to clarify is where does the 10% tax during minting phase go? It will go to a treasury wallet used for marketing, activities related to the ecosystem as audit, enlarge the team, contests and realize future plans that I will propose in the future. (the paradox is not over :))
If you guys have any more questions which I’m sure you have please feel free to ask in the telegram group https://t.me/polyglot_token.
The PGL is available on Quickswap, Polygon chain.
Now guys I know we all get easily excited about new tokens and we love to ape in, I’m one of you too and I really know how frustrating is to lose money so please read carefully: even if I truly believe in the idea and I tested and rested the token thousands of times before launch I’m just one dev and we don’t have an audit yet which means this is still high risk therefore I won’t tell to buy because this is the next moonshoot but what I feel to tell you is, if and only if, you like that idea just buy a small bag that you can afford to lose, we just started and if this will reveal to be successful you will be rewarded anyway.