The CROP token, with the symbol CROP, is an ERC-20/BEP-20 token. The token has a limited supply set to a total of 500 million tokens. Which ensures increasing scarcity in the market as the use of the token increases.
One of the features that makes CROP token stand out is the creative way in which cross chain technology is used to facilitate for the CROP token to be used on both the Binance smart chain as BEP-20 tokens as well as on the Ethereum chain as ERC-20 tokens. This is made possible through the Cross-chain bridge provided by Defi wizard.
When a token is moved from one chain to the other, the token on the origin chain is locked up in a smart contract, at the same time as it is introduced to the destination chain. If a token is moved back the process is reversed. This ensures that the total number of tokens stays the same despite the token supply being spread across more than one chain.
Governance and the CROP Utility Token
First and foremost the CROP utility token is a governance token which will be used to make important decisions on the CROP Finance platform. As a CROP token holder you get to take an active part in the decentralized CROP Finance community by submitting proposals or voting on proposals. Each CROP token you control gives one vote in the community so that you can support the advancement of the proposals that are most important to you.
As a CROP token holder you will have the possibility to submit proposals relating to the development of the CROP Finance platform. Proposals could address topics such as how to optimize performance and solve challenges on the platform. Ongoing updates on yield farming strategies and fees for using the platform are examples of common types of proposals that are expected on the CROP Finance platform.
CROP token holders may also make proposals that concern governance of the CROP Finance platform. These proposals could for example include decisions on delegation of tokens, how long voters have to submit a vote, the minimum number of tokens that is needed to submit a proposal for consideration, or the maximum number of actions that can be included in a proposal.
The CROP tokens can be traded with others or locked up for staking. Token holders who stake their CROP tokens will receive a portion of the platform trading fees. You can also earn CROP tokens by participating as a Liquidity Provider in the Liquidity Pool program.
Initial token distribution
The team behind the idea and initial development CROP Finance believes in the importance of creating a vibrant and diverse community around the platform, with users that actively contribute to the ecosystem with votes and proposals with fresh and innovative ideas.
For this reason the initial team and advisors are awarded only a total of 10.95% of the total issued tokens for their initial role in making the project a reality. These tokens are locked for the first six months. After that 5% of these tokens are unlocked monthly over the next 20 months.
Seed investors and investors that took part in the private sale comprise 6% and 8% of the total token distribution respectively. All of these tokens will be unlocked over the course of 9 months.
1.5% of the total CROP token distribution will be made available for purchase through a public sale. These will not have a vesting period. Another 1.5% of the CROP tokens will be locked up to provide necessary initial DEX liquidity.
The majority of the tokens, 60% of the total supply, will be distributed to users of the platform as rewards for staking, Liquidity Mining and Yield Farming. The remaining 12.05% will be used as the company treasury for the purposes of further development of the project. These tokens will be locked up for the first 6 months, and then gradually released over the following 20 months.
The CROP token is a utility token which has been designed to facilitate certain important functions in the governance, as well as the trading activities on the CROP Finance platform. The number of CROP tokens is limited to only 500 million. This means that, as the platform grows, the influence that each governance token represents will increase in value.
Staking of the tokens is also possible, and will earn the token holder passive income in the form of a portion of the fees collected by the CROP Finance platform. The staking will work as a powerful incentive for traded tokens to be returned to the CROP Finance platform by their new owners.
The following table provides an overview of the project’s tokenomics, including how tokens will be distributed and in which quantities. It also shows whether there is a vesting schedule for the different types of tokens, and details how the vesting will work.
The Pre IDO with Genshards was successfully held 23-26 may. The next opportunity will be the Zeroswap IDO which will be held on 2-4 June. For latest news on this and other important developments follow us on Twitter. You can also talk to us on Telegram.