In the past weeks I have analyzed different projects with compoud, rewards and burning mechanism in different chains such as CORE, ARBITRUM, ETHEREUM (if you haven't yet, check out my other pieces), and now, I want to dive into this one I found on BSC blockchain, called EAT THE DRIP ($ETD).
So without further ado, let's start own brakdown and see why it might be interesting this project!
Eat the Drip Protocol
What $ETD is and how does it work?
Staking, Simplified - The $ETD Token embodies the virtues of a decentralized system. It is held in your wallet and never in the control of an intermediary or centralized authority. Simply buy and hold and watch $DRIP rewards accrue. You will be able to Mint and Stake the Genesis NFTS very soon.
Compound - Interest, Automated - Unlike other protocols, simply holding in your wallet will provide rewards. There is no need to re-stake. Interest is always yielding in your wallet.
Interest Paid Quickly - EAT THE DRIP distributes $DRIP to every $ETD Token holder each and every 30 minutes, scaled with 4% Rewards on all the Volume.
Automated Burning Mechanism - One of the most innovative features of DRIP Rain is an automatic token burn system named True Burn. Instead of just moving Tokens to the Dead Address on each Transaction Tokens are directly removed from Circulating Supply, Onchain.
Could be this one a better protocol than other competitors?
They have taken inspiration from the Defi Space and built an improved Protocol. In which way?
• No Blacklist
• No Disable Trading Functions
• Hardcoded Feereceiver Wallets
• Hardcapped Taxes at 15%
DRIP Rain uses a calculated system to support its price and the rewards. DRIP Rain has engineered a system that will function seamlessly. For $ETD Holders, you will simply see an innovative Rewards system working for you.
Auto Rewarding - The $ETD Auto-Reward feature is a simple innovation termed Buy-Hold-Earn. It provides the ultimate ease of use for $EAT THE DRIP holders.
Buy-Hold-Earn - Simply buy and hold $EAT THE DRIP Token in your wallet, watch as you earn $DRIP rewards via dividend payments directly into your wallet. Your holdings will increase every 30 minutes (depending on Volume).
Utilizing Auto LP and Auto Burn $ETD provides an everrising Price Floor due to an everdecreasing Supply.
This means that without moving their tokens from their wallet, $ETD holders receive Dividends in the Stablecoin "DRIP".
The Treasury - The Treasury plays a critical role in $ETD. Its primary function is to support the sustainability and growth of the protocol. The treasury may also be used to fund new Products, services, and projects that will expand and provide more value to the $ETD Community.
In addition, it will serve to provide funding for marketing, developer payments and salary payments. Once the LP is strong enough, it is possible to introduce more ways to earn Passive Income.
EAT THE DRIP fees support the sustainability of the protocol. The fees enable crucial functions for the project. Rather than selling the Share to support the protocol, the approach is to support the sustainability and growth of EAT THE DRIP through fees.
A buy and sell fee benefits from trading volume. Higher trading volume brings in more trader interest which in turn help the sustainability of the protocol.
The amount of fees (10% for buys and 10% for sells) allows $ETD to provide a stable high yield, distributed in $DRIP Dividends.
LP - Trading fees goes to backing the liquidity of the EAT THE DRIP/ETH Pair on PancakeSwap ensuring an ever-increasing collateral value of $ETD.
Auto Burn - 1% of all $ETD Volume is burnt in the Dead Address and removed from Supply. The more that is traded, the more get put into the Void causing it to grow in size, which in return acts to reduce the circulating supply of $ETD and keeping the protocol stable.
Team has been also working on NFTs collection and you know, nowadays artwork is integrated part of almost crypto projects.
$ETD NFT
We arrived at the end of this article, I hope you enjoyed it and as I always say, DYOR!
Do not forget to let me know your thoughts about this BSC project, I would love to hear your opinion. Follow me on my social for more articles and charts, share, like and comment below!
