The EliCoin Project — Give the Earth CPR
What is EliCoin?
EliCoin (short for EarthLoveInclusion Coin) also referred to as ELI is a charitable meme token on the Radix network with a fixed supply of 69,420,000 (Sixty-Nine Million, Four-Hundred-Twenty Thousand) tokens. ELI also serves as an access token that allows holders to bid in NFT auctions.
What is the Utility of EliCoin?
As a functional token EliCoin has no intrinsic utility and no value. However, as a united community, we can give EliCoin liquidity and donate millions of dollars to organizations working to restore our oceans and forests.
How Can We Donate Millions?
EliCoin will be listed on Ociswap (and hopefully additional exchanges) when Radix Babylon goes live in 2022.
Upon listing, we will fund the Liquidity Pool with 30 million ELI (43.22% of total supply), allowing people to farm $ELI at an attractive APR/APY by providing liquidity for ELI with XRD (and potentially other tokens).
By funding the liquidity pool, ELI can gain actual monetary value. In addition to funding a Liquidity Pool for farming, we will fund a Donation Pool with 18 million ELI (25.93%). As demand for ELI grows and the price appreciates, tranches of ELI will be donated to charity at the following schedule:
- 3 million ELI donated at $.001 = $3,000 donation
- 3 million ELI donated at $.01 = $30,000 donation
- 3 million ELI donated at $.10 = $300,000 donation
- 3 million ELI donated at $.25 = $750,000 donation
- 3 million ELI donated at $.50 = $1,500,000 donation
- 3 million ELI donated at $1.00 = $3,000,000 donation
For a total goal of $5,583,000 donated to charities that support ocean and forest restoration. 14,478,000 (20.86%) tokens will be distributed through airdrops and 6,942,000 (10%) will be reserved for marketing and administrative activities (such as covering legal and processing fees).
But Won’t Depleted Liquidity Make It Impossible to Actually Donate?
That’s where the NFTs come in. ELI will also serve as an access pass. Depending on the amount of ELI community members hold, they will be eligible to bid on or buy exclusive art. There will be a range of art tiers so this program is open to all holders of ELI.
You get the right to bid on or buy art based on the amount of ELI you hold but the art auctions and purchases will take place with XRD, the Radix token. Consider the following system:
- To place a bid/purchase art you pay your ELI to verify purchase eligibility
- Once your ELI is received, you can bid/pay XRD
- If you lose your bid/don’t have sufficient XRD, your ELI is returned to you
- If you win a bid/make a purchase, your XRD goes to the seller (the EliCoin project) and is placed in a Liquidity Replenishment Pool (LRP)
- When time comes to make the donation, the LPR will help provide the necessary liquidity to make the donation possible
In addition to NFTs the EliCoin project will apply for grants and accept donations to fund the Liquidity Replenishment Pool.
But what happens after donations? Isn’t it a rugpull?
Yes, but we’re rugging ourselves for the Earth. While the structure of EarthLoveInclusion Coin may result in a ponzi scheme (why would people keep liquidity after the donations?) the goal is to create the world’s first communal philanthropic rugpull (CPR). Participants will “lose” money but “lose” is in quotes because the community is knowingly collaborating to donate their money. There’s also a chance that the ELI-backed NFT auctions build sufficient interest to retain post-donation liquidity in perpetuity.
What? Why Would We Rug Ourselves?
Love. Love for the Earth. Love for humanity. Love for the web3. Love for community organizing.
If you are participating in crypto/web3 then you know that we are at the precipice of a monumental change, as impactful or catalytic as the internet and mobile.
In that sense we’re lucky. Even though we are pioneers we benefit from the work of those who preceded us in this voyage to a better future. Members of the EliCoin community believe that if you are lucky enough to enjoy the shade of trees that you didn’t plant then it is a duty and a privilege to plant trees for others.
Why is EliCoin Built On Radix?
Inclusion. The promise of DeFi is not to onboard 500 million people but to provide the infrastructure that brings the next 5 billion people into the global financial system. Radix’s Linear Scalability and Atomic Composability make it the only Layer 1 network capable of handling such scale.
Dan Hughes, the founder of Radix, recently demonstrated this inclusivity when he ran Radix’s network on a Raspberry Pi 3.
https://twitter.com/fuserleer/status/1470488877387366421
So Which Charities Get Donations?
The goal is to donate to organizations that support forest and ocean restoration. We are currently researching a list of organizations and will update this section in the coming days. If you have an organization you would like to suggest please message us in the Telegram group.
So That’s… It?
That’s it. It sounds crazy but if we come together as a community we can donate millions of dollars to help restore the oceans and forests. EarthLoveInclusion Coin. Let’s give the Earth CPR.
Disclaimer
This project obviously might fail. There’s no guarantee we can get folks to provide sufficient liquidity to make the donations possible. But, what the heck, let’s try. Additionally, this document outlines the initial conception of the EliCoin Project and there may be adjustments as the project grows and evolves. We will be transparent about all changes and any changes will take place with the intent of maximizing success of this project (success defined as donating the maximum possible amount of money).
Update #1— 12/17/21 — In the coming days we will identify the particular charities (or pools of potential charities that the community can vote on) to receive donations. We will also share more information about the total token allocation.
Update #2 — 12/17/21 — Updated token distribution.
Updates #3–12/25/21 — Updated language to reflect confirmation of listing on Ociswap.
