CC Token Utility Update & Future Development Plans
Crypto Cart community, we are back with another big update in regards to increasing the utility within our ecosystem. Up until recently the main benefit of holding the native $CC token is that it is directly spendable on the CryptoCart Gift Card Store. However, over the next few months, we are going to continue to scale up and add much more utility to $CC tokens with the goal of increasing adoption on our platforms and creating a $CC-centric environment where holders directly benefit from the native token in a broad range of ways. Below we have drafted some utility ideas and the perks they will bring to $CC tokens and we will be implementing these into our ecosystem in due course.
We have discussed at length with our community about discounts across all stores and have been asked whether or not this was going to become a perk of holding $CC. The short answer is yes it is. This is going to be slightly different to how it has been done by others and will not require any type of sign-ups or KYC.
Currently, at checkout when you connect your wallet we detect how many $CC tokens you are holding and work out the equivalent $CC required as payment. The user is then prompted with that amount. We are going to further develop this model and offer tiered discounts to users based on their holdings if they checkout with $CC.
Below you can see the proposed model of discounted tiers:
100–500 $CC — 1% off your purchase
501–1000 $CC — 2% off your purchase
1001–2000 $CC — 3% off your purchase
2001–4000 $CC — 4% off your purchase
4000–10000 $CC — 5% off your purchase
10000+ $CC — 10% off your purchase
Alongside our proposed tiered discount model, we plan to replicate the brackets to our community airdrop model. We propose to do tiered community airdrop events on a monthly basis which could include:
- % of tokens generated from commission
- Exclusive collectable NFT’s
All fees generated across all stores will be used to directly buy back $CC from the market and move $CC tokens out of circulation. All orders from Crypto Cart Marketplace will provide from 0.5% — 12% commission and all orders on the Gift Card Store will provide from 0.5% — 2% commission.
What goes into the vault?:
- Commission fees from all Crypto Cart stores.
- % of all on-boarding fees & partnership fees.
This model will continuously raise the price of $CC tokens with all of the traffic that goes through our current stores and future stores.
Over the next few months, we will be building a loyalty scheme that will reward users for shopping with $CC tokens. The rough outline proposed of this model is as follows:
- Earn points by spending $CC at checkout.
- Points can be redeemed for NFTs that can be applied at checkout for a discount.
- NFTs earned can alternatively be burned in exchange for $CC.
As the community is already aware, the next two key areas currently in development are the staking platform and the multi-bridge. Both have come a long way and are getting ever closer to deployment. They will both be live by the end of this month for our community to take full advantage of. Below I will briefly expand on our progress in regards to the development stages.
We are progressing well with the development of our staking platform and are already near completion. As per usual, we will show a preview of the platform to the community prior to release. Staking $CC tokens will work like this:
Users will be able to stake $CC tokens and earn more $CC tokens. The rewards will be variable, based on the amount of users staking and the amount staked. The APY will fluctuate based on how much $CC is left in the pool, so rewards may fluctuate daily.
We have also been discussing a potential “CryptoCart Credits” perk and would appreciate community feedback on this idea. We would like to stress that this aspect is simply an idea and not a final implementation that is guaranteed and therefore would like to take on-board considerable community feedback before we can think about implementing this.
Below are the outlined details of $CCC. This would allow users the option to stake their $CC to earn $CCC (CryptoCart Credits).
$CCC is a CryptoCart Credit which has the value equivalent of $1 at checkout. For example, a user wants to buy a product for $350. That would cost the user 350 $CCC tokens. There will be no liquidity added to the pair, and the token will only be redeemable at checkout across all current CryptoCart stores and future stores. $CCC can only be obtained through staking $CC and cannot be bought on the market. If users did not want to go into the variable staking pool to earn more $CC, they could go into a fixed APR pool and be rewarded in $CCC to use at checkout across all stores. We would just like to reiterate that this is in the early stages of discussions and may never be implemented, but we would be interested in some community feedback on the proposed model.
Development of our Crypto Cart Multi-Bridge has come leaps and bounds in the last week. We are now in test-net, where we are vigorously trying to break it and are continuously making UX / UI improvements. Prior to launch, we will also be giving the community a preview of how it will work.
The initial swaps will allow the following:
ERC20 — BEP20
BEP20 — ERC20
ERC20 — MATIC
MATIC — ERC20
BEP20 — MATIC
MATIC — BEP20
As previously mentioned, we plan to open up additional bridges to other blockchains at a later date based on popular demands and with the aim of increasing token adoption and awareness. Blockchains we are currently considering are:
- Hathor Network (HTR)
- Avalanche (AVAX)
- Solana (SOL)
- Kucoin Community Chain (KCC)
Initially, the team is going to be providing liquidity to the initial exchanges. We will be using a partial amount of the $CC rewards pool to put through our multi-bridge and pair it with BNB and MATIC from our own funds. Initially, we will be pairing it with a small amount of liquidity, but if we see popular uptake more liquidity will be added.
As the community is aware, we have had 250,000 CC unlocked for a while which has not been withdrawn. We did not propose to withdraw any of the rewards pool till they where required. Below is the unlock schedule going forward, and what the tokens are going to be used for:
- 10,000 CC will be put through our Multi-Chain, as explained above, and will be converted into bCC (BEP20) and pCC (Polygon / Matic) to provide initial liquidity.
- 30,000 CC will be used as rewards for staking.
- The remaining 210,000 CC will be relocked for another month until the complete $CC utility is live and there is a need for the reward pool tokens. Amounts required are subject to review and additional locks may occur.
Over the next few weeks we will be pushing out updates on all near-complete developments and will be updating you on the state of our marketing campaigns as and when they take place. It’s going to be an exciting ride over the coming weeks and months and we would like to take this opportunity to once again thank our strong community for their continued support.