Potential Project Analysis: BSC Dinosaur Eggs as a New Gameplay that Integrates DEX and Social
Source: Dinosaur eggs
Dinosaur Eggs is a DEFI project built on BSC. The business areas of the project include Swap, social networking, NFT and so on. Currently the product Dinosaur Swap which targets transactions mining has been launched. You can see some traits of many other projects on Dinosaur Eggs, including Curve’s governance lock-up (veCRV), DODO’s membership system (vDODO), Bakery’s NFT module, Kswap’s transactions mining, and MEME type token transfer and burning mechanism.
1. October 2: The project went live
2. October 3: Opened the liquidity mining incentives for NFT fragmented tokens
3. October 4: Adjusted DSG reward distribution coefficient and announced partnership with Babyswap
4. October 6: DSG was listed on Lbank; started the liquidity and transaction mining incentives of Babyswap token Baby
5. October 7: Opened RACA token liquidity incentives and transaction mining incentives; number of members in the membership system exceeded 1500
6. October 11: The project went live on MEXC
7. October 13: The number of members in the membership system exceeded 4900
As compared to traditional DEX projects, the tokenomics of Dinosaur Eggs is more innovative, with diverse token types to capture protocol income. There is both a platform token, DSG, and the Money-hungry Dino NFT. Besides, DSG can be minted into vDSG, a token representating a member’s stake.
DSG is the core token of the project. Its total amount and output model is similar to that of Pancakeswap’s CAKE, with no upper limit on the total amount.
The output is regulated by DAO governance. Deflation will be achieved through output regulation and increased use case scenarios in the future.
DSG has a transfer burning mechanism, each transfer deducts five ten thousandths (5 divided by 10,000) of the original amount, of which three ten thousandths (3 divided by 10,000) are straight away destroyed and two ten thousandths (2 divided by 10,000) are allocated to the vDSG stakers. After the DAO module goes live, DSG can be used for proposals and voting.
Users pledge 100 DSG to mint one vDSG. vDSG is a membership credential as well as a value capture tool of the platform. Membership rewards consist of the following components:
*Transaction fee: 0.025% of the user’s transaction amount goes to vDSG
*Block output: 18 DSG per block output goes to vDSG
*DSG transfer fee: 0.02% of the DSG transfer amount goes to vDSG
* Money-hungry Dino Card Slot and Upgrade Fee: All Money-hungry Dino Card Slot and Upgrade Fee go to vDSG
*NFT transaction fee: 2% of the NFT market transaction amount goes to vDSG
*Meat usage fees: All meat usage fees go to vDSG
*vDSG exit fee: 50% of the vDSG exit fee goes to other vDSG holders
*Invitation Bonus: Inviters will receive 10% of the vDSG minted by the invitee (non-withdrawable, only for mining; will disappear when “redeeming vDSG”)
3. NFT: Money-hungry Dino
The total number of Money-hungry Dinosaur NFTs is 20,000, 15,000 of which will be produced in 60 days in the form of egg fragments (a kind of homogenized token) through farming in the Pterodactyl Farm. 10,000 egg fragments can be exchanged for one Money-hungry Dinosaur Egg NFT. Money-hungry Dinosaur Egg NFTs can be regarded as a mystery box, in which users will randomly obtain Level 1–6 Money-hungry Dinosaur NFTs after opening.
The higher the level of the Dinosaur, the higher its “Dinosaur Prestige Value”. The end user pledges to share 13.3% of the 0.3% transaction fee based on the Dinosaur Prestige Value.
The Dinosaur Eggs core team remains anonymous for the time being. No information about the project’s core personnel is publicly available at this time, but the project has been audited by Certik. The project was launched on a fair basis, with no financing, no pre-sales, and no original shares set aside by the team in advance.
Utility value analysis:
1. Transaction fee
2. Liquidity mining
3. NFT mining
4. Participation in future community governance
5. Social layout
1. Death spiral: At present, the membership revenue and transaction mining revenue are high. Mining, withdrawing, and selling of the tokens can easily cause the price of the currency to fall, which will also cause the exit of members, resulting in a death spiral.
2. Imitations causing diverted flow: Imitations of similar mechanisms may divert the flow of the project.
3. Contract risk: There are many modules of the protocol and a certain contract risk in the combination and calculation between modules.
4. Project governance issues: At present, there is no specific plan for DAO. The team has strong control over the project and its governance and moral standards are one of the biggest “single points of risk” of the project.
Note: Above information is for sharing purposes only and does not constitute any investment advice.