Tokenomics FAQS
YES!
There will only ever be 36,500 RARE coins with the final coins being Farmed in 2071. There is no presale or initial distribution. Instead, 2 coins are slowly dripped once a day from a smart contract on the xDai chain.
Only Two Rare Coins are released & distributed per day.
One coin is sent to the “Claimers pool” where it is equally distributed and the second coin is sent to the “Stakers pool” which is proportionally distributed rewarding the largest contributors of xDai/Rare LP providers on honeyswap *(To still be implemented april 2021).
Hardly any.
You can check the latest number each day by viewing the "RARE Coin's Distributed" tab listed in an info card on the rare.claims app interface. In fact, only 2% of the total supply will be released in the first year. Making supply extremely short, hence the name Rare Coin.
Rare coins will have the following utility...
1) Holding Value (as savings) - Very limited supply dripped over a very long time means extremely low sell pressure against exponential demand. This will create the opportunity to earn strong yield fundamentally by just holding against the xDai / USD pair.
2) Earning Yield - We will be releasing yield farming on the xDai / Rare pair on Honeyswap which will let farmers earn a yield of nearly 127% Apr. This will be one of the stronger Defi yielding apps out there and increase the demand for Rare coin to boost yields in this pool.
3) Payments - You will be able to buy lottery tickets, nfts and pay for services on the Inside Our Dream network next year just to start (more web connects announced later this year).
Although we can't predict the price or make any guarantees, we can say this...
Other than the Claiming pool the only way to earn more coin is by staking your lp tokens (which locks that supply out of circulation for some time) or winning the rare lottery in the future (1 and 1000 or whatever odds it will be). This will create an EXTREME shortage in rare coin VS the demand for it to earn yield. Therefore the relative buy pressure created vs sell pressure will be incredibly disproportionate, likely pushing Rare coin sky high without any resistance for sometime before the market finally hits its limits, and levels off. But this is up to the market and not us, the fundamentals are there, it's just a matter of adoption.
Rare Stakers App FAQS
Staking Your Honeyswap Rare/Xdai Tokens allows you to earn weekly rare dividends.
For a full detailed overview of the staking app features and mechanics read this post 👉 How Rare Staking Works.
No. You just need to own an equal value amount of xdai to Rare at a 50% ratio. Learn more here
Reasons Claim Estimates Decrease.
1) The more Stakers enter the system the more your share is diluted.
2) The more claims being made the less rare available, the more your share is diluted.
Reasons Claim Estimates Increase.
1) Rare is replaced everyday which increases your share.
2) Every week you don't claim your weekly bonus increases
increasing your share percentage.
3) Increasing your term bonus increases your claim multiple.
4) Adding more stakes increases your portfolio's overall yield.
5) Collecting Rare NFTs will increase your base claim percentage
There are 3 Reasons the 2nd transaction could issue an alert error.
1) Your tokens never got approved because the first transaction failed.
Solution. Just restart, you can approve multiple times with no loss.
2) You have less than 1 xdai. You need a little over 1 xdai to cover the fees.
Solution. Get more xDai, if you have xDai metamask may have set the outbound amount lower than the required amount. Just set it manually to fix.
3) The term you picked is invalid. There are only 3 terms. Solution. Try again and double-click the term selector to your desired term.
Term 1 = 1x —- 1 Week Term | 0% Bonus | Default | Weekly claims
Term 2 = 2x—4 Week Term | 100% Bonus | Investor | Monthly Claims
Term 3 = 3x—-12 Week Term | 200% Bonus | Hodler | Quarterly Claims
Audit Issued and Passed by MythX | View Audit | PassBadge ✅
There are No High-level security issues with our code. All issues discovered by the AUDIT
SERVICE “MYTHx'' are suggestive based and has been found to be none-severe or do not
implicate any risk to the end-user for interacting with our contract. Our reason for avoiding
changes to the code are as follows, as they are coded like this on purpose and necessary for
the contract to function as intended. AS a result, we see it fit and safe to launch our code on the xDai blockchain.
Rare.claim app FAQS
Make sure you have these prerequisites meet before you claim:
- You have a EVM compatible wallet like Metamask or Alphawallet installed
- You have setup a connection to the xDai network on your wallet
- You have some xDai funds in your wallet
1) Connect to the rarify claiming app (rare.claims) from your favorite defi wallets browser and tap the “register” button to register your address for the upcoming claiming cycle!
2) Once you successfully register, wait for the timer to expire (aka the block target to be reached)
3) After it expires, a “Claim” button will appear allowing you to claim your final calculated share! You will have up to an estimated 24 hours to claim your share before the claiming period closes and your share is forfeited! The app is always trying to guess and it's never at the same time, so give your self extra time each day to claim to guarantee your reward.
4) After you claim, don’t forget to re-register for the next period’s claim event!
Yes, if you intend to collect every day.
It's a daily cycle. You must register before the cycle ends to qualify for a final calculated cut during the next day's claim period. You never know how much your going to get because we don't know how many people will signup each day.
Also, Remember, you only have an estimated 24 hours after the period you registered on ends to claim before it's automatically forfeited.
If you missed your claiming period, you automatically forfeit your share.
You only have an estimated 24 hours after the period you registered on ends to claim before it's automatically forfeited. So make sure you come back and claim before the timer runs out after you register, and give your self more time. No one knows when the next timer will expire, it could be slow or fast.
1) It helps prevent bots. Having a fee prevents a scaled bot attack to take over the majority of the pool's rewards. This creates a cost floor for attacks but not too expensive for legit claimers to get a profitable share.
2) It actively pays for development costs. Instead of collecting a large sum of the total supply and dumping on users to pay for development costs, we decided to create a small economical fee to pay for necessary costs instead. This ensures there is no sell pressure from devs during the development period ruining early adopters' gains.
It actively pays for development costs. Instead of collecting a large sum of the total supply and dumping on users to pay for development costs, we decided to create a small economical fee to pay for necessary costs instead. This ensures there is no sell pressure from devs during the development period ruining early adopters' gains.
The first claim bounty is a reward feature that is mandatory for the app to work. The first claimer is in charge of resetting the period each day. Without the first claimer, the next period never starts. Also, the first claimer pays way more in gas, so by being the first claimer, you are doing a service to the app and should be compensated for your service. That's why we have incentivized the first claimer with a bounty reward greater than the rest of the claimers. You can check out the daily estimated rewards by viewing the "First Claim Bounty" tab listed in an info card on the rare.claims app interface.
Very simple. Be there right when the timer goes off. When is that? No one knows! The app is always trying to guess and it's never at the same time every day making it a fair and fun challenge to earn more Rare!
If you see the RED bounty button appear, click it before anyone else! If the transaction succeeds, you will be instantly paid the bounty! Also, don't forget to hit the regular claim button, if you had registered before the timer, you still get the share you registered prior!
No, It's a 50/50 split between LP providers and claimers.
1 rare coin per day is allocated to liquidity providers and the other coin is for the pool.
1) Intermittent loading issues.
If you notice that all screens are showing loading, please close the app and try again in 5 minutes' time. We are experiencing rolling blackouts due to the overload of traffic on the current configured xDai RPC node endpoints. This is not our fault, but a larger xDai issue. We are working on a solution to add a more reliable endpoint so users have a better experience with our app.
2) That's all the know true bugs.
Audit Issued and Passed by MythX | View Audit | PassBadge ✅
There are No High-level security issues with our code. All issues discovered by the AUDIT
SERVICE “MYTHx'' are suggestive based and has been found to be none-severe or do not
implicate any risk to the end-user for interacting with our contract. Our reason for avoiding
changes to the code are as follows, as they are coded like this on purpose and necessary for
the contract to function as intended. AS a result, we see it fit and safe to launch our code on the xDai blockchain.
Rare v2 Migration 2021 FAQS
Rare coin will be integrating with BrightID, an accessible non-invasive open source sybil resilience service, to protect against bots and multi claims from any single party in the rare.claims distribution app.
This means all current claimers must be verified human before you can be eligible to make a claim via our new app.
In order to implement the highest level security, we must re-launch the Claimer & Rare Token Contract at a new address.
This means, all current holders of the current Rare token will be required to exchange their rare balances for the new v2 Rare tokens.
We will be automatically whitelisting any addresses before {March 31st 2021} that successfully registered at least once with the rare.claims front end app using the Metamask wallet.
All future claimers, none whitelisted claimers, or none verified brightID claimers will now need to prove their humanity by joining a verification party before they will become eleigible to claim.
After the migration Date, You will now see a verified checkmark underneath the registration buttons if you have been pre-whitelisted. If you are already claiming with a brightID account, a special link will appear to help you connect brightID to your account so you can become claim ready.
The planned migration date is *April 14th 2021*.
This date can change based on how long it takes to get out app verified by brightID. On the migration day, The claiming app will be unavailable for registration or claiming during the upgrade that will last 24 hours. Take note, You will be unable to claim any rare registered the day before the migration date. Therefore, Claimers shall be compensated via the May 1st Airdrop. We will update users if this date changes in our telegram news channel or you can check here.
To protect against bots and multi claims from any single party in the rare.claims distribution app.
This is a mandatory update to ensure a fairly distributed currency for the years to come. 🚀
Make sure to get verified.
All future claimers, none whitelisted claimers, or none verified BrightID claimers will now need to prove their humanity by joining a verification party to verify a claiming address of their choice to continue to make daily claims. You only need to be verified if you plan on claiming from the clamers app. Stakers do not need to be verified.
Get ready to exchange your tokens.
As of the migration date, Metamask users will be able to swap v1 for v2 at rare-claims-v2.vercel.app/swap & Alphawallet users at https://rare.claims/swap .
No.
The RARE price will be the exact same based on the current trading price on the day of migration.
The swap app will become live as of the migration date and allow you to start porting your old tokens for the new v2 tokens.
Metamask users will be able to do this at rare-claims-v2.vercel.app/swap & Alphawallet at https://rare.claims/swap
There is no time limit for this, however, if you wish to participate in staking, trading, or any other future use case for Rare you will need to upgrade your tokens at some point.
Possibly.
We are now aiming for a May 1st launch for the staking app and will continue to update you if we experience any more delays.
Anyone who successfully registers and claims at least once using the new claims contract between now and April 30th will be eligible for the upcoming airdrop of 14 tokens to be evenly distributed to all claimers on May 1st 2021.
