CORE Vault has launched its CORE token, making waves across the cryptosphere in the past few days.
An Unusual “Presale”
CORE Vault a new type of hyperdeflationary farming cryptocurrency, held a very unusual “presale”. In this liquidity event, CORE Vault collected ETH for a week. At the end of the collection period, the ETH was locked into a liquidity pool and no user would ever be able to withdraw from the pool after sending in their initial ETH stake. Instead, they were provided with liquidity pool tokens. This occurred without CORE minting a single coin.
Essentially, users were buying into the farming mechanism of CORE, as LP tokens would become much more expensive after launch.
The goal of this was to create a price floor. The CORE team’s aim is to provide a farming opportunity without users worrying about coin inflation. CORE’s maximum supply will always be 10,000.
Sustainable Crypto Farming
The goal behind CORE seems to be focused on consistent yield over time rather than instant farming yield, which leads to large amounts of sell-offs and limits the overall lifespan of the coin. As such, the APY for CORE farming is much lower than many other “degen” farming coins.
After launching on Uniswap on September 26, 2020, CORE-ETH volume toppled USDT-ETH and UNI-ETH trading volume within 24 hours. In addition, the price of 1 CORE went from $200 to $4000.
Time will tell if CORE is able to topple the other farming token, Yearn Finance. At the pace CORE is going at, however, anything seems possible for this small, community driven project.