COFFIN Transfer Tax/Burn
Disclaimer :
Basically, Once Smart Contract deployed, It’s hard to adjust/change the contract itself. However, we try to design the system flexibility some how. To keep coUSD stability, without advanced notice, the dev team will adjust as long as we can. The dev team cannot assure any anything about anything. All investors should understand it.
Added on 27th Oct: To dev/enhance features purpose and look into some points, We are sometimes add some swap router to our tax whitelist, and remove them.
This makes COFFIN supply decrease and keep its price.
When CoUSD price is below peg, there is an opportunity to buy CoUSD and redeem CoUSD for arbitrage.
The burning mechanism takes CoUSD out of circulation thus increasing its value.
At the same time, there is a tax involved in the transfer the COFFIN token. The price COFFIN has the potential to increase due to supply that is burned discouraging users from selling COFFIN and critically affecting the price.
To be clear, there is no tax to mint, redeem, LP-ing, or stake COFFIN. There are some exceptions/whitelist. On the other hand, Withdraw tokens from LP might be tax occurs when CoUSD price is below peg.
When CoUSD > 1 USD equivalent, there is no transfer tax.
When CoUSD < 1 USD equivalent, users should pay tax when users transfer/sell. The tax ratio formula is as follow.
The table below lists the tax ratios previously referenced.
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CoUSD price in USD
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Tax Rate for COFFIN transfer
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1 CoUSD >= 1 USD
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0% for COFFIN transfer
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|
1 CoUSD = 0.999 USD
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0.05% 1.00 % for COFFIN transfer
|
|
1 CoUSD = 0.995 USD
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0.08% 1.03 % for COFFIN transfer
|
|
1 CoUSD = 0.99 USD
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0.17% 1.12 % for COFFIN transfer
|
|
1 CoUSD = 0.98 USD
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0.55% 1.50 % for COFFIN transfer
|
|
1 CoUSD = 0.97 USD
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1.17% 2.12% for COFFIN transfer
|
|
...
|
...
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|
1 CoUSD = 0.90 USD
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12.55% 13.50% for COFFIN transfer
|
|
1 CoUSD = 0.88 USD
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18.05% 19.00% for COFFIN transfer
|
|
1 CoUSD = 0.87 USD
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20% 20% for COFFIN transfer
|
|
1 CoUSD = 0.85 USD
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20% 20% for COFFIN transfer
|
|
1 CoUSD = 0.80 USD
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20% 20% for COFFIN transfer
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We highly recommend that you Do Your Own Research and never use funds within the Coffin Finance that you cannot afford to lose. You won't be compensated for any losses. All interactions with the associated smart contracts on the Fantom Opera Network and software on Coffin Finance are at your own risk.
Last modified 1yr ago