gCETO 404 Mechanics
Welcome to the future of DeFi governance. Earn a share of protocol revenue!
Last updated
Welcome to the future of DeFi governance. Earn a share of protocol revenue!
Last updated
gCETO404 will feature a collection of 10,000 unique NFTs broken down into six distinct classifications representing our core revenue streams (404 reflections, swap fees, bridge fees, bot revenue, vault fees and perpetual trading fees). Each category will be defined by a different sea creature and will have additional rarity traits potentially making various NFTs within a given category more valuable than others on 3rd party markets. Collect all six sea creatures and you’ll be granted access to mint the ultra rare goddess CETO NFT which unlocks additional bonuses!
Collecting gCETO 404's will give you access to the revenue from the protocol, but you do you get them and how can you profit?
gCETO 404 can ONLY be obtained buy purchasing with CETO or buying on through an NFT market place. When buying gCETO 404, your CETO tokens are exchanged in the "CETO Swapper" for bCETO (burned CETO). bCETO acts as a receipt token for your original CETO tokens and can then be swapped for gCETO404 within the bCETO/gCETO404 liquidity pool.
When your ready to sell gCETO 404, you can exchange your tokens which will be routed through the gCETO404/ETH liquidity pool. Our arbitration bots will maintain price parity between the two gCETO404 LPs.
Essentially all your doing is exchanging your CETO for gCETO404 however within the process we use a little DeFi magic to facilitate the burning of all the sacrificed CETO tokens. By doing so we're removing 100% of the supply thats put into the swapper. Ultimately this means that these tokens can never be sold on the open market which relieves downward pressure on CETO and helps to maintain better APRs on all of the farms. In addition, if users who do not already have CETO via farm emissions choose to buy gCETO 404. they must purchase CETO on the open market and burn it in order to get the 404 tokens. Conversely, when a user decides to sell gCETO404, our exchange will only route the sell order through the ETH pair allowing exit into blue chips. Furthermore, this also creates additoinal arbitration opportunities and more revenue for the protocol. While the process may seem complex, in reality our UX/UX will handle all of the details for you within a single seamless transaction.
