The introduction of Iteration’s native token ITS comes as an experimental concept coin that will later integrate with Renascent’s volume creation product.
We intend to use this release as a way to test one of Renascent’s core concepts in prod. Iteration’s token will have minimal functions, however these functions will be key within Renascent’s future ecosystem, allowing for many innovative and unique Volume Creation techniques.
Iteration’s KEY mechanic ensures that it’s uniswap price is constantly changing in value. This is done by temporarily removing a portion of liquidity from the ITS/ETH pair, market buying ITS with the ETH, then burning the entirety of the remaining ITS. Essentially rebalancing the Uniswap ITS/ETH pair and altering the value of ITS in relation to ETH.
This token is designed specifically to be integrated into Renascent’s ecosystem.
The Iteration token is extremely simple and only has two functions.
1% added to liquidity on sells, buys and txn’s
~ This allows us to constantly have liquidity to execute Function Two
~ Each time function two is called, all ITS from function one is distributed to LP providers.
~ All you need to do to get these rewards is provide liquidity.
Once RenaSwap is released
All tax goes to an address to later be added to ITS/rETH in RenaSwap
Liquidity Buy and Burn
Function becomes available once an hour and can be called by anyone.
Caller of the function will receive 4% of the ITS for incentive to spend Gas.
When function is called:
~ 2% of liquidity is removed
~ the liquidity is then split into ETH and ITS
~ ETH market buys ITS
~ 96% of the ITS is then burned
~ 4% of ITS sent to caller of the function (to incentivize user spending gas)
To call the Function its required the caller holds a minimum of 100 ITS
Example (if 300ETH raised in presale)
~ $183,916 Liquidity on listing
~ 2% LP removed ~ $3,678
~ Split into ~ $1,839 ETH & $1,839 ITS
~ 4% of ITS sent to caller ~ $55.16
~ ETH market buys ITS ~ $1,783.84
~ 96% of ITS burned ~ $3,622.84
Value Added (from example above)
~ $1,783.84 Eth market buy
~ $3,622.84 ITS Burnt
~ $5,406.68 Total capital Rebalanced
This is an example of One Rebalance, Rebalancing can happen 24 times per day
100,000 ITS Total Supply
300 Eth Hardcap
Presale Price ~ 1ETH = 216.666ITS $2.704
Listing Price ~ 1ETH = 200ITS $2.833