$Geeks Token
This page describes the purpose of the $Geeks Token and the problems it solves.
Purpose
The $Geeks token was created to become DeFi's premier cross-chain pairing standard and is used for funding liquidity pools of peer-reviewed tokens. Typically, tokens are exclusively paired with blockchain native coins (ETH, BNB, etc.), however, these pairings offer no insight into the token's quality.
Problems Solved
Where To Find Good Tokens
Currently, there is no straightforward answer to the question, "Where can I find the good tokens?" Here, "good tokens" are defined as tokens supported by teams demonstrating quality leadership, possessing robust plans, and exhibiting a high likelihood of appreciating in value.
Geeks Ecosystem aims to address this issue by using $Geeks as a pairing standard, analogous to the role of ETH/BNB in funding liquidity pools. Furthermore, the ecosystem will endorse all $Geeks-paired tokens that successfully pass the Geeks Peer-Review Process.
Leveraging External Bots
The result is a trading environment composed exclusively of digital assets supported by strong teams and informed investors. In the short term, traders and investors within the ecosystem are protected from MEV (Miner Extractable Value) bots, as these bots will lack the necessary tokens to engage in non-native liquidity pools.
In the long term, these bots will need to acquire $Geeks tokens to participate in the ecosystem, leading to positive price action for the token.
Tokenomics
Tokenomics (Token + Economics) is defined as the economic structure and principles governing the creation, distribution, and utilization of tokens within a blockchain or cryptocurrency ecosystem. The $Geeks Tokenomics reviewed in this section include:
Supply & Initial Token Distribution
Tax Structure
Token Utility
Mint Function
Wallet Restrictions
Supply & Initial Token Distribution
$Geeks has an initial supply of two billion tokens, one billion on Base and one billion on BSC. The distribution of these tokens can be seen in the table below:
Presale & NFT Bonuses
Four of the six NFTs acquired by Geeks Ecosystem investors came with token bonuses equaling 5% of the total supply. These bonuses are set to be distributed on the Base blockchain immediately after launch. A $50,000 presale was also completed for an additional 5% of the total supply.
These bonuses are set to be distributed on the BSC blockchain immediately after launch. The tokens were sold at a price of $0.0005 per token (equal to a $1,000,000 market cap), which will be the same as the launch price. Other than the tokens purchased from the LP, these will be the only tokens in circulation at launch.
ShibAiV2/MemeAi Relaunch Allocation
The tokens allocated on BSC for the ShibAiV2 / MemeAi relaunch are allocated to holders who invested in a portion of this Ecosystem back in September of 2022, before migrating to a new blockchain in January 2023 that rugged in March of that same year, resulting in a complete loss of funds for all investors.
The investors were contacted, and four of the NFTs (MemeAi Pups, Alpha, Bravo, and Overpass NFTs) that they owned on the previous blockchain were converted 1:1 in value to new NFTs within Geeks Ecosystem. Their $MemeAi Token holdings were cut 3:1 and will be honoured at that level as well.
None of the tokens allocated to previous holders will be airdropped, and all of them will be sold via an OTC platform, ensuring zero sell pressure on the chart from the migration.
Beaver Lodge
The Beaver Lodge is a private Telegram group consisting primarily of investors from the MemeAi project. Collectively, these investors have pooled more than $150,000 towards the Geeks NFTs, Tokens, development, and have also allocated funds for private investments that will be used within the ecosystem at a later date. These investors have been engaged with the Geeks Ecosystem pre-launch phase for more than 12 months.
Similarly to the ShibAiV2/MemeAi allocations, these tokens will not be airdropped, and will be sold OTC to the community over time at set intervals resulting in zero sell pressure on the chart from these tokens.
Treasury
The Treasury primary purpose within Geeks Ecosystem is to protect and grow the Ecosystem. The $Geeks tokens allocated to the Treasury will be used for funding peer-reviewed tokens LPs and to provide an engaging trading environment.
Tax Structure
The $Geeks Tax Structure varies based on the liquidity pool it is in. After the first phase of Geeks Ecosystem is complete, $Geeks will be in eight liquidity Pools. The tax structure can be seen below.
There are no transfer taxes on the $Geeks Token.
Token Utility
The $Geeks Token allows traders/investors to purchase tokens at a 40% discount from the blockchain native LPs.
Mint Functionality
The $Geeks Token is an inflationary asset, however, the token can not be minted by the owner of the contract. Instead, the mint function can only be called by owners of the "Gardening Orangutan" NFT. The initial mint rate is set at 5,479 tokens daily, resulting in each Orangutan NFT Holder minting 0.2% of supply annually on the Base blockchain. The outcome is a 5% annual inflation of the $Geeks token.
The $GeeksToken is also mintable by the Ecosystem's cross-chain bridge. These transactions do not increase the total supply of $Geeks as they burn tokens on one blockchain and mint them on another.
Wallet Restrictions
During the launch phase there will be strict wallet restrictions that will be removed post launch.
Launch Day
The token launch for $Geeks is scheduled for September 12th, 2024 at 4pm EST (8pm UTC). Prior to the launch, ~$50,000 in ETH and 10% of supply will be placed into an LP Pool on Base. At the same time, ~$50,000 in BNB and 10% of supply will be placed into an LP Pool on BSC. The wallet restrictions and taxes will follow the schedule below on both blockchains.
50% of the funds collected from the taxes over the first hour will be re-invested into the $Geeks Token. These tokens will be used for buying $Fire during it's launch.
24-Hours Post Launch
Shortly after launch, a link to the Wizard bridge will be shared that allows for cross-chain bridging of the $Geeks token between Base and BSC.
Geeks Ecosystem Phase 1: Step 1
Once the $Geeks token is launched, the first phase of the Liquidity Web will be established. $Geeks will receive its value independently on each chain, based on the ratio of $ETH/BNB to $Geeks in the LPs. Once the bridge is live, arbitrage will ensure that the prices are within ~10% of each other. An additional benefit is that the $Geeks Token will not have a single point of failure, as the risk is spread across two chains.
The $Geeks Token Contract can be seen below. The contract provides the template that will be used for all Geeks Ecosystem Tokens
The Geeks Token Design allows for the following liquidity network to be scaled, as it functions as a cross-chain pairing standard.
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