What Is cVault.finance (CORE)?
CORE is the native token of cVault.finance, which is a DeFi protocol based on the Ethereum blockchain. If you’re interested in the current CORE price, check out the cVault.finance price chart above.
The unique feature of cVault.finance protocol is that it employs deflationary farming. What is that? If we were to look at most DeFi protocols, liquidity providers are rewarded with newly minted tokens for their work. This way, more and more tokens are created, which could eventually result in the decrease of a certain token’s value.
With cVault.finance’s deflationary farming, on the other hand, liquidity providers are rewarded by taking a portion from transaction fees instead of creating new tokens. Overall, cVault.finance charges a 1% transaction fee out of which 93% is dedicated to liquidity providers. The remaining portion goes to the development team.
Besides, the cVault.finance crypto project is working on providing users with Automated Strategy Vaults. These vaults will automatically apply certain strategies on staked assets in order to generate more profit.
CORE tokens were initially based on the ERC-20 token standard. However, cVault.finance later moved its tokens to a new standard – ERC-95. With this token standard, the transactions of CORE tokens are validated on the Ethereum blockchain.
As of writing this, Ethereum employs the Proof-of-Work consensus mechanism, which relies on miners and their ability to solve complex mathematical equations. However, in the future, Ethereum is planning to turn to the Proof-of-Stake consensus mechanism.
Lastly, it’s important to note that cVault.finance proposed a Bug Bounty program to safeguard its network. It rewards users who manage to find faults in the codes of upcoming cVault.finance upgrades.
The Founders of cVault.finance
cVault.finance was founded in 2020. The founders call themselves 0xRevert and X 3 to preserve their anonymity. Prior to joining the crypto space, they were working as software developers. Besides, a month after cVault.finance was launched, they were joined by one more person who goes by the name of 0xdec4f.
The Purpose of CORE Tokens
CORE tokens are the driving force of the entire cVault.finance ecosystem. They have two main use cases:
- Governance. CORE holders are able to participate in the decision-making processes considering the further development of the cVault.finance crypto project.
- Staking and yield farming. CORE holders can stake their tokens to generate passive income.
Tokenomics of CORE
The max supply of cVault.finance coins is 10 thousand. A liquidity generation event (LGE) was held in 2020, during which all CORE tokens were minted. cVault.finance managed to generate 3,759 ETH coins, which were used to create the CORE/ETH liquidity pool on Uniswap.
Those who contributed to the pool received LP tokens. However, in order to safeguard the CORE price from decreasing below a certain threshold, the liquidity of these LP tokens was locked on Uniswap. This means that there is no way to exchange CORE/ETH pool LP tokens for their underlying assets. They can only be traded for other assets in a secondary market.
Talking about the CORE price, don't forget to check out the aforementioned cVault.finance price chart that is featured above. Analyze the chart to see how the value of CORE tokens changed over time (and still keeps changing).
