What is Rich Quack?
Rich Quack is a decentralized finance (DeFi) protocol built on the Binance Smart Chain (BSC). The protocol started as a memecoin, which was aimed at shaming users who want to get rich through crypto but are unwilling to do the work. So, instead of getting rich quickly, these 'quacks' barely make ends meet.
One unique feature of this project is its hyper-deflationary token, QUACK. This mechanism deployed by the meme token means that its supply falls off rapidly over time. Consequently, this declining number of tokens results in a demand surge, which raises the QUACK price floor gradually. The protocol maintains this hyper-deflationary model by rapidly burning tokens.
Unlike other protocols that offer staking as the main way of earning interest, Rich Quack allow users to expand their revenue generation possibilities. There are four main ways to earn rewards in QUACK tokens – staking, building projects, holding QUACK, and playing the lotto.
The way that requires the least effort to make a profit on the protocol is simply holding QUACK. Each transaction on the platform incurs a 12% tax, from which 4% will be distributed to QUACK holders proportionately. Another 4% supplies liquidity to the QUACK/BNB pool, 2% to pump and burn wallets, and the remaining 2% to marketing and development purposes.
Primarily, QUACK’s strategy is self-sustaining. The transaction tax ensures that its BSC liquidity pool continually replenishes and the project expands its horizon through marketing and development. The 2% burned from every transaction deflates the supply of QUACK to induce demand and raise the Rich Quack price organically. This process is referred to as frictionless yield generation. Though users who fancy being bolder with their investments can lock up their QUACK coins to earn interest.
Beyond that, Rich Quack allows developers to build projects on the platform. The platform's launchpad and incubator help kickstart the upcoming projects. Rich Quack conducts rigorous reviews of the projects to ensure each one listed is worthy of investing in. Then, other participants of the network can fund the development of projects under Rich Quack’s launchpad. Overall, the protocol incentivizes boldness among participants while protecting them from massive risks.
The Story of Rich Quack
Like almost all meme coins, Rich Quack founders haven’t shown their faces to the world. Staying anonymous has proved successful for many cryptocurrencies, especially Bitcoin. This anonymity distances the project from its founders to boost its decentralization. So, community members can participate and contribute to the governance of the Rich Quack protocol. This is the distinct feature of Rich Quack and similar projects, as it prioritizes the community over the founders.
Rich Quack developers are rolling out the protocol in three phases. As of October 2022, the first phase is complete, and the second one is ongoing. In the final phase, Rich Quack will introduce a multi-chain launchpad which will allow developers to kickstart protocols from other chains like Polygon, Solana, and Ethereum. The project also plans to release an NFT collection and a cross-chain bridge by the end of 2022.
What Can You Do With QUACK Tokens?
The Rich Quack coin serves utility and governance functions. As a utility token, QUACK is utilized to transact on the protocol, stake, or provide liquidity to QUACK pools on BSC. As a governance token, on the other hand, QUACK provides its holders with the right to propose changes to the protocol and vote on these proposals.
Rich Quack Tokenomics
The QUACK token was developed based on the BEP-20 token standard. The QUACK price is its key performance indicator (KPI) for the community. So, the aforementione hyper-deflationary model ensures that the Rich Quack price will probably rise over time. At its launch, Rich Quack minted 100 quadrillion tokens and burned half of the supply.
To keep with Rich Quack's community-driven philosophy, the protocol did not allocate any tokens for the presale or the core team. Also, no single wallet can hold over 1% of the token supply, securing the protocol against crypto whales. Besides, part of the QUACK liquidity is locked to eliminate the risk of rug pulls.
