Published
2 years ago on
January 18, 2022
Many Worlds Token ($MANY), the world’s first variable tax system in cryptocurrency, broke Evergrow Coin’s incredible Pinksale pre-sale records, by selling 450BNB in under 2 minutes, sailing past Evergrow’s record of 450BNB in 7 minutes.
Unlike Dogecoin, SafeMoon, Shiba Inu, and Evergreen, Many Worlds is a token never seen before in the blockchain space. This is because MANY tokens held in the same wallet have different intrinsic values based on how long they have existed in that wallet. This intricate and novel tokenomics structure solves the scalability issues in current yield generation tokens and creates utility that will change the shape and direction of the cryptocurrency space forever.
Key accomplishments since the formation of the Many Worlds team less than two months ago include:
- Created and deployed the first variable tax-smart contract on the Binance Smart Chain that produces stable coin (BUSD) rewards.
- Sold out of the whitelist with 420 BNB, then the remaining up to 1260 BNB within 3 hours.
- Within 2 minutes of the public pinksale, 450BNB was sold, breaking previous crypto records.
- Strategic partnerships in different industries have been established based on the vision and tokenomics alone.
At the moment of purchase, MANY tokens begin an aging process. At each milestone, these tokens are taxed differently and receive rewards differently. This isn’t simply an intuitive or novel way of doing things; it was designed to solve specific problems with yield generating tokens.
The concept of yield generation is relatively recent, where most would pay rewards in the token that was being purchased. Later came a more novel idea that allows participants to receive rewards pegged to the US Dollar without the need to stake.
In the case of other stablecoin rewards-based tokens, this incredible system comes at a high cost. High taxes for example. A 14% tax levied on both buy and sell transactions would create a barrier to entry for investors and a barrier to exit, especially as the underlying asset's price continues to grow. Buying and selling a token like this at the same exact price would result in a 26% loss.
Beyond the barriers, a key component of the reward generation is volume. This directly controls how much is paid out in rewards hourly. The issue is that no day traders, swing traders, or bots will be trading an asset with such a high tax, meaning volume will come from only marketing.
As the project continues to scale, so will the issues. The number of tokens received as the price increases will gradually decrease, as will the BUSD rewards, and therefore the ability to cover even taxes from the trade.
The Many Worlds’s first-ever variable tax structure solves these problems. First, the buy tax is always 3%, significantly reducing entry barriers even as the underlying asset price grows. The sell tax is where things get exciting and cater to all types of traders so the volume can continue organically without needing to constantly funnel all of the funding into marketing. This allows the team to use most of the funding to continue building out the utility on the project instead of funnelling it into marketing to keep interest in the project. The sell tax is where things get interesting.
