Introducing WHEAT

4 min readNov 4, 2020

Introducing WHEAT

WHEAT is a high yielding non-inflationary cryptocurrency that is designed to provide high rewards with a decentralized approach.

WHEAT token hodlers will be able to cast their votes to influence further project development, such as what features will be implemented and when they should go live.

Initial Distribution

WHEAT team is starting the initial distribution with a liquidity generation event (LGE). Contribute ETH to the WHEAT Fair Launch smart contract. All of the contributed ETH will be matched and deposited into uniswap WHEAT-WETH liquidity pool. Note that all liquidity provided is locked in the pool forever. This means that liquidity tokens cannot be removed from the WHEAT Uniswap LP pool. This is by design as it has been proven to be very efficient. LGE will be ongoing for 7 days.

Total & initial supply

The total supply of the WHEAT token is 50000 WHEAT and can’t go beyond that as the contract only mints tokens when it is deployed. The initial supply starts at 10000 WHEAT, of which 9000 WHEAT is paired with ETH in the LGE event and deposited into the uniswap pool.

One-fifth of the supply (1000 WHEAT) goes to the team for further development.( note that the team doesn’t receive any fees in WHEATv2, for more information about WHEATv2 read below ).

Phase 1 “The Minting Phase — High Yielding” aka WHEATv1

In the first phase(WHEATv1) users receive high rewards for their tokens staked. In this phase, the tokens are “minted” to their total supply which is 50000 WHEAT. All of the 40000 WHEAT will be distributed to the farmers based on their locked daily reward rate.

The daily reward rate starts off at 20% at the end of LGE event and is decreased by 0.1% every hour. Once it hits 5% it will stop decreasing. Note that once you “lock-in” your reward rate it stays the same for you throughout the whole phase 1. The rate is locked once you stake your first LP tokens ( eg. if you stake at the current reward rate of 18%, you will receive 18% of provided liquidity every day until the end of phase 1).

The rewards are distributed in WHEAT tokens and cannot be withdrawn for the first week. Withdraw delay is done by choice due to its high reward nature throughout Phase 1. This will provide sufficient liquidity and a fair chance for all farmers.

Phase 2 “Deflationary Farming” aka WHEATv2

In this phase which lasts forever, farmers will receive their rewards utilizing fee transfers.

This is done in two simple steps:

1. Charge a fee on token transfers.

2. Users can earn the fee by farming

This simple process means that those hodling are able to farm without infinite inflation.

Keeping liquidity liquid

All transfers have to be approved by the WHEAT Transfers smart contract, which will block all liquidity withdrawals from Uniswap. This will guarantee a stable market, giving holders and farmers skin in the game.

Real Governance

WHEAT is designed for great community governance. The community decides everything, from developer fees to deciding on the fee approver contract, adding new pools, rebalancing, and even disabling pools in the WHEAT Transfer contract.

Initially, WHEATv2 will launch with a 1% fee on transfers for farming, where all of 100% generated fees go to farmers. Devs get absolutely 0% from those fees as they hodl one-fifth of the total supply. This is better for farmers in the long term.

If the hodlers decide WHEATFarm should have a WBTC pool, we can set the ratio of fees it will be able to distribute, as well as when people should be able to withdraw WBTC tokens from it.