Swing DAO Whitepaper
Introduction to Swing DAO
Emerging at the forefront of blockchain innovation, SWING DAO is a decentralized initiative that aims to extend the foundation of DeFi, Web3 and real-world ingenuity. The community is driving this endeavor, and several developers have volunteered to take the lead.
As the core financial base of our ecosystem, SWING is a deflationary utility token that functions as a decentralized protocol directed by the community and intended to serve the community. Powered by the SWING Ecosystem, which the holders regulate, it allows them to propose suggestions and cast votes to establish and build on the foundation.
Converging the spirit of blockchain innovation, the creators of the Banana Task Force Ape Genesis project served as an inspiration for the designers of SWING; however, they are not responsible for overseeing the project.
We come in full SWING to trailblaze the blockchain sector!
Our Mission Statement
We are on a quest to bring together a community of enthusiastic apes that share a desire for innovation, decentralization, equality, and experience, serving as our unifying force.
Through the use of the multi-sig Treasury, the SWING Governance token will provide the community the ability to make their own decisions in a manner that is both transparent and equitable. This will result in the return of the power to the community. In addition, it allows the community to decide on matters pertaining to growth, collaborations, and exchanges.
Uncovering the Advent of Decentralization
As an entity that puts forward the community, SWING maximizes the advantages of DAOs, including the following:
1. Governance
Our decentralized structure guarantees that all investors have an equal opportunity to influence the project’s future growth and may cast a vote in decision-making. Because normal hierarchical management systems do not confine the organizational structure, the whole company may evaluate each new concept or proposal.
2. Effectiveness
Hierarchical businesses have been greatly slowed down by bureaucracy. In a truly decentralized business, transaction processing times are substantially faster and more efficient. In addition, because giving proposals and voting costs each stakeholder a fixed number of tokens, this encourages them to avoid spending time on unproductive solutions.
3. Objectivity
As a blockchain-based DAO, every financial transaction, rule, and decision is available on a public ledger. Adopting a consensus-based technique also necessitates the participation of all stakeholders in selecting how the organization’s resources will be spent and in calculating the total amount spent.
DAOs
• Structured in a manner that is typically flat and wholly democratic;
• Any changes must have approval from members.
• There is no need for a reliable third party: the votes are tabulated and the decision is implemented without human intervention.
• The provision of these services is handled in an automated and decentralized manner (for example, the distribution of philanthropic funds).
• Every single activity is entirely open and accessible to the whole audience.
Traditional Organizations
• Typically characterized by a hierarchical structure.
• Modifications may be requested by a single party or by vote, depending on the nature of the framework.
• If voting is allowed, ballots are tallied internally and validated by hand.
• Activities are often private and off-limits to the general public because they require human interaction or are automated by a system that is managed from a centralized location and prone to manipulation.
Pushing Further the Frontiers of Web 3
SWING DAO recognizes that the advancement of the Internet demonstrates the connection between creativity and unwavering commitment to an apparently unfathomable future. Web3 intends to achieve what the internet has been unable to do so far: promote open services driven by decentralized protocols rather than centralized apps controlled by tech giants.
Uncovering Our Values
SWING DAO adheres to the core pillars of Transparency & Community, Trust, and Sustainability.
- TRANSPARENCY & COMMUNITY
SWING DAO is a decentralized operating system, and its community supports all initiatives unfolding in this ecosystem. Communication with the volunteers who promote community support should be free, open, and exclusive so that anybody interested may be informed and even participate in every stage of the development process.
- TRUST
Without a doubt, trust is the most critical factor in the blockchain realm, which entails having complete openness in all aspects of the community support and growth and any security efforts.
- LONGEVITY
The decentralized community helps to support the ecosystem’s long-term growth, resulting in practical use cases, bigger rewards, and popularity that transcends any fleeting trends.
Introducing the SWING Token
Name: Swing DAO
Ticker: SWING
Max Total Supply: 1,500,000,000
Decimal: 18
SWING leverages a deflationary structure, conferring the subsequent benefits:
- Value Appreciation
According to the basic law of supply and demand, a rise in supply results in a decline in demand. The objective of deflationary cryptocurrencies is to limit market supply, create scarcity, and boost demand. Using the same reasoning, rare coins often attract investors more than common ones, boosting long-term worth.
- Enhanced Profitability
Deflationary tokens have garnered significant focus in past bull runs, contributing directly to investors’ interests as profits increase. Platforms often choose to buy back coins from users, benefitting short sellers prior to burn events. The intended result is a rise in value after combustion.
- Excluding Extra Tokens from the Marketplace
The existence of unsold tokens is detrimental to the success of a cryptocurrency. Instead of flooding the market, the deflationary mechanism helps a project remove surplus tokens from circulation.
TOKENOMICS
Buy and Sell Tax — 12% (hard coded cannot exceed 12%)
2% liquidity
2% burn
4% treasury wallet
4% development wallet
No Max Transactions
No Max Wallets
Transfer Tax 0%
- Functions of the Token:
- Anti-Sniper
- Antiblock
- Antigas
Tokenomics
This section will unfold the main aspects of our SWING’s tokenomics.
Liquidity — Overall, liquidity will assist in maintaining stability and overcoming sell pressure and volatility. Liquidity, defined as the capacity of a coin to be exchanged into fiat money or other cryptocurrencies without hurting their value, is crucial for any cryptocurrency exchange. High liquidity denotes a dynamic and stable market in which players may transact rapidly, efficiently, and reasonably.
Burn — Our burn mechanisms will make our governance token highly deflationary and reduce the circulating supply amount, both of which might have a favorable effect on the price.
Treasury — In multiple instances, the Treasury will be used to arrange in-person experiences and events and build long-term marketing initiatives.
Development — Overall, the first month is significant for the ecosystem and utility development and takes up most of that month. SWING will allocate all of the funds to develop the exchanges and utilities.
Subsequently, the taxes will be 12% buy & sell, equaling 24% round trip for the first 4 weeks. In addition, the taxes will be reverted to 3% buy & sell, which will equal 6% round trip and never be adjusted.
Tokenomics (During the First 4 Weeks):
- 2% liquidity
- 2% burn
- 4% treasury
- 4% development
Tokenomics (After 4 Weeks):
- 1% liquidity
- 1% burn
- 1% treasury
Uncovering the Components of the SWING Ecosystem
NFT Marketplace
Without a doubt, the future of art and finance lies in NFTs. They have taken over the digital world as the most recent technological innovation. Due to their great potential, NFTs are being implemented in various industries to improve their chances.
Our custom marketplace will be reserved for those NFT holders who own the Banana Task Force Ape — Genesis collection. Through this avenue, holders will have the ability to negotiate, trade, stake, and bid on NFTs via the use of our NFT marketplace. Our marketplace will take 1.75 % of the selling price from each transaction (which will be distributed to the treasury wallet).
Swap
Our Multi-chain Decentralized Exchange (DEX) makes it possible for users to trade tokens and get the best price across several exchanges. Users will also be able to exchange tokens for 0% slippage owing to pre-calculated costs (saving them the trouble of establishing slippage), and they will get the correct token amount without having to compute the total amount, less the fees, which will save users time. In addition, 1% of the transaction fees will go to the Treasury wallet.
Decentralized Wallet
Another core component of the SWING ecosystem is the multi-chain wallet dApp, where the users can create a new wallet or restore an existing one. Furthermore, users will have the opportunity to send and receive payments accompanied by individualized messages. You may send and receive invoices that can either be paid immediately or scheduled for payment at a later time. Additionally, customers can top up their wallet with any principal net token (ETH, BNB, FTM, AVAX, or CRO) of their choosing by using a fiat on-ramp debit, credit card, or bank transfer, as well as Apple Pay and Samsung Pay. 1% of each transaction that goes through our wallet will be used to burn SWING tokens.
Staking
5% of Swing DAO’s total supply will be sent to the new staking contract, where holders can earn reflections weekly without having to un-stake their tokens. We will utilize the CRO staking system blueprint where staked tokens will lock for 3 to 12 months, resulting in up to 20% p.a. (annual). Holders will receive their reflections from staking through 7-day intervals from the time they have staked.
Snapshot
Through snapshot, we will process meaningful proposals that will be filtered to only a few making it to the Snapshot. Once a proposal has been passed, it will be posted on Snapshot. The community will have the opportunity to vote for, against, or abstain from the proposal.
Snapshot emerges as a platform that allows for the creation of project proposals, which users can then vote on using cryptocurrency. Vote signaling is the term used to describe this procedure inside the industry.
Previously, utilizing cryptocurrencies to cast a vote would often include the payment of transaction fees to facilitate the transfer of cash from one wallet to another. However, this does not occur using Snapshot since an innovative usage of a decentralized file storage network known as IPFS is used. Because Snapshot does not employ an ‘on-chain’ verification system, there is no price associated with casting a vote.
SwingDAO Foundation, follow us here:
Website: https://bananataskforceape.com
Twitter: https://twitter.com/swing_dao
Telegram Group: https://t.me/BananaTFApe
Discord Channel: https://discord.gg/BananaTFA
Medium: https://swing-dao.medium.com/
Contact: contact@swingdao.io
