DontDieMeme, previous DontBuyMeme community, to launch meme stable dollar – Pina

We are happy to announce that we will launch our Meme Stable Dollar, Pina, in mid-January. 

What is Pina?

Pina is an essential part of our dual-coin system, serving as a utility token that drives activity and innovation on our platform. By incentivizing artists to “drop” their artworks, promoting community collaborations, and rewarding participation in games and staking, Pina helps to support and grow our NFT marketplace. In addition to its role as an incentivizing force, Pina is a stable dollar pegged to the value of $1. 

Using mechanisms inspired by Dynamic Set Dollar (DSD), we have optimized Pina to serve our marketplace’s needs better. Its value remains stable, but it can also adapt to market demand by expanding or contracting as needed to maintain its usefulness within the NFT space.

Why need Pina?

Firstly, we are grateful to @Wizard for sharing their draft on MEME V2 with our community. We are excited to turn this vision into a reality. Yes, we choose to create this system!

In addition, we choose DSD as our stablecoin model as it is more suitable for us. Pina will include several features designed to incentivize and reward the Meme community users, including artists, liquidity providers, and players of DontDieMeme games. 

For artists, Pina offers the opportunity to be rewarded for their creative work through a rewards program generated by the MEME staking pool. For liquidity providers (LPs), Pina offers an LP staking program that rewards users for providing liquidity to the stablecoin ecosystem. And for P2E game players, Pina offers the chance to earn rewards through in-game activities and achievements. 

These incentives help build and support a thriving community around the Pina stablecoin and to provide additional benefits for Meme community users.

How does Pina work?

We have developed Pina based on the works of DSD. The failure of DSD was not due to its algorithmic approach but rather to its underlying mechanisms and the utilities of the token. We can create a more stable and useful stablecoin with Pina by modifying these DSD aspects. Our modifications include improvements to the bonding, supply mechanism, coupons, and other features that will make Pina more accessible and useful within the NFT marketplace.

1. Contract Architecture

We have added some new features to the contract architecture of Pina, such as the distribution of Pina to the DontDieMeme pool, which will be used to reward the Artist Pool, Genesis Pool, Game Pool, and Airdrop Pool. These additions can support the growth and adoption of Pina within the NFT marketplace and provide value to various stakeholders.

2. Stability Mechanism

2.1 Supply Expansion

Regardless of the price of Pina, we will always be in an expansion state, but the rate of expansion will change according to the price of the Pina. As long as the price of Pina remains below $1.0025, the expansion rate will be fixed at 0.005% per epoch(~53.95% per year). If the price rises above $1.5, the expansion rate will be fixed at 1% per epoch. If the price falls between $1.0025 and $1.5, the expansion rate will be calculated using the following formula:

By implementing this three-phase system, the supply expansion simulation for Pina will be like this:

2.2 Supply Contraction

When contractionary measures are necessary, we do not rely on issuing bonds. Instead, we incentivize contraction by burning Pina to purchase coupons. This allows us to stimulate the economy without incurring additional debt. By offering these coupons, we can encourage individuals and businesses to spend and invest, decreasing the overall money supply and helping to prevent inflation.

3. Coupons Market

The coupons come in three denominations: 1,000 Pina, 10,000 Pina, and 100,000 Pina. The price of each coupon is based on the fluctuating value of Pina. The coupons can be staked based on their face value to earn a reward in Pina. When they expire, the coupons can be destroyed to receive Pina equal to the amount initially spent on the coupon. The price of each coupon will be calculated using the following formula:

One of the most critical aspects of these coupons is that they are artwork NFTs, allowing them to be freely traded and providing them with a potential value as collectible artwork. This means that in addition to their use as a means of incentivizing contraction, the coupons also have the potential to serve as a unique and valuable investment.

4. Utilities

Pina is a digital asset that can be used for various purposes. One key use case for Pina is purchasing artwork from artist pools and cards from the Genesis pool. Pina can also be used to bid on artworks in auctions and to reward users in DontDieMeme games.

One unique aspect of Pina is that it can be burned to purchase coupons. These coupons can then be staked to earn rewards in Pina, providing an incentive for users to burn their Pina and help reduce the overall token supply.

5. Governance

The Pina DAO contract will be fully self-governed, and the Meme token will be the sole governance token. MEME holders can propose and vote on changes to the contract on the blockchain. Once a proposal has been approved, it can be implemented by anyone. This means that Meme holders have a say in how the Pina DAO is run and can influence its direction.

Conclusion

Overall, Pina represents a significant step forward for the meme economy and the NFT marketplace. Pina has the potential to unlock new levels of creativity and value within our community, and we are excited to see what the future holds for this innovative new token.

Follow Us

Website: https://www.dontdiememe.com/

Twitter: https://twitter.com/dontdiememe

Discord: https://discord.gg/suGBP3E3