888 Dao: BSC Yield Farming That Earns You Red Envelope Rewards (wBNB, BTCB and BIFI)

The number eight is considered to be a lucky number in Chinese and other Asian cultures. Eight (八; bā) is considered a lucky number in Chinese culture because it sounds like the word meaning to generate wealth.

888 Dao is designed to generate wealth for vault stakers and token holders.

888 Dao is a fork of YZY with several improvements, both functionally and security wise. The native token is the $888 token, which accrues value from LP staking, as well as allowing holders to partake in governance.

(An Ox was chosen as the logo because in the Chinese zodiac, the Ox symbolizes prosperity, success in investments and wellness. 2021 is the year of the Ox.)

🧧 The 888 Dao Ecosystem

The 888 Dao ecosystem is centered around the vault, which pays 888-BNB LP stakers rewards in the form of:

1. Red Envelope rewards
2. $888 rewards

(In Chinese and other East and Southeast Asian societies, a red envelope contains money and given during holidays or special occasions)

Red Envelopes are staking rewards in the form of wBNB, BTCB and BIFI. These tokens were chosen in particular because they have high market caps and high liquidity on Pancake Swap, meaning they are less volatile and likely to continue growing in value.

In addition to Red Envelope Rewards, you’ll also receive regular rewards in the form of $888 tokens, which are designed to grow in value thanks to the vault’s 1-click staking mechanism.

Unlike most yield-farms, $888 is a deflationary token. The maximum supply cap is 8,888. Additionally, there is a 2% burn on every transaction to decrease the supply over time.

☝️ 1-Click Staking

To stake in the 888 Dao Vault, you simply need BNB in your wallet.

All you have to do is click “Deposit & Stake” in the UI, and your BNB will automatically be converted into an 888-wBNB CAKE-LP token and staked into the vault — all in a single transaction.

There’s no need for multiple approvals, swaps, liquidity adds and deposits.

Because the 1-Click staking market buys $888 with half of your deposited wBNB to make the LP token, it creates positive price pressure on $888.

In order to support this upward price appreciation, staked LP tokens are automatically locked for 3 months to ensure proper liquidity in the protocol during the initial bootstrap phase.

This length can be reduced or lengthened later via governance.

💰 $888 Reward Distribution

A total of 7,000 $888 rewards will be distributed to LP stakers over a period of 2 epochs.

Epoch 1

• Duration: 316,800 blocks for ~11 days
• Rewards: 1,888 $888

Epoch 2

• Duration: 2,217,600 blocks or ~66 days
• Rewards: 5,112 $888

The length of these epochs can be increased or decreased through governance.

This is the breakdown of the reward distribution:

• 50% $888 reards
• 50% as Red Envelopes (BTCB, wBNB and BIFI) rewards
• 25% to the DAO treasury
• 5% to the $888 lottery

In order to incentivize long-term growth, $888 rewards are vested for a period of 14 days, and Red Envelope rewards are vested for a period of 90 days.

These vesting durations can be changed through governance.

⏳ Early Claim Fees

There is an early-claim fee if you claim your rewards before the vesting duration. There’s also an early unstaking fee if you unstake early.

These fees support LP stakers and serve as additional rewards for those in the 888 ecosystem.

• Early withdrawal of $888 rewards — 20% burn
• Early withdrawal of Red Envelope rewards — 20% gets swapped for $888 which is then burned
• Early unstaking of LP tokens — 10% fee and assets get sent to DAO treasury

🧮 $888 Tokenomics

• Total max supply: 8,888 $888
• Initial PancakeSwap liquidity: 1700 $888 / 50 BNB (19%)
• Rewards: 7,000 $888 (78%)
• Team: 94 $888 (1%)
• Marketing: 94 $888 (1%)

🔵 Improvements over YZY

With all the scams and rug-pulls on BSC, we made sure to make the $888 and vault contracts as secure as possible.

First of all, we removed the “emergency withdrawal” function from the YZY vault contract. This function allowed for the contract owner to remove all the tokens (including LP tokens) from the vault contract. Not very lucky.

Next, we limited the token transfer tax limit to a maximum of 10%. In the original YZY contract, there was no limit so the owner could set the transfer tax to 100% if they wanted to, effectively freezing the transfer of all tokens.

We also fixed several contract bugs and UI bugs for a smoother user experience. For instance, the lottery feature didn’t work properly in the original contract and was fixed.

Lastly, we decided to stealth launch directly to PancakeSwap. Rather than raise a large presale and only add a small % of the funds to liquidity (what most projects do), we decided to bootstrap the initial liquidity ourselves and later remove our starting LP once the protocol has sufficient liquidity.

📑 $888 Audit

Before deployment, we submitted the token and vault contracts for an audit. The auditor confirmed there were no major issues and is wrapping up the report. We will post a copy of the official report after launch.

🚀 $888 Dao Launch

$888 Dao will be launched directly to PancakeSwap with a starting liquidity of 50 BNB (~$14,000 USD).

Staking will go live as soon as the token is listed.

🖇 $888 Links

• Website: https://888dao.finance
• Telegram: https://t.me/dao888finance
• PancakeSwap: https://exchange.pancakeswap.finance/#/swap?outputCurrency=0xBFb2857474A48b345dD1c2F67ba57C28caa630fA
• Twitter: https://twitter.com/888daofinance
• Github: https://github.com/888daofinance

Disclaimer: Although $888 has been thoroughly tested and audited, it is an experimental protocol. Participate at your own risk.