PepeMints Presale Day Post

5 min readMay 1

PepeMints presale link: https://pepemints.vip/presale

Greetings! The PepeMints presale begins today, May 1, 2023, at 9pm GMT. Here is a collection of my thoughts on PepeMints:

First, the reason we had time to release PepeMints is because we still have not received the final audit report of Arbitrum Janis DEX from Peckshield. They are working on it, and we do not want to rush them, as there have been some rugs/exploits recently that were specifically DEX-related and were not caught by other auditors. Therefore, it is possible that they are running extra checks, even though our team has already submitted resolutions to the issues they mentioned in their initial report, which we did receive by Peckshield’s initial date of April 21. We believe that this is for the best, so we appreciate your patience while we make the final preparations for Janis!

The inspiration behind PepeMints was the reformulation of the auction lobby formula introduced by WhalesCandy. Fundamentally, WhalesCandy uses the auction lobby funds not for cash dividends on stakes, but for liquidity support and buybacks using an LP pair. When I first learned about this fundamental change, which uses liquidity instead of dividends, I immediately suspected that it may be capable of having superior fundamentals to the cash dividend system of FarmerLand. This is because investors commonly relate to the concept of a singular token price, which is lacking in the FarmerLand formula, as WHEAT does not have an LP pair.

The problem with WhalesCandy seems to be that the fundamental feedback loop of the system, in which stakers harvest, sell tokens, and then redeposit in the lobby, drains the system heavily because the dev receives 30% of the auction lobby as a fee. Efforts to perform buybacks with this fee on certain days of the week notwithstanding, the heavy lobby fee makes it impossible for users to sustain the system for long this way. To solve this problem, in PepeMints, we have eliminated the dev’s direct lobby fee entirely. Here is the new distribution of auction lobby funds:

80% — Liquidity and price support of PepeMints token
12.5% — Passive Income Generation
5% — Weekly Buybacks
2.5% — Big Buy Contest

We have increased the daily percentage of auction lobby income that goes to liquidity and price support from 70% to 80%. In addition, 2.5% goes to the winner of a daily Biggest Buy Contest. Instead of dev fees, 12.5% goes to a Passive Income fund with a 33% performance fee. Therefore, we have completely eliminated direct user fees from the lobby formula, going from 30% in WhalesCandy to 0% in PepeMints!

The 5% of daily auction lobby funds that go to Weekly Buybacks replace the 2-USDC stake reward claim fees from WhalesCandy. PepeMints has eliminated the reward claim fee functionality entirely, as it creates too many negative effects in exchange for buyback benefits that could be achieved by allocating a lobby percentage. In exchange, the devs do not receive this 5% of the lobby as a fee, which we are happy to accept in exchange for giving PepeMints the greatest possible chance to succeed.

Those 2-USDC stake maintenance/reward claim fees seem to be the most negative aspect of WhalesCandy, as they force users to have a payment token in their wallet, and the number of stakes in existence can expand dramatically, to the point where paying for the rewards may not be feasible. To address this, not only has PepeMints eliminated the stake claim fee, we have also introduced “Claim all” and “Reinvest all” functionality within a range of StakeIDs at the contract level. Therefore, this pain point from WhalesCandy should be completely eliminated in PepeMints.

Whereas WhalesCandy did not use a presale, PepeMints uses an overflow presale formula that is significantly upgraded from what we have used before. In this formula, we only collect the hard cap in BNB, but people can commit unlimited BNB, receiving tokens in proportion to BNB committed. In this type of presale, users may receive only a small percentage of their committed BNB in tokens and receive a BNB refund for their share of BNB committed that was over the hard cap. We have also added a unique twist to the overflow process: liquidity will be added at a price reflective of BNB committed, or 50% above presale price, whichever is highest. Therefore, users can increase the liquidity price (and therefore their first-day yield) by committing more BNB.

The other improvement of this presale format, and the other fundamental improvement that WhalesCandy brings in general, is that all user purchases are staked. Therefore, presale tokens are not received in bulk; instead, they are vested at 1.2%/day for 180 days. This applies to both the presale and the daily auction lobbies. This prevents a large amount of PepeMints from hitting the market at once, and therefore, there is only so quickly that the price can drop.

Buying from PancakeSwap will incur a 50% tax before the auction lobby begins and 80% after, preventing untaxed access to large amounts of spot PepeMints. However, PepeMints has a discounted buy + stake function that avoids this PancakeSwap buy tax but automatically stakes the purchased tokens.

Another feature of PepeMints that helps to maintain the price is admin configurability of the daily liquidity and price support. The daily update function first adds liquidity with 80% of the daily lobby proceeds, and then removes a percentage of the existing liquidity to buy PepeMints. This percentage is configurable to a greater degree in PepeMints than WhalesCandy. PepeMints allows the admin to set this variable to up to 25%, giving more leeway to protect the price of PepeMints.

PepeMints also has many other changes from WhalesCandy, which can be viewed here. Many other quality of life issues have been addressed, such as the ability for a user to change their referrer. To limit supply, the number of lobby tokens also decreases by a %/day, initially set to 1.5%/day decrease.

Ultimately, we are interested in bringing the best possible tokenomics to our highly valued, extremely important users. Like many others, we believe that there is room to improve upon the numbers that have come into the FarmerLand lobby, so we would like to give the liquidity-based auction formula the best possible chance to succeed in order to check whether it is truly viable. If so, we may reboot FarmerLand according to the liquidity-based lobby token concept. Either way, we hope you have fun!

Here once again is the PepeMints presale link!

Many Cheers,

Kurt (Seraphine)