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FAQ (OIL and DIESEL)
Here are some of the common issues and answers you might have. Hope members will be able to get a basic idea about crudeoil finance protocol by reading this.PS: This list will be updated frequently a
Crudeoil Finance platform is a hybrid form of a deflationary crypto asset with staking and farming capabilities built for Defi Economy.
Yes, after a few months we finally found the answer. Sadly, Mike is on vacations right now so I'm afraid we are not able to provide the answer at this point.
Crudeoil Finance platform is a hybrid form of a deflationary crypto asset with staking and farming capabilities built for Defi Economy.
Cryptocurrency is the new global economic revolution built to diminish traditional economic monopoly built around fiat currency. Inflation is the main concern as far as fiat currency is concerned. Hence, we decided to go against it and build a deflation currency on top of Binance Smart Chain (BSC) network. This is just a DEFI experiment built by bunch of crypto geeks and We built for the community. We would love to see how community is gonna embrace this. How the community react to a deflating currency :)Moreover, Traditional staking gigs require an infinite supply. New tokens need to be minted in order to keep the users staking/farming. This “inflationary staking” causes a lot of sell pressure, and diminish the value of the token. This is where Crudeoil Finance comes into play. Once the total supply 100,000 OIL is minted, No new tokens will ever be minted again. In fact Total supply will keep reducing. There is a burn for every transfer, that is gone forever.
Native token of Crudeoil Finance protocol.
A cryptocurrency with a continuously depreciating supply in its blockchain is called a deflationary cryptocurrency. Deflation can be accomplished through burning some percentage of a coin being minted, buyback and burn, buyback and hold, and many more. (Please refer Coingeek’s article here on deflationary crypto assets)
There will ever be maximum of 100000 OIL tokens at the beginning and It will deflate with time. Once 90% of the total supply is burnt the function will be automatically terminated by the smart contract.
Users can stake/farm crypto assets in order to gain more OIL tokens. With deflationary function built in the immutable BSC contract the supply will keep going down unlike most of the other yield farming, staking projects. Result will be a massive boost in token price. Furthermore users will be able to trade it on exchanges.
Simply put, “Staking” is the act of locking cryptocurrencies to receive rewards. “Yield Farming” a shorthand for clever strategies where putting crypto temporarily at the disposal of some startup’s application earns its owner more cryptocurrency. Essentially Both terms are pretty much similar.
Here are some articles about Staking by Binance and Yield Farming by Coindesk
Yes you can. And earn handsomely with OIL tokens
We will launch our own AMM decentralized exchange which will allow users to swap BEP20 based crypto seamlessly. More info will come in a separate article.
Crudeoil protocol allows the OIL owners to delegate voting rights to the address of their choice. OIL token enables the holders to govern the protocol. The token holder can influence decisions and vote on the forward progress of the protocol.
Yes we will. That’s the beauty of decentralized protocols. We will be full transparent from the get go.
Obviously, we do not want our members to go through trouble like in YAM protocol. Once the original contract is ready. It will be passed to one of the best Binance smart contract auditors in the space for a comprehensive audit. The report will be open source and added to the website. Anyone form the community can do the audit and let us know the feed back. Plans are in the pipeline to organize a bug bounty program for the community.
TBA! many of the community awareness programs are planned. It’s a community project. We want to give it back to the community. community will never be forgotten
Please check the tokenmetrics tab
Turning an innovative DEFi idea into reality is not cheap. It takes a lot of resources, time and effort. Followings the areas of project in which we are going to utilize the raised funds Developers compensation, Smart Contract Audit, Initial Pancake Liquidity, Community awareness programs such as AMAs, Giveaways after the launch, Marketing and PR, Listing on Possible Centralized Exchanges, Other Auxiliary Costs
Once the Presale and Public sale are completed, OIL will be listed immediately on Pancake and Liquidity will be locked for 1 year.
LoL, we spent a lot of time developing out product and strategizing the next step. We have no reasons to rug pull.
Please go and check the Lunar Calander and let us know ;-)
It depends upon two factors. One is CZ. If CZ thinks Crudeoil Finance is good enough to be listed on Binance, he will. And Two is you, means community. We need your support to spread the word about Crudeoil Finance across the crypto galaxy.
Do you even need to ask this question? ITS FRIGGING FEES. Binance smart chain has negligible fees compared to abysmal fees on Ethereum. Frankly we wanted launch the project on Ethereum initially then we got the opportunity to migrate to BSC and we took it. Here are ready to add value to the BSC ECO system.
Last modified 1yr ago