I’m happy to announce that we are going to officially launch our Defi Option insurance product:
Safety helmet borrowing market （Version1.0）
In version 0.1 we’ve proved the viability of the product. Next, we aim to get more users and initiate real governance, therefore we’ll forward the PAYASO governance token “PAYA” to the community users.
Currently, most Tokens can’t avoid the price death spiral and progressively loses the incentive to community members after which day they were created .“Slow mining” is not friendly to community members any more.
The universe was born from the Big Bang——the single explosion gave birth to countless planets and quickly constructed galaxies. Imagine that galaxies were progressively fragmented instead the Big Bang, many galaxies may lost the chance to build life at early stage . I really like the way of creating the world, so I hope to bring this concept into the distribution of tokens.
After discussing my idea with Alex and Marcos internally, we decided to make Token mining as a “Big Bang”, which means releasing tokens quickly and starting governance immediately——just like creat the world,but It’s more like an adventure.
Big Bang of tokens
Total Amount：100,000,000（85% of the total amount will BigBang in one week. )
70.00% to Payaso users on Ethereum: 70,000,000 PAYA
10% to team members and future contributors: 10,000,000 PAYA [be Locked for 1 year ]
20% to Payaso users on other chain: 20,000,000 PAYA.
How to Big Bang PAYA ?
Step 1: Connect Wallet
(We recommend MetaMask, visit Metamask.io to download the plugin)
Visit metamask.io Click “Download Now”
Select Chrome, Click “Install MetaMask for Chrome”
Of course, you can also choose WalletConnect to scan the QR code link to register .
Step 2: Deposit
To borrow a safety helmet, some ETH is needed as gas fee and then deposit one of the stables DAI, USDT, USDC as premium（rent）.
To supply safety helmet, you need to have enough amount of stable coins.
I. Select the type of safety helmet , (Note: only borrow the price of safety helmet larger than 500 USD can get PAYA reward).
Once borrowed, you can take the next step on “My Safety Helmet ”.
NOTE*(VERY IMPORTANT!!!!!):You will not receive any reward if you don’t activate or destroy the helmet after it expires.
Step 4： Activate/Destroy helmet
Activation or destroy worth more than 500 USD helmets will be rewarded with PAYA.
Step 5： Harvest PAYA
Click “Claim” to withdraw PAYA.
PAYA is the governance token for payaso.io, which allows users to enforce governance permissions in payaso ecosystem.
What is the function of a safety helmet?
When you hold a percentage of the corresponding safety helmet during the term of your lease, it will protect your asset from price fluctuations. When the actual price of the asset is lower than the protected price, you can activate the helmet and exchange the protected asset for stables at the protected price.
What happens after “Activation” and “Destroy”?
“Activate” and “Destroy” are the two ways to deal with unexpired safety helmet.
Select “Destroy” ——you will lose the protection immediately
Select “Activate” ——you will exchange assets to stables at protected price.
How do I create and supply a new type of Safety helmet?
Click Supply-“…” search smart contracts of assets