The annual inflation rate in the US accelerated to 7.5% by January of 2022, the highest since February of 1982 and well above market forecasts of 7.3%.
Rising energy costs, labor shortages, and supply disruptions coupled with strong demand have contributed to this large increase.
RichQUACK is a token that aims to tackle inflation through token burns and holder rewards.
In this post, we'll look at the token, its features, and the team's plans for growing its ecosystem.
What Is RichQUACK?
RichQUACK is a hyper-deflationary token built on the Binance Smart Chain (BSC). The token aims to fight inflation through its built-in 12% transaction fee, where 2% is burned forever, reducing the supply of the tokens.
RichQUACK aims to be an alternative to long-term savings and pensions.
The token enables holders to earn passive income by staking and its token burn mechanism is designed to help the coin remain unaffected by inflation.
RichQUACK also has a large community, with over 205,000 followers on Twitter and 57,000 users on their Telegram.
US Inflation is At An All-Time High
As the U.S. Federal Reserve navigates the pandemic-stricken economy, inflation has reached its highest levels in 30 years.
The price of food, cars, and gas is rising and this is starting to cause a psychological shift in the minds of the US population since inflation has become a major concern for many people.
People don't even feel secure with their savings accounts and pensions since their saved-up money may reduce by 7% in spending power due to high inflation rates.
RichQUACK aims to combat this inflation problem through its deflationary token with a built-in 12 percent transaction fee.
RichQUACK's 12% transaction fee is used in the following ways:
4% is redistributed between token holders4% is sent towards its liquidity pool so there are always tokens to swap2% is burned, reducing the supply of the tokens2% is reserved for marketing and development
RichQUACK's Features
RichQUACK is building an ecosystem that includes staking, an IDO launchpad, and a Decentralized Autonomous Organization (DAO).
The QUACK Launchpad
RichQUACK aims to build a decentralized, multi-chain launchpad for new crypto and blockchain projects, however, the launchpad will start as a centralized project.
Over time they aim to transition over to a decentralized model as their community continues to grow.
At the start, only QUACK incubated projects will be launched on the platform.
Projects will be able to apply by completing the QUACK Quality Standard check and KYC to reduce risk exposure for their users.
Governance & Voting
Once the launchpad is live, new projects that need to raise funds via an Initial DEX Offering (IDO) will be visible to users in the voting area.
Users will be able to vote on each project and only projects with enough votes will be able to move forward with funding.
Each holder will need to stake a minimum of 100B QUACK to vote and voting will remain open until the IDO is about to start.
What Are RichQUACK's Plans For Holders?
As part of RichQUACK's plans for the growth of its community, they've launched an incubator program. Its first incubated project is known as Earthling.
Earthling is an eco-friendly token that will be used to fund the RichQUACK project, whilst rewarding users with carbon credits for staking their coins.
The Earthling project aims to make it easy for users to measure daily carbon emissions and offset their carbon footprint by buying carbon credits through the platform.
Token holders will become part of the Earthling Decentralized Autonomous Organization (DAO).
This will give token holders the right to vote on which projects the Earthling DAO will support and how to fund distribution between reforestation programs and non-profits.
The QUACK Token
RichQUACK's native token is known as QUACK and the token was developed to provide users a stable store of value.
The QUACK tokens "Quackonomics" are as follows:
- 100 Quadrillion Total Token Supply - 50% of the QUACK supply was seeded as liquidity & 50% goes straight into our Black Hole Algorithm.
- Locked liquidity for 5 years - Tokens are liquidity locked on Team.Finance. This is done to prevent liquidity providers from rug pulling the token.
- 3% Ecosystem rewards - 1% in Deployer Wallet & 2% Locked in Team.Finance for airdrops and staking rewards.
- Anti-whale features - No wallet holds more than 1% of token supply. Selling is also restricted to less than 1% of the total supply.
- Liquidity mining rewards - 50% of profits from QUACK's future platform will be used to reward Liquidity Providers (LPs)
- Token Burns - 30% of profits from QUACK's future platform will be bought back and burnt.
- Mega QuackPot Raffle - 20% Profits from QUACK's future platform will be pooled for a Mega QuackPot Raffle
The QUACK token is listed on exchanges including Bitmart, Hotbit, and PancakeSwap.
Final Thoughts
RichQUACK aims to provide investors with a hedge against inflation, through its built-in token burn mechanism, holder rewards, and staking rewards.
It also has a large and growing community that will gain governance advantages on its upcoming platform.
If its launchpad release turns out to be a hit, this could help its community to grow even further.