FEG stands for Feed Every Gorilla. But don’t be fooled by the funny alias; it’s a revolutionary token that’s reshaping the DeFi (Decentralized Finance) structure. It is a hyper-deflationary token. In other words, it extremely decreases in its market supply with time. To explain it better, the FEG team or users perform activities that drop the token’s supply on the blockchain.
A popular way to reduce the supply of tokens is through burning—a process where crypto developers and miners remove a certain portion of crypto or tokens from circulation to control the price. As of October 16, 2021, FEG Token was worth 0.000000006333 and had a market cap of $2,488,177,230,249. Let’s dive into the FEG ecosystem to better understand how it’s structured.
The FEG Ecosystem
The FEG ecosystem complements its hyper-deflationary DeFi token in producing an excellently robust system in tune with the latest DeFi advancements. It’s a feature-packed ecosystem that’s mostly characterized by the price actions on its FEG Token and several passive income opportunities. Keep reading to understand the FEG Token and how it works.
Aside from being a hyper-deflationary token, as we explained earlier, the FEG Token was created to run on the Ethereum blockchain (ECR-20) and the Binance Smart Chain (BEP-20). The supply and value of the FEG token are determined by market fluctuations.
There is currently a FEG Token supply of 100 quadrillion on the Ethereum blockchain and the Binance Smart Chain. FEG token has an inaccessible burn wallet. The burn wallet sends away or hoards a fraction of the token to increase its scarcity and stabilize supply.
First launched on April 1, 2021, FEGex is the cross-chain centralized/decentralized (CEX/DEX) exchange platform. It features swapping, staking (FEGstake), fWrapping, and addition of tokens to liquidity pools. An all-in-one, multi-chain exchange, FEGex runs on both the Ethereum blockchain and the Bitcoin Smart Chain.
The FEG team built FEGex from scratch with custom coding to settle the major problems that affect other prominent DeFi token-related exchanges. It hosts a bridge that enables swaps between two blockchains—ECR-20 and BEB-20. It also treats users to advanced charting and technical analysis features through FEGchart.
A Peek at the FEG Ecosystem’s Features
Here’s a breakdown of the basic features of the FEG ecosystem;
The FEG ecosystem is decentralized because decisions and ownership aren’t exclusive to any central authority. Instead, the members of the community take part in decision-making processes.
Calculated Burn Rate
Users initiate a burn rate of 1% per transaction. The percentage could be higher, depending on the size of a holder’s burn wallet. Such a trigger of the burn rate reduces the subsequent circulating supply of FEG, which in turn increases the price of the token.
Incentives for Participation
FEG Token holders get a 1% tax per transaction. The percentage could be more than 1% since the real percentage depends on a holder’s burn wallet size. This reward aims to “punish weak hands” or motivate holders to hold more FEG.
FEG Token Rewards/Passive Income Systems
#1. Transaction Rewards
Depending on the amount or percentage of FEG Token owned by each holder, they get a 2 percent transaction tax shared among all holders, including the burn wallet, which represents a holder that accumulates more tokens as more transactions happen.
The model run by the FEG token is a revolutionary DeFi model that makes it possible for anyone in its network to earn passively when other users perform transactions. It both encourages activity and incentivizes holding more FEG. Additionally, it operates an all-inclusive policy that supports all FEG holders, regardless of how much they hold.
The model creates a constant inverse proportion between the circulating supply of the token and its scarcity. That’s to say, while the circulating supply decreases, the scarcity of the token increases. There’s also no limit to how many FEG tokens are burnable. So, the absence of a burning limit provides holders with a consistent and infinite passive income spree with favorable price pressure.
fWrap is another passive income opportunity in the FEG ecosystem. By holding a fWrap asset, you can receive more of that asset with time. The principle here is cryptocurrency wrapping, which involves using the value of an asset to track the value of a represented asset and redeem it at that same value.
You could fWrap or unwrap your FEG, ADA, XRP, LTC DOGE, and many more cryptocurrencies at a tax of 1%, respectively. There are no risks associated with fWrapping, plus there are no impermanent losses.
The 1% tax on every transaction in the fWrap process is distributed across holders of that specific fWrap, thereby providing a great Annual Percentage Yield (APY). As such, you can passively earn more of your best cryptocurrencies while you snore away.
You can earn passive income by staking the FEG Token. Staked FEG tokens are secured in the FEG Token staking contract. You get a share of 0.12% of the dollar equivalent of all sell transactions on the exchange on staking. The stake rewards are in the form of fETH or fBNB, depending on which chain you staked with.
The rewards are automatically divided and distributed among stakers, depending on the respective percentages of the staking pool owned. It’s also fun to know that as FEGex trading pairs and trading volume increase, staking rewards on FEG Token will increase substantially.
There’s no impermanent loss incurred while staking the FEG Token, according to the team. Interestingly, participants can unstake or pull out their tokens whenever they want. FEG charges the normal 2% transaction fee when staking and unstaking.
#4. LPs (Liquidity Providers) and Pools
Providing liquidity will allow for further purchasing of FEG using the FEG tokens you place into liquidity. For this, you will be rewarded in fETH, fBNB, or fUSDT, depending on the chain you are providing liquidity on.
Providing liquidity enhances further purchase of FEG with the FEG tokens you send into liquidity. As a liquidity provider, you fund the liquidity pool with FEG to enhance trading on FEGex, for which you earn passive income. That said, let’s look at another essential FEG feature called SmartSwap
SmartSwap is another FEG feature dubbed “A Swing Trader’s Paradise.” And its attributes qualify its alias, seeing that aside from the 2% FEG Token tax while moving in and out of SmartSwap, you can swing your tokens at zero tax.
It is available for every token launched on FEGex as well as SmartDeFi. Also, the 2% FEG token tax can be waived for you when you trade “inside” SmartSwap with your internal balance. SmartSwap has two major features:
Peer-to-peer allows you to discreetly send and receive tokens. It’s not a straight wallet-to-wallet transaction. Instead, it routes your transaction through a smart contract, thereby providing top-level privacy using encryption.
Swap-to-Swap facilitates moving fWrapped base pairs like fETH, fBNB, fUSDT, etc., between SmartSwap contracts. For instance, moving from FEG/fBNB to TRY/fBNB, etc.
Frequently asked Questions
Where Can I Find More Information about FEG, its Peer-to-Peer Features, and Fees?
Does FEG Token Plan to List on Other Exchanges?
FEG Token doesn’t plan to list on other Exchanges. One of the reasons is that FEGex development is still progressive, plus rewards for the token holders are based on their activities on FEGex.
Besides, after many CEXs (centralized exchanges) bought liquidity and listed the FEG Token themselves, they prevented the reflections belonging to all FEG Token holders. And that’s another reason there’s no rush to list on CEXs.
What’s With the “F**k Emily Goetz” in the contract?
Emily Goetz was a scammer who scammed investors of millions of dollars. So, “F**k Emily Goetz” was FEG’s way of hitting back on scamming. It also motivated the FEG development team to create a safe and fair cryptocurrency and DeFi project—” Feed Every Gorilla”—that’s grown into a massive and revolutionary ecosystem with great utility.
From F**k Emily Goetz to Feed Every Gorilla, FEG revolutionizes DeFi and gives back to society. A product of innovation, a passion for learning, integrity, and transparency, FEG also engages in charitable causes. It looks to develop the ecosystem further and add more advanced utilities soon.