Defi Turtle LP Farms & Boardroom Launch

New algorithmic stablecoin pegged 1:1 to USDC on Arbitrum.

DETAILS

• LP Farms (‘Oceanland’)
  • Farming emissions will last for 370 days
  • Stake LP tokens to earn $SHELL rewards
  • 15,000 $SHELL rewards to be distributed across the following pools;
    • 50% — TURT/USDC
    • 50% — SHELL/USDC
  • No deposit or withdrawal fee

• Boardroom (‘Beachhouse’)
  • Stake $SHELL in the Boardroom to earn $TURT rewards
  • During expansion, newly minted $TURT rewards will be distributed as follows:
    • 80% — Reward to Boardroom stakers
    • 15% — DAO fund
    • 5% — DEV fund
  • Boardroom only prints new $TURT tokens when TWAP > 1.01
  • Epoch duration: 6 hours
  • Staked $SHELL is locked for 4 epochs and $TURT rewards locked for 2 epochs (every deposit/claim/withdrawal resets the lockup timer)
  • 5% withdrawal fee when $TURT is below peg

• Tokens
  • $TURT is the algo-stable, pegged 1:1 to USDC
    • Initial supply: 6,601
      • 6,000 — Genesis rewards
      • 600 — Pre-mint for airdrops & marketing
      • 1 — Pre-mint for initial liquidity (TURT/USDC)
  • $SHELL is the shares token
    • Total supply: 19,001
      • 15,000 — Farming rewards (vested linearly over 370 days)
      • 2,000 — DAO fund (vested linearly over 300 days – 6.67 SHELL/day)
      • 2,000 — Dev fund (vested linearly over 300 days – 6.67 SHELL/day)
      • 1 — Pre-mint for initial liquidity (SHELL/USDC)
  • No bond token – utilizes rebase mechanism to reduce supply during contraction periods

• Features
  • 20% sell tax on $TURT below peg
  • Rebase mechanism
    • used to support $TURT peg by reducing the circulating supply of $TURT when TWAP has been below 1.00 for 2 consecutive epochs (6 hours/epoch)
  • Raffle – deposit $TURT for a chance to win $SHELL
    • 200 $TURT = 1 entry
    • unlimited entries per address
  • Burner – deposit $TURT in the burner for a chance to win 12 $SHELL
    • 950 pot cap; if pot fails to reach 950 TURTS in 6 hours, the pot doubles up
  • LP Node pools
    • cost per node: 100 $TURT
    • unlimited nodes per account
    • up to 3% daily $TURT rewards
    • up to maximum 500% ROI on each node
    • Each week the account that has created the most nodes wins 1 $SHELL
    • 10% of the node pool will be distributed to The NFT holders monthly (including future node pools)