Introducing Typhoon Cash — A New Protocol for Yield-Capable Private Transactions
Today we introduce Typhoon Cash, a yield-capable private transactions protocol based on Tornado Cash. We are finally ready to announce that Typhoon Cash will launch this week, enabling private transactions for the following assets: ETH, wBTC, cDAI, crDAI, cUSDT, crUSDT, USDT, y3CRV, MIC, MIS.
This launch integrates MITH Cash at launch, adding a privacy feature to MITH Cash.
Evolution from Tornado Cash
We identified areas of improvement to the Tornado Cash model in both tokenomics and design, so we forked Tornado Cash and implemented these improvements. Tokenomic of Typhoon cash includes a very simple 0.5% fee per transaction that is automatically sent to the reserve contract that will automate buy and burn of the PHOON token. This makes PHOON tokens more scarce after each transaction. Scarcity increases faster along with usage.
We believe that providing a larger set of notes in the system can greatly improve usability of a private transaction protocol. The tradeoff here is to remove the relayer system from Tornado Cash. By removing relayers, value can be attributed to the protocol instead of leaving the system. We plan to soon enable relayers via Keep3r Network.
PHOON Token
We present the Typhoon token (PHOON), a valueless governance token in the Typhoon ecosystem for voting in Typhoon DAO. Initial PHOON tokens will be distributed to participants in the initial liquidity mining pools.
Tokenomics
Token supply: 30,000 PHOON
10% (3,000 PHOON)- Protocol Reserves — distribution determined by Typhoon DAO
2% (600 PHOON) — Initial liquidity bootstrapping on SushiSwap for the PHOON/USDT, PHOON/MIC pairs
88% (26,400 PHOON) — Reward pool for staked note with ETH, wBTC, cDAI, crDAI, cUSDT, crUSDT, USDT, y3CRV, MIC, MIS and Liquidity mining for staked PHOON/USDT, PHOON/MIC pairs LP.
Join the Initial Distribution
We will open a PHOON/USDT and a PHOON/MIC pool in SushiSwap. Initial liquidity will be provided with 300 PHOON and 3000 USDT, also 300 PHOON and 3000 MIC to the pools, meaning the initial trade price will be 10 USDT per PHOON.
After providing the liquidity, LP tokens will stay in an address and can be monitored by everyone.
Reward Pool Distribution
The reward pool will distribute PHOON tokens to the users who staked deposited notes with ETH, wBTC, cDAI, crDAI, cUSDT, crUSDT, USDT, y3CRV, MIC, MIS. When users withdraw the staked note, PHOON token will be distributed within the transaction.
In total we will have 30 different note types at launch, or 10 tokens (ETH, wBTC, cDAI, crDAI, cUSDT, crUSDT, USDT, y3CRV, MIC, MIS) by 3 denominations each, 10 * 3 = 30.
Each reward pool contains 733.33 PHOON for distribution in 4 weeks.
Liquidity Mining Distribution
Liquidity mining: Liquidity provider for (PHOON/USDT, PHOON/MIC) in SushiSwap and staked LP token in our designated staked contract will also get PHOON for reward.
Initial pool: 10 (currencies )* 3 (amount) = 30, plus 2 SushiSwap pools, SushiSwap pools need 3x reward. Reward will split to 36 shares.
Single token pools will each have 733.33 PHOON. LP reward pool will each have 2,200 PHOON.
Reward pool and liquidity mining will start at 2021/1/21 7pm HKT. No Pre-mine, No VC, No team token, Fair Launch as always.
Follow Typhoon Cash
Telegram: https://t.me/typhooncashchat
Twitter: https://twitter.com/TyphoonCash
Medium: https://medium.com/@typhooncash
