Grazing Range Pool #19 — Welcoming LATTE to the herd

This post was originally published on Alpaca Finance

Grazing Range Pool #19 — Welcoming LATTE to the herd

Dear Alpacas,

We senior alpacas are excited to welcome our newest addition to the range — LatteSwap.

As part of the Grazing Range program, you’ll be able to stake ibALPACA for 1 percent of the total LATTE token emission in the first 30 days of LatteSwap’s launch, which is on the 20th of September, 2021 at 3AM GMT. The LATTE token rewards will be distributed over the 4-week period. As usual for a Grazing Range pool, you will also have a chance to earn exclusive NFTs if you meet the staking criteria.

🎁Grazing Range Reward Details

Total Rewards: 1% of LATTE emission rewards in the first month of launch (~308,288 LATTE)

LATTE Token: 0x8D78C2ff1fB4FBA08c7691Dfeac7bB425a91c81A

Rewards Period: 30 Days

biswap

Rewards Start Block: 11,068,888 (Approx. Sep 20th, 2021 3AM GMT)

Rewards End Block: 11,932,888 (Approx. Oct 20th, 2021 3AM GMT)

Distribution Schedule:

*Please note that 60% of the rewards earned during week 1 & 2 will be locked for 3 months and distributed linearly over the following 6 months. The remaining 40% will be unlocked immediately. For more detail, please visit here.

Exclusive NFT Cards for Pool’s Stakers

To be eligible, you must stake ibALPACA in the LATTE Grazing Range pool before September 21st, 10 AM GMT (~1 day after the pool opens) and stake until at least October 20th, 10AM GMT (for 29 days). The NFT tier you receive will be based on the amount of ibALPACA staked.

  • Green Tier: staked at least 500 ibALPACA
  • Silver Tier: staked at least 5,000 ibALPACA
  • Gold Tier: staked at least 50,000 ibALPACA

About LatteSwap

LatteSwap is a decentralized exchange with a focus on bridging the DeFi and the NFT space together with its NFT integrated functionalities. The platform offers multiple DeFi features: trade, earn, collect. Users can trade cryptocurrencies with ease, participate in safe and attractive earning opportunities, and collect LatteSwap’s highly exclusive NFTs that possess real tangible utilities. LatteSwap is run by a dedicated team of cryptocurrency veterans. $LATTE is the native currency of the LatteSwap platform.

For more information about LatteSwap, please visit https://latteswap.com.

🔒Security Score Card on LATTE

Have the contracts been audited by professional auditing firms?

Yes, our contracts have been audited by both Inspex and Peckshield. You can find both audit reports on our docs here.

What is the project’s inception date?

The project official launch date is the 19th of September 2021. You can find more details about our launch here.

Has your project even been involved with a hack or exploit?

No.

What safety measures are in place to secure your protocols from centralization risk? What contracts are not under timelock? Who has multi-sig?

Our contracts are also owned by a 24-hour timelock. This means any changes made by our developers will have a 24-hour lag before becoming effective. During this time, the community will be able to review the changes and withdraw funds safely in case of suspicious updates.

However, during the first week of launch, timelock will be set to 6 hours to ensure our dev team can respond faster to any changes required. We will change the timelock period back to 24 hours starting the second week.

Does your token have a maximum supply cap?

LATTE tokens do not have a maximum supply cap. However, we’ve implemented multiple deflationary mechanisms to protect LATTE token holders from inflation. You can read more about these mechanics here.

Mint function. If Token does not have maximum supply, how is the mint function controlled?

There is no manual mint function — however any changes in emission must go through a 24-hour timelock.

Centralized treasury. If the protocol collects fees, where do they go and how are they controlled? Is there any kind of treasury or insurance fund under centralized control?

LatteSwap charges a 0.25% transaction fee for every trade. The collected fees will be distributed in the following ways:

  • 0.17% will be distributed to liquidity providers
  • 0.04% will go to our buyback & burn program
  • 0.04% will go to our development fund

Migration Function. Is there a migration function in the code? Why is this there and how to control this function from making a malicious action?

No.

Upgradeable contracts. Are the contracts upgradeable? Why is this there and how to control this function from making a malicious action?

Yes, there are. However, in order to show our transparency, we will transfer ALL ownership of each upgradeable contract to timelock.

Third-party risk. What underlying external parties do your contracts rely on?

We currently do not rely on any third party contracts.

Where are tokens currently listed?

LATTE tokens are currently listed on our official site and PancakeSwap. Soon after launch we will engage with centralized exchanges for additional token listings. Please stay tuned for more details.

Please briefly describe the utility of your tokens and all the relevant tokenomics (e.g., burn, staking, locking, etc.)

There are currently three primary utilities for LATTE tokens:

1. Accrue value through platform economic benefits

LatteSwap has put in place multiple buyback & burn mechanics to help LATTE token holders capture platform economic benefits from just holding the tokens, as a portion of our platform revenue is allocated to these mechanics. When tokens are burned, their supply becomes more scarce, thereby increasing the value of the remaining tokens. You can find more details about our buyback & burn program here.

2. Participate in the governance process

LATTE token is LatteSwap’s governance token. This means that LATTE token holders will be able to vote on key decisions for LatteSwap including, but not limited to protocol parameters, rewards emission schedule, and the design of LatteSwap’s NFTs’ parameters. The governance process is scheduled to be implemented in Q4 of 2021. Please click here for more details.

3. Earn rewards in partner protocol tokens

One of LatteSwap’s planned key feature is our Drip Bar, where Baristas will be able to stake their LATTE tokens to receive rewards in the form of our partner protocol’s tokens. Drip bar is scheduled for launch in Q4 of 2021. Please click here for more details.

In the future, we will continue to add more utilities of LATTE, thereby increasing its value. More details will be provided soon.

Does your token have any advanced mechanics such as deflationary/rebase/reflexive?

No.

Please share your project’s roadmap

You can find our project roadmap here.

What % of the token supply is/will be controlled by the team

The ~13% of the total supply will be controlled by the team and is sent to the Development Fund. The tokens that go towards the Development Fund are also subjected to the same lockup as other tokens.

What % of the token supply is controlled by investors? What is the token distribution model?

LatteSwap is a fair-launch project, meaning that there is no pre-sale or investor. If you’d like to learn more about our token distribtion model, please visit our tokenomics page here.

Please share the profile of key team members

LatteSwap team would like to remain anonymous at this stage. However, we are happy to share with you a short summary of our core team members:

Coco Coke — Head of Engineering — Coco Coke leads our small team of software engineers to develop the LatteSwap platform.

MochaJoe — Head of Product — MochaJoe leads all the product design and content initiatives.

Matcha — Head of Strategy — Matcha is in charge of strategy for LatteSwap and lays out the roadmap for the project.

Ice Americano — Head of Business Development — Ice Americano leads all of our business development initiatives. For any projects interested in partnering up with LatteSwap, please reach out directly to Ice Americano at [email protected]

What monitoring or controls do you have in place that could catch issues, halt functions, or delay attacks to protect assets?

We have internal tools and scripts that monitors and notify us of any suspicious activities.

Do you have a bug bounty program in place/planned?

Yes —we currently have a live in-house bug bounty program with maximum rewards payout of $50K. We are also in discussion with Immunefi to set up our bug bounty program with them, which is scheduled to be launched on the 19th of September. You can find more details about our bug bounty program here.

Safety practices. Is there someone dedicated to security on the team? Does your git include your test/qa scripts? Describe your current IS/QA processes? Will you commit to auditing your code at least quarterly/semi-annually/annually and for major updates and releases?

Yes — our team has a dedicated security personnels who are in charge of the QA/QC process. All of our codes will be closely scrutinized and reviewed before any deployment. If there is any major update, we will also make sure to get our contracts audited by third party firms.

To learn more about LatteSwap, you can visit their official communication channels:

Website · Twitter · Discord · Telegram · Docs · Github


Grazing Range Pool #19 — Welcoming LATTE to the herd was originally published in Alpaca Finance on Medium, where people are continuing the conversation by highlighting and responding to this story.

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