Welcome to CHICKEN
Last updated
Last updated
CHICKEN, a meme token based on Base, embraces the bonding curve model for its issuance. Crafted with Farcaster friends in mind, it's a token for anyone with a love for fried chicken.
This project is an experimental test of running a decentralized meme coin project using a bonding curve mechanism by someone without a technical background. It's not meant for investment or speculation. Project7, the creator, will not be responsible for any financial losses.
Project7 single-handedly manages CHICKEN; expect a down-to-earth approach without complex operations. Airdrops, including whitelist (WL) operations, are handled manually.
Powered by Mint Club’s bonding curve system, CHICKEN achieves remarkable decentralization, detailed in the Tokenomics section.
The bonding curve autonomously manages 90% of the token's max supply, underscoring the decentralized essence of CHICKEN. There's no need for locked LP NFTs to prove my commitment.
10% of CHICKEN’s maximum supply was allocated for Community Airdrops, and 95.4% of this allocation was successfully distributed to contributors. The full history of the airdrops is available in this Google Sheet.
ChickenDAO was launched on July 22, 2024, after the completion of the community airdrops. The remaining tokens from the airdrops, combined with Project7’s donation of 2 ETH worth of $chicken purchased directly from the market, established the initial fund - ChickenDAO Treasury Fund.
CHICKdrop was executed on September 2, 2024. CHICK, the baby meme token of CHICKEN, was issued on the Degen L3 chain via Mint Club. Of the total supply, 15% was minted for free: 3% allocated for airdrops to CHICKEN and Chicken Pass NFT holders, and 12% reserved for ChickenDAO donors—entirely benefiting the Chicken Coin community. Check the details at CHICKdrop.
CHICKEN operates on a bonding curve: a smart contract defines its price-supply relationship. This method suits SocialFi's Web3 sector, offering a self-regulating pricing mechanism. Purchases mint new tokens directly from the contract, paid for with a base asset added to the pool. Sales trigger token burns, returning the base asset from the pool to the seller. This dynamic ensures a balance between the token's availability and its market value.
Max Supply: 82 billion CHICKEN
Initial Supply for Community Airdrops: 8.2 billion CHICKEN (10% of max supply)
Remaining Supply: 90% allocated to the Bonding Curve Pool
To acquire CHICKEN, you have two options: through Mint Club or Uniswap. With Mint Club, purchases and sales of CHICKEN directly interact with the bonding curve-backed pool, where tokens are newly minted for buyers and burned when sold. The value of CHICKEN is backed by WETH locked in the bonding curve pool, ensuring a base valuation that's inaccessible and permanent.
On Uniswap, CHICKEN comes from an AMM (Automated Market Maker)-based liquidity pool filled by users, not a bonding curve.
Price disparities between the Mint Club bonding curve pool and the Uniswap liquidity pool may present arbitrage opportunities, as the former fundamentally backs CHICKEN's value. Traders might capitalize on these differences, given the bonding curve's role as the core liquidity provider.
Eschewing complex airdrop mechanisms, CHICKEN aims not to be the next Doge but to foster a straightforward community spirit. You won’t find me allocating a significant "Ecosystem" portion under pretenses of locked funds for vague "project development."
Since the launch of $chicken coin, community airdrops have been distributing 10% of the maximum supply (8.2B $chicken) to all qualified participants. This airdrop has concluded on July 7, 2024.
For my protection, I'm implementing a Disclaimer. If you disagree with the terms documented here, please refrain from holding any $CHICKEN.
