Initial SHR Offering
Initial SHR Offering (ISO) is the innovative launching procedure exclusively operating on Maze/Neko core protocol. Before the start of an ISO, the token team locks up an initial liquidity in a target DEX which provides price feeding to SHR. The team must also deposit a certain amount of the new token into Maze/Neko protocol and turn into the first farmer of their token. During this ISO, all money suppliers on the protocol will be rewarded with this new token based on the SHR algorithm, and are aiming to compound the rewards. The team’s deposit will be automatically burnt as the users’ rewards are re-staked. Once the team’s deposit is fully replaced, the ISO is finished and the withdrawal of the new token starts opening.
The world's first ISO is the one of Neko's, and thus NEKO token is a fair launch. It will take place once Neko Network is deployed.

Pre-ISO

Initialization of Protocol Parameters

    The total emission per cycle is 500 NEKO and one cycle is 10 minutes.
    The initial Global Yield Distribution parameters are:
      R_usp = 0.7
      R_isp = 0.25
      R_lpp = 0.05
    The initial harvest ratio limitations of all MPs are 100% (unlimited).
    NEKO Funding Pool is closed.
    The initial withdrawal fee rate of NEKO is 100%.
      The withdrawal fee of NEKO is completely burnt during ISO, so the fee rate is actually burn ratio.
    No NEKO emission during Pre-ISO.

Ignition Fuel in USP

According to SHR, the farming computation requires a considerable value of NEKO to be deposited in order to initialize SVRB. Such initial deposit is called Ignition Fuel.
To provide Ignition Fuel,
    Maze Team mints 4,032,000 NEKO and deposits all of it into the protocol, and becomes the first farmer in USP (Tabby Cattery). The NEKO cannot be retrieved (otherwise, burnt).

Initial Price Feed of NEKO

According to SHR, the farming computation requires a price feed of NEKO to calculate its deposit value.
To provide initial price feed,
    Maze Team mints 10,000 NEKO and builds an initial liquidity with BNB on Pancakeswap to create the price of NEKO. Already done. NEKO token contract address: 0xDedF440AD8bf07729EAD58F4fF52edaB20d2628d.
    Maze Team stakes the LP token into the protocol and becomes the first farmer in LPP (Ragdoll Cattery).

During ISO

All functions like loan and liquidation on the protocol work normally during ISO.

Replacement of Ignition Fuel

All DeFi users are allowed to farm with the permitted assets on the protocol and get NEKO as the reward. The reward is NOT allowed to be harvest directly to the wallet during ISO, but is allowed to be re-staked to NEKO Reserve Pool every 24 hours.
If any user re-staked a certain number of NEKO rewards to the pool, Maze Team must instantly withdraw the equal amount of NEKO out of the pool and have it burnt (as burn ratio is 100% during ISO).
When the entire Ignition Fuel of Maze Team is burnt up, all 4,032,000 NEKO deposit on the protocol belongs to the users', and then the ISO is completed.

Restriction

As the first farmer, Maze Team is not allowed to re-stake their rewards, but to leave them un-harvested during ISO.
NEKO is not a collateral and not for borrowing during ISO, since its Funding Pool is not in use.

Change of Parameters

According to the replacement progress of Ignition Fuel and the dates, Global Yield Distribution parameters are changing.
The final Global Yield Distribution parameters will become:
    R_usp = 0.4
    R_isp = 0.1
    R_lpp = 0.5

Post-ISO

When ISO comes to the end, the emission of NEKO reward continues, but no replacement any more.

Withdrawal Fee (Burn Ratio)

On the day of ISO completion, the burn ratio of NEKO withdrawal drops to 99%, and then gradually drops everyday until 0%.

Harvest Ratio Limitation

On the day of ISO completion, the harvest ratio limitation of all MPs drops to 1%, and then gradually increases everyday until the target ratios.
Last modified 2mo ago