ElonPeg presents a new financial model for the now-common deflationary token: automated burn pegged to the Twitter account of the one and only Elon. Our system is unique, combining outside If-This-Then-That style API calls to scour Twitter regularly, highly secure serverless compute resources to take blockchain requests, and a unique BurnUponTweeting contract to transparently execute burn upon tweeting.
Elon tweets are known to cause market volatility, both upward and downward trends. With every tweet, retweet, and reply the BurnUponTweeting contract will automatically send 0.5% of its supply to burn, which awards holders with reflections, deflates the supply, and contributes to liquidity all at the same time! Every burn also records the tweet ID in the transaction event log, for full on-chain transparency.
With its 9% fees (3% to holders, 3% to liquidity, 3% to marketing, events, and carbon offsetting) and automated deflation method, ElonPeg is the first Elon-Pegged crypto token and a hedge (or boost!) for volatility-inducing Elon tweets.
Launched on June 3, 2021 on the Binance Smart Chain by Prism Crypto LLC, a US-based company with three founding members (2 in the US, 1 in England) that were heavy contributors/developers to other successful Binance Smart Chain projects.
ELONPEG is a social-media and tokenomics experiment project, using the concept of social media influence on Twitter to influence token value and holder confidence through deflation and reflections automated from Elon's tweets. While the token currently focuses on Elon, the vision for the future is strong with capabilities for other hedging/pegging mechanisms based on commonly available, consistent data.
The founders are committed to bettering our environment, and have pledged to use ELONPEG to advance carbon reduction through monthly offsetting payments, and in the future potential for research.