Purple Miracle: The GUARD 💜
Hello, Helmeters 🤠🤠🤠
Thank you for continue company and support. ❤️ Frankly, in the past two months, we have experienced a series of important changes in capital side. Plus the volatility of the crypto market, the whole process was full of twists and turns. However, WE MADE IT 💪, gaining powerful support from prestigious capital. We will public it after the paper work.
In terms of innovation, we’ve been working on and keep finding more interesting implementation of Option trading. In the same time, we know that you have been following the progress of our roadmap, and we are pleased to announce that we will launch a new plan: The Guard ⍟ . This is a key point in our multi-chain ecology and NFT field dev.
⛑ 💜 🛡 ⛑ 💜 🛡 ⛑ 💜 🛡 ⛑ 💜 🛡 ⛑ 💜 🛡
1. Burn HELMET to get GUARD 🔜
🎉We got an invitation from Polygon team and QuickSwap team to deploy the same contract of Helmet on Polygon, and we launched GUARD on Polygon.
GUARD is the re-issue of HELMET on Polygon, meaning that burning 1 HELMET on BSC will create 1 GUARD on Polygon. The total supply of GUARD + HELMET is 100 million (the circulating cap is 50 million until December 31, 2021).
Maybe you are curious about WHY change the token name instead of using the cross-chain bridge. → Due to security concerns and complex boundary conditions, we eventually abandoned the cross-chain bridge and use the Blackhole protocol to burn & release.
So, here is the thing: the burning protocol could combine the cross-chain security and allow to define the way to migrate according to different assets on different net. We believe that the true power of decentralized finance is composability, and what we do is absolutely still a step in the right direction. Then we will come up with a new approach for Guard since the operational strategies should be flexibly vary form different ecosystems.
⚠️- Details of Guard and cross-chain methods will be published in 48 hours (Do not burn your HELMET in advance, otherwise you will not get GUARD)
2. The SHORT Token mining ⛏⛏⛏
SHORT Token is a certificate token held by someone who provide/supply policy to the market at guard.insure. In other words, if you supply 1 piece of policy to the market, you will get a SHORT Token. SHORT Token is not only your key to retrieve mortgaged-assets, but a golden shovel to get GUARD rewards on Polygon, meaning that if you supply insurance policies to the market, you’ll get GUARD reward by staking your SHORT token.
In our first stage, SHORT token mining pools will be entitled by whitelist. Gradually, more mining pools will be listed. Initially, we will open MATIC, QUICK and GUARD mining pools. You could supply policies by staking these three assets (for COVER 100% UP policies), or USDC (for COVER 50% OFF policies) in insurance tab. Then, you could find that you are selling the policy and already get SHORT token which could be staked to earn GUARD.
🧡 NOTICE🧡 : There will be ‘activating’ risk of supplying policy, just like the ‘strike’ of option trading.
For example ➡️ if you supply 1 piece of COVER 100% UP policy of MATIC, with the activate price of $2. Once your policy sold out, no doubt that you will get GUARD premium and SHORT token, however, when MATIC hit over $2, let us make it $3, meaning that your policy will be ‘activated’ by the buyer and you will get $2 & lose 1 MATIC you deposit, while the buyer will get 1 MATIC and lose $2.
⚠️ Do not invest more than you can afford to lose. This is not financial advice; always do you own research :)
SHORT token mining will be launched on Polygon and synchronized to other net later.
🎁 Details and parameters of SHORT token mining will be public in our next Medium story.
3. Buyback and Burning 🔥
In our roadmap, we mentioned buyback burning plan, though, HELMET has burnt through IIO, this is not enough. And due to a period of funds locking, we couldn’t launch a detailed burning plan, while now, we figured that it’s time to start a higher level of buy-back plan.
In the first phase, we will use all BUSD from Bhelmet activating to buy-back HELMET and burn into GUARD on Polygon as mining rewards, allowing unprecedented access to financial services (NOTE: this is a single-way migration, GUARD will never be converted into HELMET again). For security, we will continue to burn HELMET daily until the first phase of buy-back completed.
The amount of burnt HELMET can be viewed real time on the new version of our website.
GOOD FOR US!!!
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