The official website of the Metaverse payment project PAY DAO announced that the mainnet will be fully launched on September 26, including important ecological functions such as token distribution and trading, NFT, online free and payment mining. Let’s take a look at these major updates. What is it?
PAY DAO overview
PAY DAO is a Web 3.0 decentralized payment network for the global metaverse platform. It aims to allow hundreds of millions of Cosmos users, developers, merchants, suppliers and ecosystem partners to easily participate in the economic prosperity of the Metaverse through payment and mining between PAY tokens. Make the PAY Metaverse Universal Payment Token available on tens of millions of Metaverse platforms and networks around the world through the upcoming PAY payment service and app.
PAY DAO is building a set of payment technology and product foundations centered on the PAY token. With a view to realizing a fully functional digital economy metaverse in the near future. In addition to being a leader in Metaverse payments, the project is also aimed at the near future, where PAY intends to establish long-term partnerships, joint venture communities and alliances with content developers in the Metaverse sports, gaming and other entertainment sectors. Create a metaverse digital economic system exclusively served by PAY DAO’s PAY token payment system and financial platform.
According to the official social media announcement of PAY DAO, the mainnet will be updated at 18:00 SGT on September 26, 2022. From the content of the announcement, the specific update rules are as follows:
PAY Token Distribution and Trading
After the new version is launched on the 26th, users who donated before can receive all rewards on the official website, and the donation function will be turned off simultaneously. At the same time, the PAY DAO community will establish a liquidity pool in Pancakeswap to allow users to freely trade PAY without slippage. The initial circulation of the token is low, and it is expected that after the online transaction, donation users will have a good return.
The official website of PAY DAO and the white paper show that PAY TOKEN is a BEP 20 utility token issued based on the Binance Smart Chain, referred to as “PAY”. PAY is a universal payment digital currency in the Metaverse and is the core of the future Metaverse economic system.
Total supply of PAY: 1 billion, all the circulation is obtained from donations and the liquidity pool added in pancakeswap. According to the donation amount displayed on the official website, it is estimated that the initial circulation will be less than 100 million after the launch, and all the unsold PAY will be destroyed. And the team does not have any reservations and holdings, and all are produced through mining.
Free NFT mining
You can participate if you hold a junior knight NFT, the official website is free Mint, a single address can get free Mint once, the NFT is not tradable and does not participate in dividends, there is no upper limit on the total amount of junior knight NFT, and the knight card is mainly used as the NFT image.
After the mainnet goes online, the contract will monitor all addresses holding primary NFTs, and each address will receive 100 O-PAY fixed daily, which will be automatically credited to the account, and the NFT time limit is 30 days. O-PAY releases the same amount of PAY at a rate of 1.26% every day, and users can collect it on the official website mining dashboard, which corresponds to the destruction of O-PAY.
There is also a super NFT gift event: recommend 10 users to complete the initial NFT collection, and each of the 10 users completes the recommendation of 50 users, you can get 1 super NFT for free. The more wallet addresses, the more O-PAY you will get. the greater the number.
It is believed that after the launch of this function, it will bring a wave of good traffic and user base to PAY DAO.
PAY pays for mining
As the most ingenious ecological model of PAY DAO and the most anticipated functional update by the community, PAY payment mining may set off a new wave of encryption boom. So let’s see how payment mining is implemented?
When any wallet address transfers any amount of PAY, the transfer address will receive 100% O-PAY, the receiving address will receive 84% PAY, 16% O-PAY, and 16% of its PAY will enter the community fund pool.
The real-time distribution on the community fund pool chain is as follows:
8% Permanent Destruction
3% Super NFT Dividend
2% Genesis NFT dividend
2% referral reward, automatically credited to the wallet
1% Community Fund
This means that the more transfers on the chain, the more the amount of destruction, and the more PAY the transfer address is expected to hold, so as to achieve a dynamic balance, but at any time stage, the amount of destruction will be greater than the amount released. The PAY token has also officially entered the extreme deflation stage, which will be a great benefit to PAY holders.
Advanced NFT Dividends
In order to commemorate the founder of world finance, PAY-DAO NFT launched an NFT named after the Knights Templar. As the “European and American financial enlightener”, the Knights Templar played the role of the earliest “bank”, symbolizing a common life. , union and devotion.
PAY DAO NFT is divided into three types: T, super NFT, and primary NFT, all of which are distributed in the form of gifts. In order to prevent witch attacks and malicious Mint, all NFTs need to pay a casting fee of 0.01BNB when receiving them.
The total circulation of Genesis NFTs: 333, mainly based on the NFT image of the Holy Grail of Treasure Legends. 2% of each transaction fee will be allocated to all addresses holding Genesis NFTs.
The total circulation of super NFTs: 6180, which are divided into six NFTs of priesthood cards, pilgrimage cards, monastic cards, cross cards, olive cards, and Fagu cards. 3% of each transaction fee will be distributed to all addresses holding super NFTs.
It is worth noting that users need to receive the corresponding NFT to participate in the dividend. There are fewer users holding NFT in the early stage. After the online transaction, the transfer volume will surge, and the dividend may be a good income. In the long run, as long as there is PAY transfer , it will generate dividends, and holders can receive dividends on the official website by themselves.
Future development is expected
According to the updated content of the white paper, this mainnet launch belongs to the first stage and is also a milestone in the development process. In the future, PAY DAO will gradually evolve into an excellent DAO (decentralized organization) in the Web3 world. Coin is a metaverse digital economic system that exclusively provides services for payment systems and financial platforms. I look forward to PAY DAO to continue to launch more excellent products, and I believe that PAY DAO will maximize the value for users and PAY holders in the future.