In the Gourmet ecosystem, there are 3 different Tokens, each serving separate functions.
There are 3 different tokens that currently exist on the Gourmet Galaxy platform: GUM, FOOD, and PLANET. All of them are built on top of the Ethereum Blockchain and are powered by Polkadot. Each has its own use cases, and all will contribute to the success of Gourmet Galaxy. GUM is an ERC-20 utility token, while FOOD is ERC-1155 and PLANET is ERC-721. In the future, we are working so our Tokens can integrate and work within the Polkadot Ecosystem.
GUM Token is our ERC-20 utility token, built on top of the Ethereum Blockchain with support for Polkadot Parachains coming in the near future. GUM is a vital part of Gourmet Galaxy, with a mechanism that is designed to give it value intrinsically tied to the Gourmet Galaxy Platform.
GUM has the following uses cases:
- Incentives: GUM Token will be used to reward those who provide Liquidity to our Farming platform. The formula for GUM Yield Farming will be explained in more detail in the Farming section of our Whitepaper.
- Access to the platform: Users use GUM in order to participate in Gourmet Galaxy Game. To forge a PLANET of their own, users must use GUM to buy FOOD on FOODMarket - another essential part of the Gourmet Galaxy Experience. With more people joining Gourmet Galaxy, the drive to acquire PLANET increases, thus increasing the demand for GUM. GUM also acts as the base currency for in-game activities, such as Duel Mode and Building Mode.
- Constructing PLANET: One way to get passive income in Gourmet Galaxy is to take GUM and build on your PLANET. By locking your GUM up on your own PLANET, you will get passive income just like a Staking Model. By staking GUM on your PLANET, not only do you get passive income back, but you also increase the value of your current PLANET, then exchange it on Galaxy Market.
- Revenue sharing model: Fees paid by users who used the FOODMarket will be converted to GUM, and distributed to the Vault.
- Governance: By using the DAO structure, GUM holders can use GUM to participate in Governance decisions of the platform, such as deciding fees on Galaxy Market, or future Game features.
FOOD is our Non-Fungible ERC-1155 token that is needed to forge your own PLANET. FOOD may come in the form of Water, Flour, Bacon or Pineapple, whatever kind of ingredients you need to combine them into your own exotic PLANET.
Users can exchange between FOOD and GUM on Galaxy Market, and since they are limited, the price of FOOD should increase according to the market’s demand.
PLANET is the essential asset of Gourmet Galaxy. PLANET takes the form of an ERC-721 token on the Ethereum Blockchain. To some players, the value of PLANET lies within the GUM rate that it generates monthly. To others, the value of PLANET is based on the price of the token on Galaxy Market. And since there are several levels of PLANET’s rarity, the rarer it is, the higher the price it can be sold for on Galaxy Market. For some people, they just want to collect their own exotic PLANET, since the most unique PLANET has its own characteristic.
Another point of buying PLANET, besides its unique features, is each of them has its own Tax Rate. Tax Rate refers to the APY you get when Staking GUM on your PLANET. For example, a Common PLANET may have an APY of 8% per year when Staking GUM. But legends say that some Legendary PLANET not only have more than 15% APY per year, but they also reward the owners with valuable FOOD weekly.
Maximum number of PLANET is 1000.
PLANET Forging fees formula:
In order to forge your own unique PLANET, aside from FOOD ingredients required, users also need GUM as ingredients for PLANET forging.
Notice that each PLANET will cost a different amount of GUM, and this amount will increase when new PLANET is born. GUM used to forge PLANET this way will be burned 100%.
The formula for the number of GUM needed to forge a PLANET can be found below:
n = p*20
Where p = number of PLANET.
For example, to acquire PLANET number 100, you will need 100*20 = 2,000 GUM.
We also have another formula to calculate the total GUM that will be burned for a specific number of PLANET as seen below:
Total GUM burned at Planet no. p = [20 * p(p+1)]/2 Where p = number of PLANET.
For example, at the time PLANET number 100 has been forged, a total of
[20*100(101)]/2 = 101,000 GUM
would be burned.
The total GUM burned up to planet number 1,000 is 10,010,000 GUM. This will be an important milestone
Token Flow can be described as:
- 1.Users Swap other Assets (USDT, DOT, ETH) into GUM.
- 2.Users use GUM to purchase FOOD through Galaxy Market.
- 3.Users turn FOOD into PLANET with unique recipes.
- 4.From their own PLANET, users generate more GUM, FOOD, BUILDING and turn them into other Assets (USDT, DOT, ETH). Make profit then repeat!