New DeFi platforms are popping up faster than I can scroll through CoinMarketCap. One pig-themed lottery-style deflationary protocol was enough to catch my eye, even with my ADHD attention span. Yoink is a unique protocol that is demonstrating a one-of-a-kind fairness model while maintaining its integrity and safety. The distribution of Bitcoin heavily favors those that can afford the newest rigs. Staking protocols that claim an improvement to proof of work designed a new distribution method to reward those with the most coins staked (fortune favors the rich). Fairness in crypto today just isn’t fair, it favors those that have the most chips. Yoink gives everyone a chance at tasting the bacon because it relies on a lotto system to reward its users.
Within a month of launching, Yoink was already listed on all major crypto tracking sites including CoinMarketCap, CoinGecko and Blockfolio. Several iterations of Yoink’s dashboard had been deployed, “Yoinklab” and the “Yoinking Function” were launched, and an integration with Chainlink’s new on-chain random number generator, dubbed VRF (Verifiable Random Function), was completed.
It all starts with the Piggy Bank. The Piggy Bank holds 30% of the total supply of YNK which amounts to 30 million. This bank isn’t evil like the one you’ve been banking with for the last 30 years. This bank actually picks random users to receive Yoink and will eventually be depleted. The Piggy Bank is “yoinked from” every 24 hours, taking .1% of its holding and giving it to a lucky user. If the token isn’t accepted it is burned, which is a win-win for the entire community. In more technical terms, the entire process is auditable by all participants via on-chain cryptographic proofs provided by the Chainlink oracles. This level of transparency is essential, considering that Yoink’s Piggy Bank is essentially a perpetual, self-sustaining draw system – it’s important to ensure that the system can’t be broken. What that means for you is that you can sleep at night holding onto your YNK tokens without concern of a developer rug pull.
Lastly, the Yoink ecosystem utilizes two very different tokens – $YNK and $STY. Let’s look at Yoink’s most recent release – the “Pigsty” ($STY Token).
Some of Yoink’s “Pigsty” $STY Token Highlights are below:
Fixed supply – no more 10K STY tokens ever
Deflationary – 1% of $STY will be burned on every transaction
Gamification – On each token transfer 2% of $STY is added to the “Piggy Vault”
Farmable – Uniswap Pools:
YNK/ETH = 2x Multiplier bonus for first 3 days
STY/ETH = 4x Multiplier bonus for first 3 days
And to not forget its Tokenomics:
85% of the supply must be farmed
7.5% of the supply will be airdropped to the community
12.5% of the supply is reserved for the team
1% of the supply will be used to provide initial liquidity on Uniswap
It’s safe to say, there’s a lot more to Yoink than pigs and “getting Yoinked.”