Token Explained in Gourmet Galaxy
In the Gourmet ecosystem, there are many 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:
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 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 Token Holders and Foundation Reservation.
- Governance: By using 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:
FOOD is our Non-Fungible ERC-1155 tokens that are 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:
PLANET is the essential asset of Gourmet Galaxy. PLANET takes the form of ERC-721 token on 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 them 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.
Another point of buying PLANET, beside 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.
Token Flow in Gourmet Galaxy
Token Flow can be described as:
- Users Swap other Assets (USDT, DOT, ETH) into GUM.
- Users use GUM to purchase FOOD through Galaxy Market.
- Users turn FOOD into PLANET with unique recipes.
- From their own PLANET, users generate more GUMs, FOODs, BUILDINGs and turn them into other Assets (USDT, DOT, ETH). Profit then repeat!!
You can see it here
Take a look some articles by Gourmet
