Incubator IoTeX
Parrot Incubator
Burn $iPEGG to get $BPEGG and Stake $BPEGG to earn $iPEGG. Confused? We'll explain it all, keep reading.
Incubator on Abitrum was a well-accepted feature that led our users to burn more than 50% of the circulation supply.
Incubator on IoTeX is going live on Wed 13, Oct 2021, at 20:00 UTC
Parrot Incubator is similar but not the same as Goose Finance Incubator.
Goose Finance Incubator
The guys from Goose, to combat inflation, decided to start layered farming with a feature called Incubator, which consisted of users staking their $EGG and getting a new token (GG1, GG2, GG3, etc). These layers were generated automatically every 7-10 days.
The Incubator was an $EGG pool generator with a burning fee. It had a very high multiplier, around 60x (The total multiplier of all pools was 150), and the most prominent point was a burning fee applied to their genesis layer tokens, $EGG. This fee was from 2% to 20%.
What's the difference?
Parrot Defi will apply a 100% burning fee to $iPEGG, and rewards will also be $iPEGG, but the BPEGG staking pool will be boosted, enjoying a higher allocation points than the rest of the pools.
This is huge, and it will fight inflation at epic dimensions.
How does it work?
At Parrot Defi Incubator, users will be able to swap 2 $iPEGG for 1 $BPEGG. These $iPEGG will be burned, and the $BPEGG can be deposited at Incubator's pools, where multipliers will be DOUBLE than $iPEGG pools. Users can withdraw at any time, and these new tokens are tradable as well.
What's the point?
$iPEGG will burn, which means the token becomes more valuable.
Token burning can help to stabilize the value of the token and prevent potential price inflation. Making the token price more stable gives its holders an incentive to hold these tokens and, consequently, to keep token prices even more favorable.
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