The New SEED 2.0 Token and Breeding Fee updates.
3 years ago, Flowerpatch released SEED Token 1.0, our flagship ERC-20 game token. Since then, our community has spent hundreds of hours farming FLOWER NFTs for SEED Token, redeeming SEED for even more and more Breeds, and buying exclusive FLOWERs on our SEED Marketplace. SEED Token 1.0 has powered the Flowerpatch game economy for years, but today we are excited to introduce SEED Token 2.0, an upgraded SEED Token with industry-leading Token features. In this article, we dive directly into the changes to SEED Token 2.0 and explore token burning, DAOs, staking, and much, much more.
New SEED Address: 0xA3c342c1630BE4a779d0896925787EFFad0569cB
New SEED features
SEED Token 2.0 is still an ERC-20 token on the Polygon, but now has the following new token features:
When a token is ‘Burned’, that token is permanently removed from active circulation and supply. Burning tokens reduces the overall supply of that token, creating a deflationary effect from the reduction in supply. This reduction in supply often increases the scarcity of the token.
In terms of Breeding, SEED Token 1.0 did not have a burning mechanic and the token itself faced substantial inflation. SEED Token 2.0 introduces a comprehensive burning mechanism — 70% of the SEED Token used in Breeding fee will be burned. This is a positive change towards correcting inflation, as originally Nugbase would receive 75% of the Breed fees. Now, Nugbase only receives 20% of the Self-Breeding Fee only (taking 0% of the P2P breeding fees), and the SEED Tokens used in Breeding are now truly consumed with 70% of the tokens burned on use.
What is a DAO? A Decentralized Autonomous Organization (DAO) is a governing entity with no central authority or leadership. These internet-based organizations are collectively owned and decisions are made via community-lead proposals and group voting. Flowerpatch DAO was created to give incentives to SEED Token holders and empower community members to actively participate in shaping the future of Flowerpatch. Flowerpatch DAO has a built-in treasury that maintains the DAO’s SEED Tokens reserve and executes payments or rewards for community-led initiatives.
In the new SEED 2.0, 10% of every Breeding fee will go directly to Flowerpatch DAO. This stream of SEED Token will help supply and support the organization’s initiatives that Flowerpatch community members vote on. Additionally, liquidity providers in the DAO will earn SEED Rewards by staking a Uniswap V3 LP NFT.
Breeding Fee Increased
The original breeding fee was 2,000 SEED, but coupled with rising inflation, we determined the value of a Breed (and the subsequent 3 unique FLOWER NFTs) has become undervalued. To bolster the value of one breed, Flowerpatch is increasing the Breeding fee from 2,000 SEED to 6,000 SEED. Increasing the cost of one breed will help reduce the supply of FLOWER NFTs, applying positive pressure to the scarcity of FLOWERs.
Breeding Fee Breakdown: SEED 1.0 vs SEED 2.0
SEED 1.0: Original Breed Fee:
One Breed Fee = 2,000 SEED
75% went to Nugbase (1500 SEED)
25% went to the Breeder (500 SEED)
SEED 2.0: New P2P Breed Fee:
One Breed Fee = 6,000 SEED
70% of is burnt (4,200 SEED)
20% is sent to the Breeder (1,200 SEED)
10% is sent to the Flowerpatch DAO (600 SEED)
SEED 2.0: New Self-Breed Fee:
One Breed Fee = 4,800 SEED
87.5% is burnt (4,200 SEED)
12.5% is sent to Nugbase (600 SEED)
We hope you enjoy the new additions and features to SEED 2.0. Happy farming and please reach out to our team via Discord or our website if you have any questions for us!
— The Nugbase/Flowerpatch Team