The beginning of something new 💫
Last week the CORE team kickstarted its initial distribution of the CORE token using a mechanism called Liquidity Generation Event (LGE).
For a 7-day period, CORE’s LGE smart contract was collecting over 3700 ETH from various participants.
After the timer ran out, a function had to be called to send all tokens to the Uniswap pool, making CORE tradable.
This CORE/WETH Uniswap pool, was provided with liquidity from the Ethereum collected by the LGE smart contract and the 10,000 CORE.
CORE/WETH LP tokens were distributed to all the LGE participants.
No early bonuses or developer shares were given out. It was one of the fairest distributions to date.
CORE and its LGE’s🌋
The Liquidity Generation Event did not just play an important role for the creation of CORE. This mechanism will be used every time we want to create new liquidity pools with other token pairs.
CORE and its products were designed with extensibility in mind.
The token itself has been improved by calling another smart contract, making the 1% fee on trades possible and giving it a huge edge in extensibility.
Growth through Liquidity 🌊
With the creation of CORE and its first locked liquidity event behind us, we centre our thoughts towards the next LGE.
It will expand CORE further, directly affecting the price floor and linking its value to an additional asset. The first LGE and the creation of CORE resulted in a paradigm shift in this space.
The next event will bring even more possibilities to CORE and will be a crucial stepping-stone towards CoreVaults.
The next token pair will be announced later this week. Make sure to follow us on Twitter and join the Discord and Telegram channels to not miss the news.