Greetings Fox Fam.
A most exciting development has taken place, which will further empower devotees of the celestial Myōbu on our journey to the top.
The developers of Myōbu have created a powerful smart contract to continuously raise the price floor, reduce gas costs for future contracts and games, and allow any member of the Myōbu family to use this contract in anything they want to build.
It’s a simple contract, with powerful potential applications.
What does the Buyback Contract do?
Since Myōbu cannot be transferred from wallet to wallet, we have had no way to burn already purchased Myōbu tokens.
Because of the unique design of the tokens, they must be bought & sold on Uniswap.
So we wrote “The Shrine” contract.
This contract receives ETH offerings and calls the Uniswap router to swap its balance for Myōbu and sets the burn address (0x000000000000000000000000000000000000dEaD) as the recipient of the purchased tokens.
So tokens are bought on the open market and sent directly to a burn address.
This contract can be called by anyone. So it creates a trustless way to buyback and burn tokens, knowing they cannot ever be sold. And anyone can call the buyback function when there is ETH offerings there.
You should also know that whoever does call the buyback function will receive a percentage of the contract’s balance to their wallet.
So there are two direct incentives for calling the buyback, first you get ETH for doing it, and second, you raise the price of Myōbu permanently.
Why is it important?
Well, companies often give back from their profits to their stockholders via stock buybacks. Purchasing shares on the open market is great news for investors because it lifts stock prices by reducing the supply of shares available.
Now, imagine that those re-purchased stocks are removed from the available shares and burned forever. This increases the scarcity, and thus the price too… forever.
By doing it via smart contract, we can 100% guarantee that the buyback AND the burn will occur. There’s no chance for any funny business — it’s fully decentralized and trustless.
Furthermore, this smart contract can be implemented into other smart contracts in the future. And because it’s self-funded by the ETH sent to it, using it won’t increase gas costs for those contracts.
How will it be used?
As you might remember, Myōbu’s purpose is to share F.U.R. with holders (Check last medium article: Get to know Myōbu).
And in the interest of Fun, we know there will be games built around the Myōbu token.
We also know it will be very Useful to have contracts which can burn tokens… and finally it will be very Rewarding to holders to have tokens burned and the total supply reduced.
So creating this contract opens up a lot of cool possibilities for our community.
Why is it called “The Shrine”?
To understand this, you must understand more about the celestial Myōbu and their place in the worship of Inari, the god of the harvest:
“Myōbu statues are most often found at Inari shrines, taking the place of the koma inu which adorn other shrines. These foxes act as both guardians and symbols of good luck and blessing. People often leave offerings of holy sake, sekihan (red rice and red beans), inarizushi, and fried tofu at these shrines. These foods are all said to be foxes’ favorites.”
Since the Myōbu token lives on Ethereum, it’s not possible to offer sake, sekihan, inarizushi and fried tofu…
So we figured that ETH was an acceptable offering.
And in exchange, we receive the blessing of reduced supply and increased price.
How can I send ETH to the Buyback Contract?
- Go to your Web3/DeFi wallet (e.g. Metamask) and click the “send” button
- Enter the following recipient as contract address: 0xdD5FD50DcB8Db2B41357f8E655b941A04b566Cb5
- Enter the amount of ETH you want to send to the buyback address and click send
How can I trigger the Buyback Contract?
- Go to the following Etherscan URL: https://etherscan.io/address/0xdd5fd50dcb8db2b41357f8e655b941a04b566cb5#writeContract
- Click “Connect to Web3” on the user interface under “Write contract” and connect with your Web3 wallet
- Click “1. buyback” on the user interface and send a transaction
Important: Don’t trigger a buyback if there is no ETH in the contract because it is a waste of Gwei and therefore your ETH.
Expect More Magic Soon…
It might seem strange to write a whole post announcing we made a new smart contract for Buyback & Burn, but there’s an important reason why.
Far too many crypto projects operate behind a veil, mysteriously working away on protocols and code which the community doesn’t even know about.
Or they announce a bunch of developments written in techno-jargon, which only really blockchain nerds can understand.
We want to take a different approach with you.
By sharing these little developments, and what it can mean for you, our purpose is two-fold.
· First, you will see that there are even more unique and innovative ideas coming forth from the Myōbu development team.
· Second, as you learn about how the token works and the ecosystem of smart contracts that surround it, you will have ideas on how to contribute to the community.
Because at the end of the day, we’re all in this together. Myōbu is nothing without its community, just lines of code on a screen.
It’s the community that makes it thrive!
It’s the community and what we choose to create together that makes Myōbu into “The Fox Headed To The Top”.
Yes, the “Guaranteed Growth” tokenomics help, but it’s the collective creative brilliance of YOU that really makes this token so special.
And that’s what crypto is all about, a bunch of diverse people from all around the world coming together to create & build cool stuff. (And maybe get rich in the process :P ).
So now you know how “The Shrine” functions, maybe you have an idea on a way to use this smart contract to add more F.U.R. for the whole community.
If you do, share it in the Telegram, we would love to hear it… and if it’s a hit, then we will fund it from the Fox Hole.
That’s the magic of being a part of the Myōbu community.
Join the Telegram:
Read the Whitepaper:
Follow on Twitter: