The story behind SATV: when a bunch of random crypto lovers get together
It all started with a new listed coin… An unknown developer (we’ll kindly call him SATURNoshi Nakamoto) launched a coin with 1BNB as liquidity. He renounced ownership and locked liquidity… and that was it.
The events then begin in the the BSC StreetBets Telegram group. Created by ApeCaptainJack, this group is usually the first one to call newly and safe released coins… And on his radar right after the creation of the contract: SaturnV (SATV).
SATV came to the attention of Reta and Meng3r, two valued members of this community. They liked SATURNoshi Nakamoto’s idea and the tokenomics he created: every transaction triggered a 3% tax with 1% being equally divided between holders, 1% transferred to the liquidity pool, and the 1% remaining being permanently burned.
The two new found companions saw the potential behind SATV and took matters into their own hands. Reta created a Telegram channel and paid for the website; Meng3r opened his wallet to pay for an audit of the code.
Shortly after that, DodgyEnd and Tommy Gold offered their help and joined the team. When the Telegram group became more lively, Meistine turned out to be a natural born administrator and completed the team.
Composed by passionate, honest and community driven members, the team aims to create a ‘totally secure’, ‘community oriented’ and ‘problem solving blockchain ecosystem’ around SaturnV.
The team’s vision: a community oriented token
The core team, composed by Meng3r, Reta, DodgyEnd, Meistine and Tommy (as an advisor) immediately held few meetings… And oh boy…It wasn’t easy as all of us had a job or a family to consider. But somehow, being strangers to each other, we basically shared the same ideas and vision. It didn’t take long before the general direction of this project was decided.
In the near future, Saturn V will become the ecosystem’s governance token. Its deflationary model will reward early investors as they gain passive income with every transaction, while at the same time the supply get reduced.
Thus, token holders will be able to take part in the key decisions related to the project through votes.
SATV’s upgrade to SATVG: a mandatory step to build the future
In order to provide the most secure and best experience to our investors, the core team decided, in addition to the audit, to run an extra study of the SATV code. For that, we were able to find the help of Sycore, a well-known and experienced developer.
To name just a few of Sycore’s projects (without any flex lol): corlibri.org (Corlibri, Wcor, Xcorlibri), rocketbunny.io (Rocket drop, Rocket bunny/Pocket bomb), RYI/P farms and RYIU token on BSC (upcoming), Clover Protocol (part of the team).
His code breakdown can be found here .
The interesting part of the report is:
[…] tokens that are allocated for liquidity additions by the contract are subtracted from the total token supply variable. This variable is used to calculate the ‘reflection’ rate that determines fees and yield. The tokens are then added back into circulation during the liquidity add function. This potentially causes the ‘reflection’ rate to be miscalculated and thus unintendedly creating additional token supplies”
To make things clear: while the original idea was to reduce the supply of the coins by burning, this actually didn’t happen even though the circulating supply on BscScan kept decreasing. At the time of writing the website shows a supply of little under 7 million. But in fact, there are still around 10 million coins in circulation.
Following the code analysis, and with the original vision in mind, we decided to make few adjustments to the code.
Out of our own pockets, we paid for an upgrade/transition of the current SATV token to a new one. Together with Sycore, we created: SaturnV Gold (Ticker: SATVG)
Consequences: A positive impact on the ecosystem
By updating SATV to SATVG, we implemented a few very important changes to the code and tokenomics.
The most important one is the fact that the supply is actually being burned!
The second one is related to team funds. In facts, the lack of a team funds was slowing our growth. The team members did pay for a few things (Website creation and annual subscription /Audit/ Marketing/ Code update), but this is not sustainable for the future and for our (ambitious) plans.
The project gets bigger everyday, as well as the costs.
The new SATVG token will be swapped 1:1 with the current SATV token, and liquidity will be transferred to the new token.
SATVG Tokenomics [UPDATED on March 17th]:
SaturnV Gold allows you to earn passive yield on your holdings through an automatic staking mechanism. This yield is not deflationary and comes from the 3% transaction fee collected from buys, sells, and transfers. In addition, 1/3rd of the fee is collected by the token contract itself. Once it reaches a predetermined balance, it is added automatically as locked liquidity to the trading pool. This is done by selling half the tokens for WBNB and pairing the remaining tokens as liquidity. Finally, 1/3rd of the initial supply is sent to the burn address. These tokens are inaccessible by anyone, but still receive a portion of the yield, essentially burning around 1/3rd of the transaction fee. The combination of all three of these mechanisms creates a very appealing set of tokenomics: a rising price floor, continuous supply reduction, and automatic rewards for holders.
Initial Maximum Supply: 16 500 000 SATVG
Circulating Supply: 12 000 000 SATVG
Team funds and marketing allocated tokens: 1 250 000 SATVG
Development fees: 750 000 SATVG
Tokens available for swap: 10 000 000 SATVG
Tokens burned: 4 500 000 SATVG
Any tokens left unswaped will be immediately burned forever.
1% of each transaction fee (buy/sell) will be split into all the holders.
1% of each transaction fee (buy/sell) will go into liquidity.
1% of each transaction fee (buy/sell) will be burned. For real this time.
Everything is done by the contract. Holders don’t need to take any actions to see their holdings grow in their wallets.
“How To Swap” Guide and Details:
The swap will start on March the 13th at 9 pm UTC and will be active during 48 hours.
The swap will be done via the interface of our partner RocketBunny (handled by Sycore’s project).
To swap 1:1 your SATV to SATVG, please visit: http://swap.saturnv.vision/ and follow the instructions.
Connect your Metamask wallet, approve and swap. If you’re unsure about anything or face any kind of issue during the swap, please ask your questions in https://t.me/Saturnvbsc.
Trading SATVG will open on March the 15th at 9 pm UTC.
Any SATVG left after that will be burned forever.
Many things. Too much things actually! But since you’ve came so far in the reading, we’ll give you a hint: a lottery a…ggregator?