Next step How it works
EARN Network (EARN$) is a decentralized passive income protocol built on Ethereum.
All Ethereum addresses that hold EARN$ tokens automatically receive a distribution of EARN$ tokens split proportionally from each transaction of EARN$ tokens. There is no need to stake or perform additional tasks to claim the distributed tokens. Simply hold and EARN. Additionally, each transaction slowly depletes the supply as an equal proportion of tokens from each transaction are burned making EARN$ tokens more scarce over time. These tokenomics allow for a more stable store of value as well as a decentralized source of passive income. In the future, EARN$ tokens will allow you to receive ETH, stablecoins, and other cryptocurrencies daily. This will be done with the trustless, decentralized protocol being funded and built by the EARN community which includes smart contracts that enable the collection and automatic distribution of profits of various ventures of the EARN DAO. Holders will EARN this decentralized passive income by simply holding EARN$ tokens. The vast majority of profits will be distributed across $EARN holders while a small percentage will be distributed to the EARN DAO to fund further growth and development of the protocol.
How it works
Every transaction has a 3% fee. Meaning if you were to purchase 10000 EARN$ tokens, you would get 9700 tokens after a successful transaction. The 3% fee is used to provide tokens for distribution and to burn. An equivalent number of tokens is proportionally distributed to holders of EARN$ and burned each transaction. 1.5% is redistributed and 1.5% is burned.
Another major perk to holding EARN$ is the DAO airdrops. That means that anytime EARN Network receives tokens from its partners or investments, you will receive a portion of those tokens just for holding EARN$ tokens.
For example, EARN$ is partnered with CashDog and received 1% of the CashDog supply as a partner. Based off how much EARN$ you held, you would have received a portion of that 1%. The more EARN$ tokens you held, the greater the number of tokens you were airdropped. Some EARN$ holders received +$1000 worth of CashDog tokens.
In the future, we seek to make these investments and partnerships expand past the blockchain. For example, if we have a website generating $100k profit per month, you would be entitled to receive a portion of that based on the amount of EARN$ you hold.
You also receive NFTs for holding EARN$ tokens. Based off how many EARN$ tokens you hold and how long you have held, you will receive various NFTs – some rarer than others.
Before EARN$, many crypto protocols required users to perform a number of participatory tasks like staking, mining, lending, etc., to earn a yield.
This greatly increased the learning curve and difficulty in participating. These barriers to entry thus limited the potential adoption of these protocols.
EARN$ requires only the blockchain to operate so none of these participatory tasks are required. This makes EARN$ the best choice for all users to earn a yield with minimal effort.
History and launch
EARN Network was built from the ashes of the project XYX (Burn Yield Burn). The project, XYX, was stealth launched (no fundraising) by an anonymous developer on February 6th, 2021. When XYX launched, there was a total supply of 10 million tokens. 9.6M tokens were added to the Uniswap.org liquidity pool and immediately locked on Team.Finance for one year.
The remaining 4% (400k) tokens were to be used for development and growth. However, the anonymous developer mysteriously vanished on February 27th, 2021. After auditing the developer’s transactions, it was clear that they had sold the 4% allocated to development and growth. This led the community to conclude that the project was soft-rugged (when the developer cannot steal the funds but abandons the project forever).
On March 3rd of 2021, the community decided that they could save the project together by creating new socials, channels of communication, and verifying the contracts used to make the protocol were safe. After completing all of those tasks and brainstorming an innovative addition to the protocol, they realized there was one last issue to securing the protocol’s future. The locked liquidity would be automatically unlocked in a year thus giving the Liquidity Provider tokens back to the individual who locked them, meaning the anonymous developer could come back and pull the liquidity (steal the funds).
The XYX community decided that there was only one fair and logical option: a 1:1 token swap to a new token: EARN Network (EARN$). EARN$’s liquidity would be locked forever. To provide the liquidity for EARN$, they would do something that had never been successfully done before: a community-run operation to execute a 1:1 token swap, drain the locked liquidity, and subsequently launch a new permanently locked token with the liquidity obtained from the operation. The token swap was successful. Over 91% of XYX holders swapped within the token swap period and most of the liquidity from XYX was drained swapping the collected XYX raising 26 ETH to be used for liquidity for the new token.
After the swap, there were about 3 million EARN$ tokens that could be used for liquidity and other funding purposes. The community voted to sell 2 million tokens in a presale before listing to provide funding for the project. Any unsold tokens not used for liquidity would be burned. 79 ETH was raised from the presale. One day after the presale ended, 710k EARN$ along with 50 ETH was listed on Uniswap. The remaining ETH in the developer wallet would be used to fund the development and growth of the project. Shortly after listing, the liquidity provider tokens and remaining EARN$ in the developer wallet (765k) were burned forever thus ensuring that there was no possibility of a rug pull or the developer selling tokens.
The EARN$ community had done it! Together, they revived an abandoned project in a way that had never been done before and are building it into something truly special.