The TacoSwap Project 🌮🌮

An evolution of SUSHISwap with Taco tokenomics.

“This document is still being worked on. Please do enough research and use at your own risk.”

📈 Introduction

TACOSwap is the next step forward in Dex Defi protocols, designed to be the next evolution. Taking Sushiswap’s liquidity focused strategy, we have added:

1. Fiat on ramp and off ramp
2. Spec-TACOS-ler Rewards for our liquidity providers, improving the payout rate to 0.5%.
3. 100% Governance devolved to the community over the migration process
4. 10% for the developer allocation fund
5. Featured token pool allowing capital formation and promotion of new defi projects.
6. Integration to a full banking ledger with direct Fiat funding to start your smart contract — coming soon.

🎨 Protocol Design

💧 Liquidity Provider Incentives

“Why would someone want to provide liquidity to TACOSwap, rather than to Sushiswap or Uniswap?”.

We believe that the current 0.3% fee used by Uniswap and Sushiswap was originally based on the legacy CEX exchanges fee.

Our observations of the market leads us to believe that exchanges with the deepest liquidity attract the most volume over time, and that it is in a decentralised exchanges interest to attract and incentivise liquidity providers to create deeper pools, which in turn leads to tighter spreads and less slippage and more liquidity for traders. We do not believe that traders are overly sensitive to a 20 basis points fee increase, over the benefits of a deeper and more liquid trading pool (and a DEX with added features).

With TACOSwap, one can also provide some liquidity into a pool and earn rewards in the form of TACOS tokens. However, unlike Sushiswap/Uniswap you will be earning higher fees, in addition to various compensations during promotional offers.

As an early adopter to help provide liquidity, you become a significant stakeholder of the protocol.

The earnings that you’ll receive from staking will be proportional to the amount of Sushi Liquidity Pool (SLP) or Uni LP tokens you have staked versus the total amount of SLP/ Uni LP tokens staked (and later TLP tokens) .

Recap of the main Liquidity incentives :

• 0.4 % Direct Fees Plus 0.1% Distributed via our TACOSBar protocol.
• Featured Daily Token Special Pool ™️: This is an effective way for vetted projects to reach a wider audience and achieve capital formation. These tokens are distributed in addition to the minted TACOSs rewards.

👨‍🌾 Token Distribution

We have designed the token distribution mechanics to make it as easy as possible for the existing Sushiswap/Uniswap liquidity providers to start migrating to our protocol!

To start providing liquidity and earning TACOS tokens, anyone holding Sushi Liquidity Pool (SLP) or Uniswap LP tokens can stake those LP tokens into the corresponding initial list of pools. Once done, they will start earning tokens once rewards start on block 10958773.

The list of eligible LP tokens can be added per on-chain governance, please see our governance section.

At every block, 100 TACOS tokens will be created. These tokens will be equally distributed to the stakers of each of the supported pools.

However, For the first 60 days, the amount of TACOS tokens produced will be 4x, resulting in 400 TACOS tokens being minted per block. The bonus end block will be #11348800.

This is to incentivize early farmers and adopters of the protocol and to help in The Liquidity Migration Event™️.

The initial set of available pools:

• DeFi Banking Infrastructure coin x4 Reward CRD-ETH pool , CRD Staking
• Delicacy (4x reward): TACOS-ETH Uni LP
• Sushi LP tokens 2X reward on all pairs

COMING SOON

• CeFi Stablecoins: USDT-ETH,
• DeFi Stablecoins: DAI-ETH, sUSD-ETH
• Lending Protocols: COMP-ETH, LEND-ETH
• Synthetic Assets: SNX-ETH, UMA-ETH
• Oracles: LINK-ETH, BAND-ETH
• Definomics: AMPL-ETH, YFI-ETH

The TACOS/ETH pool gets 4 times the amount, so be sure to supply your TACOS to the liquidity pool to become eligible for extra TACOS. Once voting on TACOSwap is live, the community can vote to add more eligible pools, or change the TACOS weight of any pool.

💸 Reward Distribution

With the current TACOSwap configuration the fee is improved to 0.5% . We believe that this is the fairer fee for liquidity providers.

0.4% goes directly to the active liquidity providers, while the remaining 0.1% gets converted back to TACOS. Fees in any pool are proportionately distributed to the pool’s liquidity providers. In addition, an amount of X Token from the Featured Daily Specials Token pool TM , will be distributed to all TACOS holders via the TACOSBar. 📈.

🕑 Ensuring Project Sustainability (aka. Dev Fund)

10% of every TACOS distribution is set aside for developers.

⛵️ The Liquidity Migration™️

Around the 23 rd of December we will be starting the pool migration process of the corresponding tokens stacked onto TACOSwap contracts as per the below schedule :

Event: Migration Contract Deployment

Date: 23 rd of December

Event: Pool Migrations

This migration will involve taking all of the SLP/LP tokens staked on TACOSwap, redeeming them on Sushiswap/Uniswap for the respective token pairs, and initializing new liquidity pools from those tokens.

These new pools will be almost identical to the standard Sushiswap pool, with the added feature that any fees accrued will be distributed to TACOS token holders through the logic outlined above.

Once the migration is done, the liquidity converted will be fueling the first sets of TACOSwap pools, and will bring the protocol into operation immediately. The stakers don’t need to do anything and will continue to receive TACOS token rewards from providing liquidity going forward.

🍣 Governance

At the date of the last Migration. All Controls will be handed to the community, allowing a 100% distribution of ownership.

Ownership shall be proportional to TACOS Coin ownership.

🍣 Protocol Usage and Fiat Funding

At the protocol and smart contract level, TACOSwap shares an identical interface to Sushiswap.

As well as the usual method of funding via Crypto we are currently enabling smart contract funding via fiat, bringing the gap closer between fiat and digital assets, this is enabled via our acquired banking services ability

For the time being users are able to on ramp directly, using crypto, credit card and bank cards.

🔐 Security Audit

Security is important to us. We are looking to get audits from the following:

• https://peckshield.com/en
• https://quantstamp.com/audits
• Trail of Bits,
• PeckShield,
• OpenZeppelin,
• Consensys,
• Certik,

First firm to confirm an audit of TACOSwap on its official Twitter account will win this job. We promise to pay 10 ETH of our life savings for this audit immediately after you confirm.

The contracts you will be auditing will be everything in the TACOSwap smart contract repository, which is available at https://github.com/TacoswapCRD and is already considered ready for the audit.

⚠️ The TACOSChef contract for farming is unaudited, Please read through the contract before putting your LP tokens at stake! Everything is in BETA, please use at your own risk.

💻 Smart Contracts

The contracts are available at https://github.com/TacoswapCRD with 🅦WTFPL license. Some codes are from other projects including Sushiswap / Yam / Compound / OpenZeppelin and are subjected to their licenses. The followings are the list of the contracts with rough explanation:

🍣 TACOSToken: The token contract, with COMP/YAM voting functionality.

👨MasterChef: Deposit LPs tokens to farm TACOS Plus Feature Coins form The Feature Pool

🔪 TACOSMaker: Collect revenues, convert to TACOS, and send to TACOSBar.

🍸 TACOSBar: Stake TACOS to earn more TACOS 📈.

👩‍💻 Migrator: Migrate MasterChef LP tokens from Sushiswap to TACOSSwap.

GovernorAlpha + Timelock: Governance stuff from Compound.

All contracts written by us should have somewhat reasonable test coverage.

🏁 How You Can Participate

You can start depositing SLP tokens to the MasterChef contract using the interface at https://tacoswap.io

💡 Credit: We borrow most of the UI code from Sushiswap

💬 Join Us!

• Join discussion in our Telegram Group: https://t.me/TacoSwapChat