Here is the no nonsense FAQ about the MILK presale. I keep everything as short and straightforward as possible.
Enjoy!
MILK Pre-Sale FAQ
What is MILK?
MILK is the MuesliSwap staking and governance token.
What is MuesliSwap?
A new DEX (decentralized exchange) for SmartBCH.
What is SmartBCH?
An EVM (Ethereum Virtual Machine) compatible sidechain of Bitcoin Cash with a focus on high throughput and low fees.
SmartBCH is affordable DeFi (decentralized finance) for the entire world - not just the rich.
What are the advantages of MuesliSwap?
Low trading fees of 0.2%.
No developer tax on trading fees: 100% of the trading fees benefit the liquidity providers.
No developer tax on the inflation of the MILK token.
Only 30% of the initial MILK supply go to the developers. They will use a third for providing liquidity and burn another third of that.
MuesliSwap will be audited.
SEP20 token launch platform (preview)
No migrator function. (That means the developers can't steal your liquidity tokens. See next question for more details.)
What's my Personal Take on MuesliSwap?
MuesliSwap offers the most competitive fees for traders I have seen so far on SmartBCH - and all trading fees benefit the liquidity providers. The developers don't take any portion of the fees for themselves (unless they are also liquidity providers).
The fact that the migrator function is not deployed in MuesliSwap is a big plus for me - as this function has been used by other DEXs to steal investors' money.
Because the migrator function is not deployed, your funds cannot be stolen by the developers.
(Sidenote: I have asked the developers about that last point and they told me that the migrator function is not deployed in MuesliSwap. I don't know how to actually verify that. If you are knowledgeable enough to verify that, please leave a comment with your findings.)
When does the presale start?
It starts on Wednesday, 6th October 16:00 UTC and ends on Monday, 11th October 16:00 UTC.
What can I do with MILK?
Right after the pre-sale ends, you can use it for farming on MuesliSwap to earn even more MILK.
Later you will be able to use it to vote on changes to MuesliSwap - or to the token MILK itself.
What is the initial supply of MILK?
1 million MILK.
How is the initial supply of MILK split up?
700,000 tokens go to participants of the pre-sale.
100,000 tokens go to the developer team. The developers can do whatever they want with these tokens.
100,000 tokens are reserved for future token burns. Until then, the developers control these tokens.
100,000 tokens are used by the developers as initial liquidity on MuesliSwap.
Is there a maximum supply of MILK?
No.
What is the inflation rate of MILK?
0.1 MILK per block (every 15 seconds).
The inflation rate may have to be adjusted. Adjustments can decrease the inflation rate. This would be beneficial for the MILK price.
The inflation rate can also be increased if that turns out to be necessary to attract more liquidity providers.
Initially, the developers will decide on these changes. Later on, a voting tool will allow MILK holders to vote on decisions.
Is there a developer tax on MILK?
No. The developers only get the above portion of the initial supply of MILK - and that's it.
They can use their tokens of course to provide liquidity and for staking - which they definitely have to do, otherwise, they won't earn any money from the usage of their own DEX.
Is there a developer tax on the MuesliSwap trading fees?
No. The developers only earn on volume on MuesliSwap if they provide liquidity - just like anybody else.
Is there enough financial incentive for the developers to keep MuesliSwap running?
I think so. They say they are in it for the long run. And if MuesliSwap will be successful, then having ownership of a good portion of MILK will be very profitable.
MuesliSwap is one of the first DEXs on SmartBCH. With its low fees, it has a good chance of success, I believe.
Will MuesliSwap be audited?
Yes, the developers want to pay for the audit with the revenues from the pre-sale.
How does the pre-sale work?
You can invest any amount into the pre-sale smart contract. Until the pre-sale ends, you can increase or decrease that amount.
At the end of the pre-sale, you will receive the percentage of the 700,000 MILK that corresponds to how much money you invested into the pre-sale.
If you invested 1 BCH into the pre-sale and the total investment is 100 BCH, then you invested 1% of the total - and you will receive 1% of the 700,000 initial supply of MILK from the smart contract.
The pre-sale website will show an estimate of how many tokens you will receive at the end of the pre-sale. However, this estimate is based on current investments and changes whenever someone increases or decreases their investment.
Who gets the investments from the pre-sale?
The developers.
What do they do with that money?
They want to pay for an audit of MuesliSwap.
Other than that, they can do whatever they want with it.
Can the developers just participate in their own pre-sale and get even more MILK?
Yes, they could do that. They could pay a large amount of BCH shortly before the pre-sale ends - which would be returned to them afterwards. Such things have happened in the past.
However, the developers point out that they spent a lot of time on MuesliSwap - and such a move would kill the trust in them - which would kill the entire DEX...
Therefore, the incentive to make MuesliSwap a success is greater than the incentive to cheat.
Can the developers rug pull after the pre-sale?
They could, but again: They say that they spent a lot of time and effort on MuesliSwap and want to make it a success in the long-term. A rug pull would kill the DEX instantly. And they will probably make more money if they don't rug pull. At least not in the beginning. And as they only control 30% and there is no dev tax on fees and on the inflation rate, MuesliSwap and MILK may even survive a rug pull dues to a sufficiently decentralized ownership after the pre-sale.
What is the MILK contract address?
0xc8E09AEdB3c949a875e1FD571dC4b3E48FB221f0
Where can I find the contracts?
What are the smart contracts based on?
On the original Uniswap V2 contracts.
What is the MILK code based on?
It's based on CAKE.
Where can I find more information?
(The link to the pre-sale itself is on top of the website.)
Telegram Channel (you will only see announcements from the team).
Telegram Group (you can ask questions).
How much did the MuesliSwap guys pay you, MoreGainStrategies? 🧐
Nothing. I am not receiving anything from them for having written this FAQ. I may receive tips from readers on the platform - which are publicly shown below the article.
Everything that I have written is my own opinion. I have no affiliation with the MuesliSwap developers - other than having been in contact with them over Telegram.
If you want to find out more about the developers, you can read my interview with them:
...and you will also help the author collect more tips.
Personally, I think Muesliswap doesn't offer something really new compared to Ben and Mist. Other coming DEXs, like KoingFu or Squid, do really innovate.