Turtle King Finance Introduction
Turtle King Finance is the compound farming tool for KLAYswap. Automatic compound interest allows users to obtain higher returns on farming, it will execute every hour. And provide additional TURK tokens in return.
We are starting off with the following fee structure : 30% Performance fee , 0.5% withdrawal fee if withdrawal happens within 72 hours of deposit.
For further clarification the 30% performance fee is collected and given to the TURK stakers. For every 1 KLAY earned through performance fees, 5 TURK is minted and given to respective users. So long as the price of TURK stays above 1KLAY/5, users are actually earning money through this performance fee system. All of these fees will ultimately go towards staking TURK, thereby ensuring the sustainability and longevity of our project and benefitting TURK supporters/holders.
Token Name: Turtle King Finance Token
Total Supply: Unlimited
Token contract: 0x8C783809332be7734Fa782eB5139861721F77b33
TURK is the governance token of Turtle King Finance.Every 1KLAY earned will mint 5 TURKs, so the total amount is currently unlimited. We may establish new strategies to limit the cap or burn some tokens, however currently we are focused on the growth of the TURK token. TURK is earned through farming, 15% of TURK mints will be used for development.
There is no public sale for TURK. Only 300,000 KLAY strategic funding from institution.Price is 1 KLAY = 10 TURK and will unlock 10% every month.
At the beginning, 1 TURK be mint to create pair in KLAYswap and 2,000 TURK be mint to adjust token price, it will be destory later. Initial liquidity will adjust in accordance with actual situation.100,000 KLAY is used for project development.
Now we support more than 21 pools, which exist on KLAYswap. Our smart contracts automatically compound your investments, giving you a higher APY. For these pools, as profit you will be getting the respective LP Token of the pool, as well as TURK tokens. 30% of profits will be collected and given as TURK tokens. For every 1 KLAY collected, we give 5 TURK. There should be a withdrawal fee of 0.5% if withdrawn within 72 hours. Currently you can only claim your profits, if you claim & exit the pool. We may change this in the future.
Users stake their TURK tokens, while profits is paid by KLAY.It will unlock linearly for 3 month. The APR for this farm is dependent on the performance of all the other farms, since the 30% performance fee on other farms are what is collected and given out as the reward/roi for this staking pool. TURK Pool has no withdrawal fee and no performance fee.
The SWAP feature we added essentially allows for a user to directly switch from single asset (KLAY) to an LP Token, with just a click of a button without having to go to KLAYswap and switch out different assets. Users can also just switch between different assets.
NOTE: Only the trading fee of KLAYswap needs to be paid (depends on swap route, from 0.3% ~ ).
Turtle King Finance smart contracts are forked from yearn.finance and pancakebunny.finance.It will be all public once audited, but it no certain schedule yet.
The main contract was verified by Klaytn team, and now can be check here: https://scope.klaytn.com/account/0x8c783809332be7734fa782eb5139861721f77b33
Also SlowMist has assist to finished the main contract audit. In the result, most audit items was passed! It means there is no critical risk issues.
Only one medium risk item has been found on most well-known governance tokens and will be fixed by the time lock function. It will be added as project is stable and by the community governance.
Audit report is here.