What Is CateCoin (CATE)?
CateCoin is a cat-themed meme coin developed with the aim to offer stable earnings to the user. A meme coin is a cryptocurrency inspired by a meme, event, or joke. The platform was formed to provide value to the meme creators for their hard work in giving content to the world.
According to the whitepaper, society does not understand the efforts put in by a meme creator in providing content in the environment. Due to this, CateCoin (CATE) was introduced to value the efforts of meme creators (memers) using blockchain technology. The platform utilizes decentralized finance (DeFi) features that allow users to safely earn benefits by creating memes.
The platform aims to encourage memers to showcase their talent and earn rewards in return. The ecosystem seeks to use the DEX platform where memers can post their creations and earn rewards based on them. Once the post reaches a minimum of 100 likes and 10 comments, the creator and user start getting rewards on each like and comment. For every like and comment, 0.1 CATE is distributed in the wallet of both creator and user to keep the community interested in the platform. Along with this, the platform also uses an extra boost option where memers attain customized rewards from the platform. Interactive memes are given better prospects along with the NFTminting facility. The creators are allowed to create NFTs for the approved memes and earn rewards from them. The ecosystem has secured 35% of the total liquidity for the reward mechanism only.
CATE is the native utility token available on the CateCoin network. Meme creators are allowed to create memes on the network only when they hold a minimum of 1,000,000 CATEs. Users need to hold a minimum of 10,000 CATEs to comment on or like the memes on the platform. CateCoin also introduced Rise of Cats, a play-to-earn game for the users to enjoy and earn at the same time. The ecosystem uses the reflection mechanism where 2% of every transaction occurring in the system is redistributed among the users as rewards. Also, 1% of the transaction is burned from the total CATE supply to maintain the deflationary effect. Burning is the process of removing coins from circulation by sending them to an inaccessible wallet address, thereby increasing the value of the token.
History of CateCoin (CATE)
The roadmap depicts the development of the Rise of Cats game along with the first round of NFT community subscriptions. The maximum total supply of CateCoin is estimated to be 100,000,000,000,000 CATEs.
For tokenomics, 33% of the total supply is reserved for the ecosystem. 10% is reserved for the market and team. For liquidity and development, 7% and 5% are reserved for them, respectively. The remaining 45% of the total supply is reserved for burn and supply.
How Are New CateCoins (CATE) Created & Users Rewarded?
According to the website, users are allowed to stake CATE tokens in their DApps and earn 15% yield in the form of CATE tokens. The users are also offered CATE tokens for the tokens in their wallet, since 2% of every transaction on the platform is distributed among the holders. The play-to-earn facility also rewards the holders with CATE tokens while playing the game.
