Sheep token (SHEEP) is a community-owned deflationary token that reduces in supply over time. The token seeks to help institutional and retail traders to generate passive income. The users can also lend funds to other users and aim to earn additional cryptocurrency as rewards, also known as yield farming in this decentralized finance (DeFi)-based token. The token runs on Binance Smart Chain (BSC) and follows BEP-20 standards. BEP-20 is a BSC token standard that has compatibility and similarity with the ERC-20 and BEP-2. The decentralized token seeks to adhere to vertical and horizontal scaling of the software application that keeps the system authenticated, the database safe, and accounts recorded on the blockchain.
According to the whitepaper, the token aims to become a wealth generator and a fair economic standard of living. Further, the token also uses a liquidity pool. A liquidity pool (LP) allows users to keep funds collected in a smart contract for staking, lending, or trading. The users can trade LP with enough slippage to perform transactions according to the requirement. Besides, the Sheep-token protocol seeks to ensure that easy, secure, and fast transactions can occur in the system and provide protection from wallet theft, viruses, and trojans.
SHEEP is the ticker of the Sheep token. The users can become a part of the community by joining social media groups.
Moreover, the token charges a 6% penalty fee on each transaction. However, the protocol burns 3% of the penalty and redistributes the remaining 3% to the token holders. Here, burn means removing a token from the circulating supply, reducing the token's total supply. Smart contracts carry out the transaction process without any involvement of a third party.
The token plans to launch a decentralized exchange (DEX) pad, a multi-platform wallet, prices aggregator, and non-fungible tokens (NFT).
