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ElonGate

ELONGATE

Born out of a tweet by Elon Musk, ELONGATE employs unique tokenomics with full integration of charity. As a real world use case, all transactions within the ecosystem are taxed wherein a set portion is donated to charities every week. Approved

social

Available chain:

Binance Smart Chain

Token symbol:

ELONGATE

Website: 

https://www.elongate.cc/

💵Tokenomics

Underlying protocol: RFI

Total transaction tax: 10%

Breakdown (Source: Certik)

Charity: 2.5%

Reflection: 5%

Burn: 2.50%


The Elongate protocol makes use of 'Swap and Liquify' tokenomics common in many charity token protocols which accrue tokens in the token contract itself, then liquidate these tokens via their liquidity pool. Additionally, a half of these tokens are re-injected as liquidity, as made popular by the SafeMoon protocol . This mechanism has passed an audit from Certik.


1. The issue with protocols which reinject liquidity is one of 'centralized ownership' with regards to  LP tokens from the liquidity pool provider (in this case Pancakeswap). The team has addressed this in comment EGT-04 of the Certik audit - the unlocked portion of LP tokens is "sent to various business wallets to meet [the team's] operational needs".

2. The Elongate protocol does not specify an explicit charity wallet address for which donations are sent to via the protocol itself. We assume this decision was made by the team to better fit their economic model - with donation transactions being made on a manual basis.

Security token?: 3.5/5 -unclear stance on whether on-chain charity donations are considered as utility –however it is mainly trading volume-dervied, thus may be potentially treated as a security.

💲 Token

Available chain:

Binance Smart Chain

Total supply:

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Market capitalisation:

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Available DEX/ CEX :

    🚀Presale

    Launch type: Pre-sale (IDO)

    Amount raised: 100 BNB

    Presale date: 25.03.2021

    DEX listing date: 26.03.2021

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    🔒 Security

    Security Smart Contract audit: ✔️RD Auditors

    Locked team tokens: ✔️ (25% unlocked per quarter)

    Locked Liquidity: ✔️

    Renounced ownership:

    🚀Launch

    Launch type: Pre-sale (IDO)

    Amount raised: 100 BNB

    Presale date: 25.03.2021

    DEX listing date: 26.03.2021

    📊Hodlers

    Holder count: 474,399

    Number of whales (>1% supply): 2

    Largest non-team address balance (% of total supply): 2.0648%

    😃 Executive Team

    Team doxxed: ✔️

    KYC performed: ✔️

    💬 Community

    Telegram members: 50,631

    Twitter followers: 128,800

    % fake Twitter followers: 38.8%

    Website SEO score: 68%

    🤼Similar category

    https://www.munchproject.io

    https://www.moonboobs.io/

    🔜 Milestones

    ✔️ Launched website

    ✔️ Released Whitepaper

    ✔️ Over $3 million donated to charity

    Q3 2021- Forging of corporate partnerships

    Q3 2021- Launch of novelty merchandise for the Elongate community

    Q3 2021- A global press release outlining confirmed launches in major exchanges

    Q4 2021- Diversification into real-world use cases

    🛩️Fundamentals

    Project category: Meme, Charity

    Vision: ELONGATE's vision is to forge a revolutionary social impact ecosystem on the blockchain.

    Values: Charity, Community, Clarity, Sustainability.

    Mission: ELONGATE's mission is to leverage community action and blockchain technologies to grow a global movement that defies the status quo and makes profitability intrinsically linked to positive social impact.

    Business model: Merch and NFT Store.

    👍 Review

    - Large holder base

    - Doxxed and experienced team

    - Active community

    - Lack of token utility at the present moment

    - Highly competitive environment

    - Donations dependent on volume of transactions

    💬 ️What the community says


    https://renproject.io/

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