NOTE:

We Rebrand Recently. New brand is RiceQuant and Old Brand is ifarm.finance. and $IFA =>$RICE.

You must be no stranger to Costco, my dude, have you been visiting Costco lately? If not, come to Costco in ifarm.

Introduce Costco

Costco is an IFA discounter. Costco allows any one to buy IFA at a 98% discount using iToken. And IFA’s real-time market prices are synchronized with Uniswap.

Where does the IFA in Costco come from?

Circulated IFA is from Liquid Mining. For every block produced in Ethereum network, 8 $IFA can be mined in sync. Of these, 10% goes to Costco.

10% of IFA-Revenue’s revenue goes to Costco.

Why Costco?

There can be no real democracy without incentives.

We know that $IFA conveys governance over $IFA and any future missions to the ifarm.finance DAO. The ifarm.finance DAO will effectively take the responsibilities of defining potential future missions, deciding on the usage of the Treasurys and other governance related topics. Therefore, teams involved in project construction and governance must have the incentives to match that in order for ifarm to thrive.

Is it reasonable for 10% from Liquidity Mining to go to Costco?

IFA is released linearly with Ethereum blocks, so IFA does not immediately converge on the ifarm.finance team, thereby resisting potential malicious behavior on the team.

The IFA in Costco owned by smart contracts, and no one has the right to take out the IFA inside and can only buy it with iToken. Therefore, the operational and R&D team’s authority to obtain relevant funding from Costco depends on whether there is support for the project. Imagine that if the ifarm does not move the project forward in an orderly manner, it will inevitably lose its market position and support, and no one will want to buy IFA in Costco, then the IFA in Costco is equivalent to burning.

In the normal course of the project, we are confident that someone will continue to support the project, of course, due to the 98% discount price set up to lead to arbitrage opportunities in the market, will also attract arbitrage crowds. Therefore, the price at which IFA in Costco can eventually be bought is determined by the market game. In a free market, IFA will be sold at a reasonable price, so the team gets a reasonable amount of money from the market.

The IFA in Costco needs to be exchanged with iToken. iToken is also mined from Liquidity Mining, not directly swap from BTC, ETH or USDT in your wallet. In fact, this is a very reasonable investment protection behavior. Because the team’s profit from Costco is iToken, and whether iToken is valuable is related to the proper functioning of the project.

We believe that such a setup will greatly motivate the team to contribute to the project and enable DAO to have a place in the DeFi market.

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