Salt Box, Please open your Pandora’s Box

5 min readMar 24, 2021

Why do we compare the salt box to a Pandora’s box? At this moment, what is in your mind? We are all in the DeFi investment industry where desires are intertwined. This is a frenetic space, but also an independent world intertwined with desires.

Here, we are not going to talk too much. However, we will tell a very long story to interpret all of this when we open the Salt Box again and again.

The Wave of NFT

The NFT concept craze has ignited all DeFi farmers. They are farming day and night under the scorching sun, which description seems to be us.

Then use the data to let us look at the ambient temperature we are currently in.

In the past less than 2 months, the trading volume of NBA TOP Shot exceeded 300 million USD; the trading volume of CryptoPunks exceeded 100 million USD.

Over 1 million NFTs sold.

There are more than 1 million addresses holding NFT, and now there are only about 1.6 million DeFi users.

The highest price of a single NFT has been continuously broken, from 6.6 million, 7.8 million, and now more than 69 million USD.

NBA Top Shot, an early player named pranksy, earned $9 million from $600.

Crazy and exploding data makes us feel the opportunity, in fact, the more important thing is the enthusiasm of users.What we want more is to meet the needs of users and help products find a PMF(Product-Market Fit). However, we are still persisting in researching our mainline products

Salt and Salt Box

Since NFT is deeply loved by everyone, we also want to tell our story through the salt box, also our story with you, spread our culture, and hope to build a decentralized warm community through this.

How does the Salt Box describe our story?

Everyone must be very familiar with the Blind Box, yes, the working mechanism of the Salt BBox and the Blind Box are very similar. In RiceQuant, we will hold a lot of activities to open the Salt Box. It is tentatively scheduled to be once a week. 8 works(NFT exhibits) constitute a story chapter. Each work is defined as 4 levels, “Legendary, Epic, Rare, Common”. In these four levels, the number of works of NFT is 1,2,2,3. For example, for this piece of Legendary level, the number of corresponding NFTs may be 5. Fortunately, ERC1155 helps us achieve this function very well.

Since each event is a story chapter, Ricers can choose to collect all types of card to form good memories. We will also carry out story meetings, video contests and other activities. At that time, we will reward $RICE or $SALT for those collectors who owned a set of works.

What’s the SALT?

SALT is not an ERC20/ERC721/ERC1155 token (RICE is an ecological governance token that follows the ERC20 standard, and NFT works follow the ERC721/ERC1155 standard), but more like a ration coupon. This does not mean that we have any control over it, it is still managed by smart contracts, and the balance of the SALT also belongs to each Ricer’s address, we have no right to interfere. Since SALT does not follow standards such as ERC20/ERC721/ERC1155, it is mainly used within our product ecology and cannot be traded peer-to-peer, so it cannot obtain market pricing. So what is the main purpose of SALT at this stage? We can open Salt Box by consuming SALT to obtain NFT works. However, NFT works follow the ERC721/ERC1155 standard. It can be exchanged, transferred, and even traded in professional NFT marketplace, such as opensea. Therefore, it has obtained market pricing.

SALT Metrics

Total Supply: There is no limit on the total supply of SALT. It will continue to produce along with our story, mainly through liquidity mining. Because it cannot obtain market pricing, users do not need to worry about the risk of market inflation due to unlimited total supply.

The Consumption of SALT Required to Open the Salt Box: the user needs to consume 1000 SALT every time to open the Salt Box and randomly draw a NFT work.

Mining speed of SALT:0.5 SALT per block on BSC

How to get SALT?

We have set up two acquisition channels for SALT, airdrop and liquidity mining. The first round of airdrop activities is now underway, please follow us on Twitter.

In order to ensure that RICE has sufficient liquidity, when we launch Salt Box, we will open pools of RICE trading pairs for liquidity mining. For specific SALT liquidity mining start time, please also follow our Twitter for the latest updates.