Through its deflationary token model, the project aims to bring sustainable passive income for holders.
PSTN Apeswap Farm and Pool to Go Live
In view of expanding the ecosystem, Piston Token has announced a partnership with Apeswap, which will see the BUSD-PSTN farm and Banana staking pool for PSTN go live on Apeswap on August 19. Users will earn PSTN in the Banana pool and Banana tokens as rewards in the BUSD-PSTN farm.
The team will launch a mini racing game “Piston Rush” for the community this weekend. In this game, users can win the grand prize by evading the cops and racing their way to the highest score. The game will have a free trial which will work only up to 30 points. 60% of the prize goes to the first place, while 30% and 10% goes to the second and third place, respectively. However, if the game does not exceed six players, 100% of the prize money goes to the first place.
Mini-games like this will generate additional income for the protocol, eventually creating sustainability in diverse market conditions.
What is Piston Token
Piston Token is a BNB Chain-based token designed to power its entire ecosystem. Users can earn rewards by depositing their tokens in the Piston race dashboard app. When a user deposits the native token, PSTN, to fuel their gas tank, they will receive 1% daily returns (up to 365% APR ) of the amount deposited in the tank.
Currently, the DeFi space appears to be plagued with vague real-world use cases that hardly go beyond high-interest rates, attracting a swarm of gamblers whose money is used to fund the next investor. These unsustainable models lead to the premature collapse of projects owing to inflationary token models.
Acknowledging these drawbacks, the Piston Token team seeks to create a sustainable project that offers real value with accessibility to a broader DeFi community as well as the potential to become a lasting passive income source.
With sustainability as a major goal, the team has implemented tradable taxes to negate sell pressure, reduce volatility, feed the protocol, and provide stability. A way to generate revenue without token inflation is undoubtedly a bedrock to long-term sustainability.
In order to increase transparency and boost community trust, the team has released smart contract audit reports for the project and the soon-to-launch racing game from Solidity Finance, a smart contract auditing company.
Piston Token has also launched a bug bounty program with Immunefi, making it the first daily ROI protocol to use hackathon as security breach prevention. Developers who find vulnerabilities in the smart contract can earn as much as $10,000.
Total Supply: 1,000,000
Contract Address: 0xbfacd29427ff376ff3bc22dffb29866277ca5fb4
Piston users can accelerate their earnings by:
- Making new PSTN deposits
- Adding fuel using the Nitro button to compound their earnings
- Receiving Boosts from their Pitcrew
Pitcrew refers to a user’s downline or network. That is, people they have referred, and the people referred by those people, etc., while Boosts refer to a portion of the transaction fees of the people in one’s Pitcrew.
Piston Token currently has 6900+ holders and on 3000+ watchlists on Coinmarketcap.
The protocol charges taxes, which are used to support the protocol and reduce volatility. Taxes are broken down as follows:
- Buy: 10% tax on exchange and wallet transfers, but zero buy tax on the piston site.
- Deposit: 10% tax on the piston site.
- Claim: Minimum 10% and maximum 75% tax.
- Sell: 10% tax across the piston site, exchanges, and wallets.
- Transfer: 10% tax across exchanges and wallets.
- Airdrop: 10% tax on the piston site.
- Exit: 10% tax to exit the project.
- Compound: 3% tax upon auto compound (Nitro).
These taxes are allocated to marketing, liquidity, and virtual burn. For more information about how these taxes are allocated and how the protocol incentivizes a consistent flow of value into the system, check out the whitepaper.
The Journey So Far
Per its roadmap, Piston Token has completed the Avatar System, Airdrop Casino, Autopilot, and Lottery, amongst other features.
The autopilot feature allows users to choose how many days in a row they want to auto reinvest their daily returns, encouraging holding over selling.
Piston users can also participate in the Piston Lottery. For every Nitro (reinvest), users receive 10 vouchers which can be redeemed for 10 lottery tickets using BUSD. The team uses revenue generated via lottery ticket sales to purchase PSTN tokens and lock them in the race – of which 50% goes to virtual burn and the rest as rewards.
Notably, the team recently participated in an NFT expo in Los Angeles. They showcased the racing game currently in development with a live demo and the alpha test drive, receiving a lot of positive feedback.
The Road Ahead
Test Drive Alpha
Piston is developing a play-to-earn car racing game with the launch time estimated to be in April 2023, according to the roadmap. The game will be integrated into the protocol and the PSTN token to provide maximum value to holders. Auto-compounding gains by hitting the Nitro button will give users starting positions in the racing game. The test phase is expected to kick off at the end of August 2022.
In addition, come September, the project plans to launch its NFT Marketplace, focusing mainly on racing car NFTs and car parts that will be used to customize the racing cars.
To learn more about Piston Token, visit the website here. Follow the project on all social channels to keep up with future developments: