The HYDRA Token!

Its time to define your BOSS 💪

The time has come Bosses 😎 to release the HYDRA ($HYDRA) token! 🤤

The HYDRA token is specifically design to reward the loyal community members and link our partnerships into the HYDRA pools. HYDRA HODLers are true Bosses, and will be treated like V.I.Ps in BossSwap.

Introducing the $HYDRA

HYDRA, the symbol of our governance system, is known for its many heads. BOSS Swap is intended to be a community project, so the symbolism is fitting.
How does it work? Pretty simple, HYDRA a number of properties:

Governance 😎

First and foremost, HYDRA will be our governance system to take proposals from our subreddit and translate that into real votes. We’re implementing a cash-flow process that enables us (the founders) to have some cash flow in order to operate on the day-to-day basis, but it is up to the HYDRA holders to approve our budget! We will expand more on this governance system on a later post.

Full governance wont happen immediately but step by step and with community input we will continue to refine and shape our governance protocol integrating the HYDRA token. Our long term goal, let HYDRA holders vote on the decisions that are important.

HYDRA/Spawning Pools

Launching, there will be a HYDRA Spawning Pool (single stake) to receive BOSS tokens. We’re preparing the HYDRA Pools that will allow partners to pair off with HYDRA tokens in order to receive their token + BOSS Tokens. HYDRA will be heavily integrated into our HYDRA pools to benefit our most loyal BOSS members!

BOSS Airdrop

We will be airdropping 1,000,000 BOSS tokens on November 22, 2021 to HYDRA holders. The requirement is that you must hold at least 2,000 HYDRA. We will take a snapshot between November 20th and November 21st. HYDRA tokens staked or added into liquidity pools may not qualify at the time of snapshot.

Burning 🔥

We debated and deliberated and took a small community pool to settle the debate. Acquiring HYDRA tokens by spending ONE BOSS LP tokens, already spends enough liquidity. The LP Tokens spent, are going straight to the burnt address. So, how could we burn extra BOSS tokens directly? By increasing the burn tax on the BOSS Tax while lowering the liquidity tax. Through the BOSS tax rework and HYDRA conversion we will burn even more BOSS tokens and add more permanent liquidity to the DEX!

• To purchase $HYDRA there is a 100% burn fee, resulting in a 100% cost when going from ONE BOSS LP→ HYDRA

BOSS TAX breakdown

Apart from the reason for the BOSS Tax is to help lower the burden for the BOSS tax while establishing some of these new [unannounced] partnerships while making the DEX more user friendly with slippage percentages. Combine the new BOSS Tax with the sacrifice alter with Liquidity Tax, we think this will be a better benchmark on our journey to solidify Boss Swap as a Harmony DEX.

• Liquidity Tax 4% → 0%
• Burn Tax 1% → 3%