Introducing LegitSwap and the $LEGIT token!

in #defilast year (edited)

Decentralized Finance (DeFi) is, undoubtedly, the fastest growing sector of the cryptocurrency market at the present time. DeFi is a positive movement that brings traditional finance into the twenty-first century by allowing transformation of traditional financial products into a decentralized, trustless, and transparent ecosystem. DeFi provides the opportunity for individual participants to maximize profits while, most importantly, retaining one hundred percent control of their own assets.


Future Hive Giveaway for Contest Participation - follow @legitswap and join Discord/Telegram using the links below for more info!


As with any new space where many opportunities exist, DeFi isn’t without risk. In the past few months the DeFi sector has experienced an abundance of forks, exit scams, rug pulls, etc. These are things that may make some participants weary. However, there are many legitimate, respectable projects to choose from. The explosive growth and continued demand for DeFi products in the cryptocurrency marketplace has proven it will be with us for a very long time.

Inspired by the innovations of legitimate projects like — UniSwap, SushiSwap, PRINT, and others, we at LegitSwap aim to take a more serious and long-term approach.
We’ve been carefully observing the DeFi space, noting what users are demanding, and have discovered their needs vary greatly, as they rightfully should.

Our goal with $LEGIT and LegitSwap is to offer what participants want: diverse options coupled with the benefit of sustainability. We achieve that with our unique token economics which aims to preserve token value and rewards for both Liquidity Providers, of both Uniswap LP and Balancer BPT as well as Stakers, and in the future also Volume Providers by migration (from both UniSwap and Balancer) to the LegitSwap.

LegitSwap is not just another Uni/SushiSwap fork, in addition to the ability to effortlessly migrate from UniSwap and forks, LegitSwap will do the same for Balancer pool users making LegitSwap the first Hybrid AMM swap where people will be able to have Uni-like default 50%/50% pairs as well as making their own Balancer like pools. All with half the fees compared to current competitors, only 0.15%!

A $LEGIT Vision

We have seen countless projects, which can easily be classified as experiments, trying to lure investors in with different gimmicks and twists. As they say, the devil is in the details, or more accurately, in the token economics. All these projects are set up in such a way as to ensure a quick return with no guaranteed future vision which is indicative of short lived so called, “Pump and Dump” schemes. As such, we at LegitSwap have committed ourselves to constructing a new paradigm, one which drives sustainable value and is more egalitarian and accessible to all types of investors. The LEGIT Project has decided for a low initial supply and extremely low emission of new tokens.

Although, in theory, there is unlimited supply due to never-ending emission, our proprietary economic model aims for a positive balance between supply and demand with a built in mechanism to achieve an attractive ecosystem that rewards both early adopters and late comers.


"Our goal with $LEGIT and LegitSwap is to offer what participants want: diverse options coupled with the benefit of sustainability."


The project will begin with 3 initial phases:

  1. Initial distribution and Mining
  2. Preparations for migration — attracting liquidity and volume
  3. LegitSwap launch and migration + governance start
    Initial promotion — 3 days of initial promotion to get the word around
    Whitelisting contests — 40 whitelists through community contests
    P1 sale — 5000 $LEGIT/20ETH — 0.5ETHp.p -125 $LEGIT=0.5ETH

"As they say, the devil is in the details, or more accurately, in the token economics. We at LegitSwap have committed ourselves to constructing a new paradigm, one which drives sustainable value and is more egalitarian and accessible to all types of investors. "


Token Economics 🔬

  • A 10301 $LEGIT pre-mint at the $LEGIT smart contract deployment to provide initial liquidity on uniswap
  • 1 $LEGIT used for deploying initial pools with the price equivalent to the raise
  • An initial base $LEGIT per day mining reward across all pools(0.01 $LEGIT/block)
  • First day 1x, second 2x, third 3x, fourth 4x, fifth 5x, sixth 4x, seventh 3x, eighth 2x, multiplier respectively
  • P1 — Initial 5% transaction fee, 2.5% burned, 2.5% to $LEGIT staking pool pre migration
  • P3 — Drop to 1% fee after migration, retaining the same 50/50 burn/staking pool ratio!

$LEGIT and LegitSwap Novel Economic Model

  1. Stakeable — Stake $LEGIT to earn part of the fee’s from Legit ecosystem and governance weight
  2. Governance token — $LEGIT will be used as governance token once governance goes live in P3
  3. Fee sharing model — LegitSwap fees are shared amongst Liquidity providers, traders and $LEGIT stakers
  4. Deflationary — although in theory unlimited supply/emission exists, besides the emissions rate being very low, the token has a deflationary mechanism built in
  5. Constant market demand — our novel economic model creates a constant demand of $LEGIT on the markets by utilizing part of LegitSwap fees for buyback of $LEGIT
  • There will be no, aka 0%! transfer to the dev on every mint!
  • There will be no, aka 0%! transfer to the dev on every burn!
  • There will be no, aka 0%! transfer to the dev on every reward claim!
  • 100% Pre-sale Liquidity lockedforever — all of the ETH sold in the pre-sale will be locked in the liquidity pool with the corresponding amount of LEGIT sold in the sale. Devs will BURN the liquidity pool tokens and not have access.
  • There will only be a 3% dev fund (2%** used for deployments and future development, read below)
  • 2% locked until P2 sale (used for further pool deployment and Legit Swap deployment)
  • 1% locked until P3- LegitSwap launch and migration

Phase 1: Initial promotion, distribution and Mining

Initial promotion — 5 days of initial promotion to get the word around
Whitelisting contests — 40 whitelists through community contests
P1 sale — 5000 $LEGIT/20–0.5 ETH per person cap = 125/$LEGIT per 0.5 ETH
Liquidity lock UniV2 — all 100% ETH raised will be locked forever (LP tokens burned!)
P1 — Initial 5% transaction fee, 2.5% burned, 2.5% to $LEGIT staking pool
Referral program — Invite others to get 1% of their staking rewards!

In the start all initial Mining pools will exclusively be $LEGIT pairings in order to protect $LEGIT from ETH/USDT or random coin-whales coming in and selling on $LEGIT liquidity providers.

This phase will last for about 23 days, after the first day of Mining, 7 days with bonuses for the early backers after which rewards go back to no bonuses and 15 days to further establish the community before and prepare to move to phase 2!

THE INITIAL SET OF FARM POOLS (7 days bonus + 16 days normal rewards per block)

First day 1x, second 2x, third 3x, fourth 4x, fifth 5x, sixth 4x, seventh 3x eighth 2x multiplier respectively

UniV2 LP’s: LEGIT-ETH, LEGIT-WBTC, LEGIT-USDC,LEGIT-USDT, LEGIT-DAI
Bal BPT’s: (98/2) wETH-LEGIT, (49/49/2)far renBTC/wBTC/LEGIT, (4x25)( (USDC/USDT/DAI/LEGIT)

Phase 2: Preparations for migration- attracting liquidity and volume, ~30 days:

2% dev funds unlock- auctioned on bounce/zoom P2 sale, the funds are used for further pool deployment and P3, LegitSwap deployment.
Additional pools - attracting liquidity and volume of high volume pairs for the LegitSwap migration

By only having $LEGIT pair based pools it would be impossible to migrate any further liquidity or volume to Legit.Swap.

Phase 2 tackles that problem by enabling additional pools like USDT/ETH, USDT/USDC, and other high liquidity and volume pools, thus further spreading distribution of $LEGIT and inviting liquidity providers of other pairs to take part and earn some $LEGIT, while still protecting the most valuable, the $LEGIT pools!

Additional pools (30 days bonus for non $LEGIT pairs):

First 4 weeks bonus on non-$LEGIT pool rewards, divider thereafter (compared to $LEGIT pair providers). The dividers are in place to protect the $LEGIT Liquidity providers from outside whales who don’t need $LEGIT to mine it and hence causing sell pressure, while still giving them an initiative to enter the Legit ecosystem.

During P1, the team will be monitoring the highest Liquidity and Volume pools throughout UniSwap (and other forks) and Balancer and implement the top “non $LEGIT” (other then just $LEGIT based pools) pools as addition to the initial set of pools, thou those pools will receive lower reward proportions in comparison to the $LEGIT pools (pools with $LEGIT as pair). In order to attract and enable fair Mining entrance for the biggest liquidity pools, the first week will have the same reward rate as $LEGIT pools as mentioned above.

Phase 3: LegitSwap (UniSwap fork) launch and migration

  • LegitSwap launch and migration of Uni liquidity
  • 1% dev reward unlocked
  • 5x Mining reward first week!
  • Introduction of volume Mining and the V token and V staking pool
  • $LEGIT user governance starts
  • Transaction fee drop to 1% retaining the same 50/50 burn/staking pool ratio!

LegitSwap launch is a great milestone in the project, at this point all the UniSwap Liquidity tokens staked will be seamlessly transferred to LegitSwap, a process which will involve redeeming them the Liquidity Tokens for the respective token pairs, and initializing new liquidity pools for those pairs. While Uniswap and other forks have a high swap fee of 0.3%, with which they are in a huge disadvantage in attracting low level and high level volume from centralized exchanges, even more so because on top of trading fee’s one has to pay ETH transaction fees.

LegitSwap decided to halve the fee to just 0.15%! While smaller traders mostly ignore the swap fees, they will help them remedy the transaction fees, as for the big traders and market makers, whom the transaction fees don’t impact, the swap fee is the one keeping them away from AMM’s, thus ultimately sticking to centralized exchanges to maximize their profits, now thanks to LegitSwap they can finally join the DeFi trading with acceptable fees!

Liquidity without any volume won’t bring too much benefit to neither, the Liquidity Providers nor token holders. By offering a more competitive fee environment, If successful with migration of liquidity and attracting volume, even given half the fees, both, the Liquidity providers as well as $LEGIT holders will see a drastic improvement in earnings due to more volume bringing more income in fees.

To celebrate the grand opening of LegitSwap all pools will gain a 5x bonus on their normal mining rate!

LegitSwap fee will be 0.15%

The 0.15% trading fee will be split 3 ways:

  1. 0.1% to liquidity providers
  2. 0.0125% to $LEGIT staking pool
  3. 0.0125% to buying $LEGIT and burning
  4. 0.025% to $V token staking pool

Introducing Volume mining and V token

Liquidity without any volume won’t bring too much benefit to LegitSwap and the $LEGIT holders. In order to incentivize trading and volume, 0.05% of the fee is set aside for traders themselves. LegitSwap introduces By trading on LegitSwap traders mine V token which they can then stake to earn part of the trading fee.

  • 60 $V token created per day/0.01 per block, shared amongst traders respective to their volume
  • Users can stake their $V token to receive a part of the trading fee in $LEGIT

$LEGIT user governance begins

Although we will treat the $LEGIT token as a governance token from the get go, in phase 3 our governance system will go online where those staking $LEGIT or providing liquidity on $LEGIT pairs on LegitSwap will be able to propose and vote on future changes and implementations to the protocol respectively to their $LEGIT holdings. From there on the governance and decisions where the project goes will be purely community based! $LEGIT holders can for example propose fee change or fee split change, block reward change, new pools, etc.

Future roadmap:

  • New features (uni) — Multiple types of new order types like Limit, Stop Loss, OCO and others.
  • New UI — Bringing Charts, order history and other important things that you need on your trading page.
  • Balancer fork and migration — LegitSwap integrates Balancer fork and migrates all BPT tokens, to further strengthen the Legit ecosystem.
  • Governance Treasury — community governed and deployable fund for future improvements of LegitSwap.
  • LVaults — deposit assets to earn APY on them and improve demand of $LEGIT at the same time helping to grow the LegitEcosystem.
  • Partnerships — announcement of upcoming partnerships.
  • Cross-chain implementations.

LegitSwap Links

Website:-http://legitswap.com/
Twitter:-https://twitter.com/SwapLegit
Medium:-https://medium.com/@legitswap
TG ANN:-https://t.me/legitann
Telegram Discussion Group:-https://t.me/LegitSwap
Discord server:-https://discord.gg/JGSHRGR