What Is CYCAN NETWORK ?
The Cycan Network (CYN) is a decentralized cross-chain asset management platform that provides users with convenient asset management tools and diverse investment strategies to achieve value growth for their digital asset portfolios. Cycan is focused on the DeFi market and will be deployed on Kusama, BSC networks and other public chains.
The Everlasting Parachain (ELP) is the canary network of the Cycan Network（Like KSM to DOT）and will be deployed on Kusama，BSC networks and other public chains. ELP is a decentralized cross-chain asset management platform with the same features as Cycan but for the NFT market.
Everlasting Cash (ELC) is an anti-inflation algorithmic stablecoin on the Cycan network, which is minted by staking CYN, ELP or both. Due to its anti-inflation characteristics, ELC should be attractive in negative interest environments.
The Cycan Network (CYN) Coin Storage Key Points
| Coin Basic | Information |
|---|---|
| Coin Name | The Cycan Network |
| Short Name | CYN |
| Circulating Supply | N/A |
| Max Supply | 500,000,000 |
| Source Code | Click Here To View Source Code |
| Explorers | Click Here To View Explorers |
| Twitter Page | Click Here To Visit Twitter Group |
| Whitepaper | Click Here To View |
| Support | 24/7 |
| Official Project Website | Click Here To Visit Project Website |
Cycan Network Features
1. Cycan is a decentralized cross-chain asset management platform that is not confined to any particular network.
2. Cycan does not charge any protocol or management fees and it uses multiple decentralized fund liquidity mining mechanisms to distribute rewards to participants making it more user-oriented and diversified.
3. Cycan has the first stablecoin that possesses three functions: medium of exchange, unit of account, and store of value.
4. Cycan bridges allow bilateral cross chain contract calling between the EVM and WASM.
Cycan’s Mission
To provide the world with advanced asset management and investment strategies currently only available to institutional investors. To achieve goal, the will need to:
1. Build a decentralized investment and wealth management ecosystem with complete on-chain governance.
2. Aggregate 1 trillion USD of total funds (TVL) locked into Cycan and the ELP protocol.
3. Have ELC capture 5% to 10% (up to $100 billion) market share of the stablecoin market.
Multiple Liquidity Mining Mechanisms on the Cycan and ELP Networks
Liquidity mining, also known as yield farming, is the process of distributing tokens based on investors’ contributions to DeFi contracts. It is a means of token distribution and a token-incentive mechanism that assists DeFi tools to achieve TVL increase and cultivate users’ asset management habits.
The Liquidity Mining Mechanisms Have
DEX Liquidity MiningDEX Liquidity Mining is the act of providing liquidity via cryptocurrencies to decentralized exchanges (DEXs). DOT-ELP DEX liquidity mining officially started on April 17th, 2021 and investors can add liquidity to the pool, stake the LP tokens and get rewards.
ELC Reserve Liquidity Mining Investors can stake ELP and CYN to mint ELC and receive ELP and CYN airdrops as well as additional issued ELC airdrops (In ELC additional issuance cycle) by the LP token of the ELC reserve pool.
Decentralized Fund Liquidity Mining On the Cycan and ELP platforms, investors, managers, and strategy providers share CYN/ELP mining rewards .CYN Airdrop to ELP Holders ELP holders will receive the CYN airdrops in 20 consecutive months. Holding ELP is the best way to get CYN at the early stages.
How to do DEX Liquidity Mining?
Using ELP-DOT DEX liquidity mining as an example:
1. Buy DOT
2. Exchange half of the DOT for ELP on a DEX (on Pancakeswap)
3. Add DOT and ELP to the liquidity pool to obtain LP tokens
4. Stake the LP tokens into the contract and start the liquidity miningHow to do ELC Reserve Liquidity Mining?
Using ELP as an Example
1. Provide ELP to ELC reserve pool to obtain ELC and rELP
2. rELP is used as a mining LP token to get CYN airdrop
3. When the price of ELC rises, additional ELC will be issued and airdropped to rELP holdersHow to do Decentralized Fund Liquidity Mining?
1. Start a decentralized fund
2. Airdrop CYN to all decentralized funds based on the multiple mechanisms.
3. The investors get 50% of the airdrops, managers 25%, strategy providers 25% (as one example). The managers and strategy providers can be the same person. Starting your fund is the liquidity mining as well.How to Receive the CYN Airdrop?
1. ELP holders can receive the CYN airdrop regardless of the holding size.
2. The CYN airdrop can also be given to people involved in various kinds of liquidity mining.
3. Starting from June 2021, 500,000 CYN each month will be airdropped to ELP holders for 20 consecutive months for a total of twenty months. If you continue to hold ELP, you will receive more than 1.3 Cycans for each.
4. The airdrop date is not fixed each month to prevent speculation activities.