Let’s Get Chopping!

What is ChopBlock?

ChopBlock is laying the foundation for a community-owned and decentralized network that offers fiscal stabilty and the tools for financial liberation.

ChopBlock is a decentralized reserve currency protocol based on the CHOP token. Each CHOP token is backed by a basket of assets in the ChopBlock treasury–the “Woodshed”–giving the token an intrinsic value that it cannot fall below.

ChopBlock is built on the Binance Smart Chain to capitalize on low fees, fast network speeds, and high scalability.

ChopBlock offers an array of decentralized services including:

The Woodshed

The Woodshed is the treasury for the ChopDAO. The purpose of the treasury is to ensure that the CHOP token does not fall below a certain floor price. If CHOP should fall below the floor price, assets in the treasury can be sold to buy back CHOP tokens, thus reducing the supply and driving the price back up over the floor mark.

The value is of the treasury is grown in a variety of ways:

ChopBlock Floor Price = (Treasury Value + Funds Value + Portfolio Value) / Total Supply

Funds and Bonds

Funds and bonds are the primary methods by which ChopBlock grows its treasury. These are also the methods by which the protocol is able to augment and own its own liquidity, also known as protocol owned liquity (POL).

Users can acquire CHOP at discount by purchasing bonds. The user deposits assets into the treasury in exchange for a value equivalence in CHOP. This agreed upon amount is also called a CHOP “assignment”. At the expiration of the bond contract, the user can return the CHOP assignment and withdraw the initial investment, plus interest. Similarly, the user can also choose to forfeit their initial investment and keep their CHOP assignment, plus interest.

Funds function much like a bond. Based on the desired investment, the ChopBlock protocol quotes the user the length of the term, the amount of CHOP tokens due to the user, and the vesting schedule. The user’s investment is deposited into a wallet(s) for specialized trade bots (ChopBots) that persistently trade and build up revenue. At the expiration of the vesting schedule, the user’s initial investment is returned, plus the pre-arranged interest paid in CHOP tokens. Surplus profits generated by the ChopBots are deposited into the treasury.

Portfolios

While stablecoins make up the bulk composition of the treasury to ensure stability, portfolios will capitalize on the development of the cryptocurrency ecology.

A portfolio will be launched for each major parachain to allow for the acquisition of stablecoins and undervalued assets residing on those chains. These portfolios will not only allow for procedural growth of the treasury, but also act as a hedge against the stability of fiat currencies.

Tapping into these parachains will also allow for multiple points of entry into the Chop Protocol for users.

Reflections

Staking is another method by which ChopBlock drives up the value of the CHOP token. Users stake their CHOP tokens to earn rebase rewards. The rebase rewards are generated via proceeds of bond sales. These rewards will vary based on the amount of staked CHOP resides in the protocol and the reward rate set by the ChopDAO.

Meanwhile, while users are being incentivized to hold CHOP tokens, the circulating supply is diminished and price is pushed upward.

Holders are further incentivized as their cost basis drops the longer they hold the CHOP token. If staked long enough, the users cost basis will be reduced to zero.

Collateralized Loans

All loans in the ChopBlock ecosystem are overcollateralized. This is to protect the treasury and all associated parties from the potential of default. Users will make their initial collateral deposits with stablecoins and will receive and equivalence of 50% of the deposited value in CHOP tokens as liquid funds. Users will agree to a repayment schedule (one that can be automated when staking their assigned CHOP tokens). Failure to meet the obligations of the repayment schedule will result in the user’s collateral being liquidated to fulfill the contract balance, and the remainder of the funds returning to the user.

ChopSwap

ChopSwap is designed to be a decentralized and permissionless cross-chain swap protocol allowing for the exchange of major parachains and stablecoins.

This swap platform, coupled with a token wrapping mechanism will allow the CHOP protocol to operate on any parachain and facilitate the deposit of stablecoin assets from various entry points.

ChopDAO

The ChopBlock project aims to evolve into a decentralized autonomous organization, known as the ChopDAO.

Following this metamorphosis, the ChopDAO will be governed by the token holders. This governance will include voting on monetary policy and changes to smart contracts. On-chain governance will involve a snapshot vote on proposals by token holders. Holding more CHOP tokens represents more voting power. These directives are then carried out by the members of the DAO, including developers, team members and stakeholders.

Token Economics

Total Supply10,000,000100%
Marketing700,0007%
Development (12 month lockup)1,200,00012%
Legal and Compliance700,0007%
Consultation and Partnerships300,0003%
Private Sale (Discord)500,0005%
Pre-Sale #1 (Discord)500,0005%
Pre-Sale #2 (ILO)4,000,00040%
CEX Listing Reserve1,000,00010%
Airdrop and Bounties100,0001%
Portfolio and Fund Seeds2,000,00010%

Team

Aaron Guzman

  • Project Head and Lead Writer
  • Strategy and Marketing
  • Architecture

white/cloth

  • Back-End Development
  • Smart Contracts

RobertTheBruce

  • Front-End Development
  • Website Development

Dan McMannon

  • Advisor
  • Accounting
  • Legal

Uncle Charlie

  • Consultant

Sigma772

  • Consultant

Roadmap

Phase 1

Phase 2

Phase 3

Phase 4

Phase 5

Phase 6

Phase 7

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