MM Finance Has Introduced Their 11th Launchpad — Scrub Finance

Introducing Scrub Finance — a $SVN peg

Inspired by the original idea behind Basis as well as its predecessors (bDollar and soup), Scrub Finance is a multi-token protocol which consists of the following two tokens: Lion ($LION) and Tiger Shares ($TIGER)

How does the Algorithmic Peg Works?

• $LION token will be algorithmically pegged to $SVN token (NOT CRO or MMF).
• Primary liquidity will be held in LION-SVN LP pools: This creates a huge lock-up in SVN tokens into liquidity, creating more utility for SVN tokens.
• Protocol is primarily setup as a DAO that aims to accumulate SVN tokens to lock them in SVN LP pools.
• Addition of a bailout fund: If all mechanics fail to allow the protocol to regain peg, the devs will step in with SVN to help LION regain its peg to SVN.

How does Scrub Finance advance the MMF Ecosystem?

The $LION algorithmic token serves as the backbone of a rapidly growing ecosystem aimed towards bringing liquidity and new use cases to the Cronos network and the Savanna Finance Protocol. The protocol’s underlying mechanism dynamically adjusts $LION’s supply, pushing its price up or down relative to the price of $SVN. Scrub Finance platform allow users to stake their SVN LPs to enjoy high yields.

Launchpad Format

• The launchpad raise will be done purely via SVN tokens (a new launchpad format), time to load up some SVN now! — Read more about this new format here: https://medium.com/@MMFinance/mm-finance-ecosystem-adjustments-5a62ff538ec9

Sale Details

$LION sale will take place at MM Finance and will last for 6 hours, and you will need $SVN to participate.

• Sales Page: https://mm.finance/launchpad
• Start: 8th April, 6:00am UTC
• End: 8th April, 12:00pm UTC
• Token Price: 1 SVN per 1 LION
• Number of Tokens For Sale: 300,000 LION
• Amount to Raise: 300,000 SVN
• Duration: 6 hours
• Method: Overflow

In the “Overflow” method, users can subscribe as much or as little as they want to the launchpad, and their final allocation will be based on the amount of funds they put in as a percentage of all funds put in by other users at the time the sale ends.

The excess funds committed will be refunded back to the users after the sale. They will be able to claim both their new tokens and unused tokens after the sale has ended.

Launchpad Proceeds Allocation

• 30% of the SVN token raised will be burnt
• 35% vested and used to form initial SVN-LION liquidity. Liquidity unlocks at 2, 4 months and sent to project team
• 35% vested SVN Funding unlocks: 20% unlocked at TGE, with remaining 80% unlocked linearly over 4 months (20% a month) and sent to project team

1. Before Sale

• Buy $SVN Token

2. During the Sale

• Commit your SVN tokens to get $LION tokens on mm.finance/launchpad.

You can lock your tokens at any time during the subscription period, even within the final 30 minutes, if you are worried about not having access to your tokens after it is committed. However, we recommend committing early incase of network congestion.

3. After Sale

• Claim your $LION tokens

If there is an oversubscription, your $SVN tokens will be refunded back to you.

Post launch

• Stake MMF -> Earn LION staking pool on MM Finance
• TIGER farms at 1pm UTC — 8th April on Scrub Finance
• Boardroom starts at 12pm UTC — 9th April on Scrub Finance