LatteSwap
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What is LatteSwap?

LatteSwap is a decentralized exchange with a focus on bridging the DeFi and the NFT space together with its NFT integrated functionalities. The platform offers three main features to its users: trade, earn, and collect. Users can trade cryptocurrencies with ease, participate in safe and attractive earning opportunities, and collect LatteSwapโ€™s highly exclusive NFTs that possess real tangible utilities.

How is LatteSwap different from other DEXes?

There are 4 key areas where we believe differentiate us from the competitors:

1. NFT integrated functionalities

LatteSwap is a hybrid of both worlds โ€” NFT and DeFi. We are one of the first protocols that actually create real use-cases for NFTs by incorporating NFT integrated functionality into the core of our protocol structure rather than just adding it as an afterthought. Our first two collections, the OG and the Booster series, have real utilities when used on our platform.
For more details on our NFT integrated functionalities, please visit this link.

2. Our ability to provide a high level of capital efficiency

One of the key competitive advantages of a DEX is its ability to provide the highest level of capital efficiency to the users. At LatteSwap, we believe that we can deliver one of the highest capital efficiency to our users. Some of the things that we have implemented/planned:
2a. Multiple earning opportunities for $LATTE holders: We have a two-token setup where $LATTE holders receive $BEAN when they deposit $LATTE into the $LATTE single asset staking vault. Users can then use $BEAN for additional earning opportunities on the LatteSwap platform, allowing them to earn multiple rewards at the same time. To learn more, please visit our DripBar page here.
2b. LatteSwap's stablecoin: We will allow users to use their LP positions as collateral to take out loans โ€” i.e., minting stablecoin. This feature will greatly improve our usersโ€™ capital efficiency, as they can earn rewards from their LP position while taking out loans to increase their leverage. More details on this to be disclosed later.

3. Protocol security

LatteSwap takes the security of our users' funds very serious and we are confident in all the security measures we have put in place to ensure that. To date, we've received four audit reports from Inspex, Peckshield, and WatchPug, and will continue the process before any deployment of new features. See our audit reports here.
In addition, in case auditors miss any potential vulnerabilities, we've implemented a bug bounty program with ImmuneFi as another security to give an opportunity for our community members to help us ensure our protocol safety and get compensated for it. Learn more about our bug bountry program here.
Lastly, we have a 24-hour timelock on our contracts, meaning that before any update can take place, there will be a delay of 24 hours before the updates go into effect.

4. Highly experienced and motivated team

LatteSwap is run by a team of cryptocurrency veterans who have been around since the first wave of Dapp boom in 2017. Each of the core team member brings to the table their specific skillsets, which can help us take the project forward.
In addition, the team's compensation relies heavily on the price of our native token, LATTE, which means that it is our best interest to see the protocol to success and that we are motivated to build up the token price and sustain the project for the long run.

Is it secure to use LatteSwap?

(*Update as of 03 Nov '21)
In short, yes. LatteSwap takes your fund security as our #1 priority. As such, we've taken multiple measures to ensure that your funds are safe with us:
  1. 1.
    Full Audits of Contracts - In addition to our internal intensive code review, our smart contracts have been audited by third party firms InSpex, Peckshield, SOOHO, BlockSec, CertiK, and Watchpug. As we continue to develop new features, we will continue to conduct our intensive code review process as well as get our contracts audited from third party security firms. You can read all the audit reports we've received to date here.
  2. 2.
    Attractive Bug Bounty Program - Weโ€™ve added an additional security layer through our official bug bounty program with Immunefi to help protect the protocol in case any potential vulnerability slips through our intensive code reviews and third party audit process. The program currently pays up to $50K. You can find more details on how to participate here.
  3. 3.
    24-Hour Timelockโ€Šโ€”โ€ŠOur contracts are also owned by a 24-hour timelock. This means any changes made by our developers will have a 24-hour lag before becoming effective. During this time, the community will be able to review the changes and withdraw funds safely in case of questionable updates.

Is your contract audited?

(*Update as of 23 Dec '21) Our contracts have been audited by Inspex, Peckshield, SOOHO, CertiK, BlockSec, and WatchPug. You can find our audit reports in the transparency section here.

Is the supply of LATTE limited?

Like many other DEXes' native tokens, LATTE does not have a maximum supply. However, we have put in place multiple deflationary mechanisms to help protect LATTE token holders from inflation. Below we discuss the aforementioned mechanisms:
1. Buyback & Burn from Trading fees: LatteSwap currently charges a transaction fee for every trade made on LatteSwap. 0.04% of those fees will be allocated to our buyback & burn program.
2. Buyback & Burn from NFT sales: 25% of our NFT sales will directly go to the buyback and burn of LATTE tokens. This includes the original collection of OG NFTs and Booster NFTs we released upon launch as well as the future sales of our Booster NFTs that we'll be releasing monthly.
3. Performance Fees & Withdrawal Fees from LATTE Auto-compounding Vault: LatteSwap charges a 2% performance fees on LATTE rewards generated from auto-compounding and 0.1% withdrawal fees on LATTE tokens you unstake within the 72 hours upon your last staking within the LATTE auto-compounding vault.
4. Proceeds from Keopi Game: LatteSwap's Keopi Game charges $5 USD worth of $LATTE for each participation pass. 20% of the revenue generated by all of the participation pass sales will be be burned.
5. Revenue from FLAT: 50% of the borrowing interest and 80% of the liquidation fees earned from FLAT will be used for buyback & burn.
As we continue to develop more features, we will add more revenue sources for our buyback and burn program to ensure LATTE remains deflationary.

How does OG NFT work?

OG NFT gets a fixed allocation of all $LATTE emission. By holding the OG NFT, you will continue to receive $LATTE rewards in perpetuity. OG NFTs are split into four tiers based on the table below.
#
NFT Name
Quantity Released
Total Allocation to series/NFT
Daily LATTE Output
Allocation per Unit
1
Light Roast Espresso
1,888
5.00%
~0.00265%
2
Medium Roast Espresso
888
5.00%
~0.00563%
3
Dark Roast Espresso
88
5.00%
~0.05682%
4
Master Barista
1
0.75%
0.75%
To calculate the no. of tokens you'll receive from holding your OG NFT, just multiply the daily LATTE output allocation per unit in the table above with the current emission rate. To view the current emission rate, please visit the rewards allocation page here.
Please note that the Master Barista still hasn't been minted. It will be available through an auction at a later date.. Please stay tuned for an official announcement from the team.

How does a Booster NFT work?

When the Booster NFT is staked along with the LP tokens, it acts as a booster, providing a percentage boost on the rewards earned from that pool/vault.
The additional rewards from NFT boosting will be calculated by multiplying the booster NFT's percentage boost with the total rewards earned from staking in that pool, as shown in the formula below:
BoostedRewards=RewardsEarnedโˆ—PercentageBoostfromNFTBoosted Rewards = Rewards Earned * Percentage Boost from NFT
Let's take an example of Alice below:
  • Let's assume Alice owns a Soy Milk Booster NFT, which provides a 50% boost on the rewards earned from farming on a stablecoin-stablecoin pool
  • After she provided liquidity to BUSD-USDT pool, which is a stablecoin-stable coin pool, she staked her LP tokens, along with the Soy Milk Booster NFT
  • After Farming for 30 days, Alice has accrued over 1,000 LATTE tokens as rewards from staking her LP tokens.
  • As Alice also staked her Soy Milk Booster NFT along with her LP tokens, she is not entitled to only the 1,000 LATTE tokens that have accrued, but she is also eligible for the additional 50% rewards from her Soy Milk Booster NFTs.
  • The Master Barista contract then mints additional 50% LATTE tokens for her as boosted rewards, which is 500 LATTE tokens
    • 1,000 LATTE (rewards earned) * 50% (percentage boost from Soy Milk NFT) = 500 LATTE
  • When Alice claimed her rewards, she then received 150% of the original LATTE rewards compared to if she had not staked her Soy Milk Booster NFT, totaling 1,500 LATTE Tokens
    • 1,000 LATTE from staking her LP tokens + 500 LATTE from her Soy Milk Booster NFT
To see the list of eligible LP pools for boosting for each type of Booster NFT, please click here.

Where can I buy OG NFTs or Booster NFTs?

OG NFT:

OG NFTs were only minted once when the protocol was launched in late September, and all were sold out. No more OG NFTs will ever be minted. However, if you are looking to purchase an OG NFT, you can buy it through a secondary market on Treasureland here.

Booster NFT:

The sales of the first set of booster NFTs have completed at the end of the bonus rewards period. However, unlike OG NFTs, LatteSwap will continue to release new collections of Booster NFTs. While you wait for the next collection, you can purchase the released Booster NFT through a secondary market on Treasureland here.

What's LatteSwap Vision and Roadmap?

Our vision is to become a one-stop-shop for traders, yield farmers, and NFT collectors across the DeFi ecosystem.
For more details, read here.

What is BEAN? What is its utility?

$BEAN is the token you receive when you stake your $LATTE into the LATTE single asset staking vault. For every $LATTE staked, the protocol will mint you 1 $BEAN token, and $BEAN is used to help the protocol keep track of how many $LATTE a user will be able to withdraw. For every $LATTE you wish to withdraw, you will need to trade in 1 $BEAN token.
Users can stake $BEAN in the DripBar to earn rewards in partner protocol token. By allowing $BEAN to be staked in the DripBar, users will be able to keep their $LATTE staked in the single asset staking vault, earning more $LATTE, while also enjoying rewards in partner protocol tokens via staking of $BEAN in the DripBar. This will greatly improve the capital efficiencies for all $LATTE HODLers.

Is the %APY on LATTE auto-compounding vault incorrect? The claimable rewards seem small compared to the %APY.

The %APY on the LATTE auto-compounding vault is correct. The whole point of having an auto-compounding vault for LATTE is so that our users do not need to manually compound the rewards themselves. Hence, when you stake $LATTE in the auto-compounding vault, the earned rewards are automatically compounded for you. If you choose to unstake the tokens, you will see that the staked $LATTE balance has increased.

If I stake my LATTE in the LATTE auto-compounding vault, how can I get the BEAN tokens from the rewards earned?

When you stake your LATTE tokens into the auto-LATTE pool, you will receive BEAN tokens in a 1:1 ratio with the number of LATTE tokens you stake. However, you will not automatically receive BEAN tokens from the LATTE rewards that were auto-compounded back into the pool.
In order to redeem the BEAN tokens from the auto-compounded LATTE, you must first unstake your LATTE tokens from the vault by trading in the BEAN tokens you received initially, and then re-stake the your LATTE tokens back into the pool.
However, please note that there is a 0.1% withdrawal fees on any LATTE you unstake within the 72-hour period of your previous staking. To avoid paying the withdrawal fees, ensure you wait at least 72 hours after you last staked your LATTE into the auto-compounding vault.

Since BEAN is a receipt for LATTE, how can I make sure I can redeem all the LATTE staked in the LATTE auto-compounding vault, as my LATTE balance grows but my BEAN does not?

LatteSwap keeps track internally of the exchange rate for your BEAN tokens and the LATTE tokens in the vault for you. You will be able to redeem the increased LATTE balance using the same amount of BEAN tokens you received from staking initially.
To explain the process better, here is an example:
  1. 1.
    You first staked 1,000 LATTE tokens into the LATTE auto-compounding vault, and received 1,000 BEAN tokens as a receipt.
  2. 2.
    30 days has passed, and based on the APY, your LATTE balance in the vault has grown to 1,500 LATTE.
  3. 3.
    However, the BEAN balance in your wallet remains at 1,000 BEAN tokens. In order to redeem the additional 500 BEAN tokens, you must unstake your 1,500 LATTE tokens you have staked in the vault.
  4. 4.
    You can do this by trading in the 1,000 BEAN tokens you received initially. LatteSwap will give you back the full 1,500 LATTE you have staked in the auto-compounding vault, as the protocol keeps track of exchange rate internally for you.
    • Note that the team is working on a UI improvement to show the exchange rate for our users (e.g. you must trade in XX BEAN to unstake XX LATTE)
  5. 5.
    To redeem the additional 500 BEANS, you can re-staked the 1,500 LATTE tokens you received back into the vault. The protocol will mint you 1,500 LATTE in the process.

Where can I see the price chart of LATTE?

The gas fees on LatteSwap seems very expensive. Why is that?

The gas fees you see are NOT the gas fees you pay. The fees you see is the maximum limit that is set. In reality, you almost never pay the full amount.

How can I contact the team?

You can send an email to [email protected]
Or you can ping one of our admins on Telegram or Discord
Telegram: https://t.me/LatteSwapOGโ€‹
Telegram Announcement: https://t.me/LatteSwapOGAnnouncementsโ€‹