Algorithmic token protocol running on Cronos Network.
What is Lo-fi?
Welcome to Lo-fi, the most chilled algorithmic token fork on Cronos Chain!
Inspired by the original idea behind Basis as well as its predecessors, Lo-fi is a multi-token protocol that consists of the following 3 tokens:
Lo-fi Token (LOW): the algorithmic token pegged 1:1 to CRO
Lo-fi Shares (SLOW): claim LOW inflation when the network expands
Lo-fi Bond (BLOW): purchase when the network is in contraction and can be redeemed for LOW when the network comes to its deflationary phase
It involved an innovative solution that can adjust the token supply deterministically to move the price of the token in the direction of a target price to bring programmability and interoperability to DeFi.
The protocol's underlying mechanism dynamically adjusts LOW supply, pushing its price up or down relative to CRO price. However, there may be times where LOW loses its peg to CRO. If our protocol is functioning as intended, LOW will follow CRO to keep pegged at 1:1.
Why choose Lo-fi?
One of the primary shortcomings of past algorithmic tokens has been a lack of use cases, leaving no good reason for somebody to hold them. In order to successfully maintain the token at the peg in the long run, Lo-fi team maintains to focus on enhanced functionality and use cases of LOW.
Our Phase 1 Tomb Fork can be seen as a Launchpad for our next phases (Game | NFT | Music) which means that Lo-fi will be one of the first Tomb Forks linking NFT GameFi & Space and DeFi Space on blockchain. Through our NFT GameFi, we plan to bring utility to LOW token (Lo-fi algorithmic token pegged 1:1 with CRO).
Lo-fi will be one of the first forks to build use case for the algorithmic token through the NFT GameFi. Lo-fi will be establishing framework of burning mechanism of pegged token (LOW) which helps to control the token supply and price. We are not only designing Taxation Framework for our Phase 1 (strategic burn) but also planning to implement Voting Process for potential investment of Lo-fi Treasury (strategic buy back) to help stabilize the protocol in long-term.
Why pegged to CRO?
Unlike other algorithmic tokens, LOW is not pegged to a stable coin — it is, instead, pegged to CRO as we foresee the potential of Cronos Network and have chosen to align our mission to both provide value to and derive value from Lo-fi future growth.