Tokens

$GOLD - Gold Token

0x53b9bFEd28a210C62eAA65aEF46935a9C909C022 GOLD token is designed to be used as a medium of exchange. The built-in stability mechanism in the protocol aims to maintain GOLD's peg to 1 Fantom ($FTM) token in the long run.

Note that GOLD actively pegs via the algorithm, it does not mean it will be valued at 1 FTM at all times as it is not collateralized. GOLD is not to be confused with crypto or fiat-backed stable coin.

$GEM - Gem Shares

0x67e93E89e7a4075C272EB0cD19103E8B4E4dEc8A GEM Shares ($GEM) are one of the ways to measure the value of the Pirate Protocol and shareholder trust in its ability to maintain GOLD close to peg. During epoch expansions the protocol mints GOLD and distributes it proportionally to all GEM holders who have staked their tokens in the Boardroom.

GEM holders have voting rights (governance) on proposals to improve the protocol and future use cases within the Pirate Finance ecosystem.

GEM has a maximum total supply of 60000 tokens

$BOMB - Bomb Bonds

0x18104C73200272F4bB24f5AC580C71D537c8832B Bomb Bonds ($BOMB) main job is to help incentivize changes in GOLD supply during an epoch contraction period. When the TWAP (Time Weighted Average Price) of GOLD falls below 1 $FTM, BOMB's are issued and can be bought with GOLD at the current price. Exchanging GOLD for BOMB burns GOLD tokens, taking them out of circulation (deflation) and helping to get the price back up to 1 $FTM. These BOMBs can be redeemed for GOLD when the price is above peg in the future, plus an extra incentive for the longer they are held above peg. This amounts to inflation and sell pressure for GOLD when it is above peg, helping to push it back toward 1 $FTM.

Contrary to early algorithmic protocols, BOMBs do not have expiration dates.

All holders are able to redeem their BOMB for GOLD tokens as long as the Treasury has a positive GOLD balance, which typically happens when the protocol is in epoch expansion periods.