We truly appreciate all our investors and will continue to protect them from those not interested in the long-term development of the project.
We would like to stabilise the short-term fluctuations affecting the long-term trends of the $TLAND token price, therefore we are introducing the new Diamond Hands Program. While decentralisation is definitely our mission, protecting our community, which has supported and invested in us from the beginning, is still one of our highest priorities. We want Terra Land to be accessible to all, not just high-volume investors, which can have a negative impact on the rest.
To protect users from the continued pump and dumps, and steer the price of $TLAND in the right direction, we are introducing a sales tax on all sell transactions for $TLAND, effective immediately. Written into the smart contract, every successful sell order on $TLAND will attract a 5% tax, until a token price of 0.50 $UST is reached, at which we will revise the tax. The tax revenue will be automatically divided into two equal pools (50:50 split).
The first half will automatically get burned, naturally creating deflationary pressure on the price of the $TLAND. Fewer tokens, increase in price.
The second half will go towards the TOP 100 Liquidity Providers, and TOP 50 Single Asset Stakers, allocating 75% of the pool towards LP and 25% of the pool towards SAS. The amount distributed to the 100 LP is distributed proportionally to the amount staked, against the sum of all 100 LP.
The amount distributed to the 50 SAS is distributed proportionally to the amount staked, against the sum of all 50 SAS. This is yet another utility added to Terra Land Premium Club (TLPC) members (which consists of the TOP 100 LP and TOP 50 SAS) earning sale tax revenue simply for staking in the relevant protocol.
In essence, of the 5% tax, 2.5% gets burned, 1.875% goes proportionally to the TOP 100 LP, and 0.625% goes proportionally to the TOP 50 SAS.
We will continue to monitor the market trends and sentiments. Diamond Hands Program is a thanks to all those that believe in us, and in the project.