In the world of crypto, almost anything is possible. A public figure who proves this is no one other than Elon Musk himself. In previous tweets, he has demonstrated with his dominant position how he can influence the market. He has previously gotten Bitcoin to an All-Time High at the time and we also know that he has a significant contribution to the pricing of Dogecoin. Is Elongate the Next Cryptocurrency to Take Elon Musk’s Power?
What is ELONGATE?
The world of crypto is the present Wild West where almost anything is possible. More and more projects are being added where the functionality can be questioned and where the project is based more on an entertainment value or purely as a project to pump up the price. It is not surprising that more and more MEME coins have been added in recent months that are doing surprisingly well against all expectations. But if we know that Elon Musk has a powerful position and can push the price down through a tweet, why not create a crypto around Elon?
The name ELONGATE refers directly to the Watergate scandal that took place in the 1970s. It wasn’t long before Elongate came into existence after Elon Musk wrote the following tweet on March 25, 2021: ‘ If there is ever a scandal about me, please call it Elongate’. This was enough for a team of young developers to launch a new project called Elongate within a few hours. The target? Getting noticed by Elon Musk in the hopes that he will bring himself into the conversation about this coin and push the price to unprecedented heights. We now know what he has done with DOGE coin, which currently ranks a solid 4 in CoinMarketCap with $90 billion at the time of writing.
They themselves make a statement by saying that they do want to achieve more than just going viral through a retweet from Elon Musk. They want to focus on corporate social responsibility, which is an integral part of ELONGATE’s identity.
The fact that anything is possible in this new financial world, the Elongate team is eager to take advantage of to contribute to various charitable projects. They want to achieve this by creating as much awareness as possible about crypto and the possibilities this entails. They want to connect the world of crypto and its financial opportunities and contribute to others by donating a large portion of these profits to charity. They are ambitious and aim to collaborate with, among others, United Nations World Food Programme, Action Against Hunger, the Big Green Organization,
Core Values ELONGATE
Note that the project is still very young and their white paper has not been live very long. It is also possible that various changes can and will be made here. Nevertheless, they have a set of important core values that is the force behind the project.
ELONGATE aims to make a financial difference to various charitable organizations. It’s not surprising that a large part of their profits is distributed among different organizations. In the future, they want to work with increasingly new and larger organizations to increase their contribution in this way as well.
In crypto, the community is indispensable because a project loses its value without a good community. They are working hard to facilitate as many networks as possible in order to form one large community that is accessible to everyone. They are even active on TikTok, which we don’t often see with crypto projects. At the beginning of May 2021, it had an extensive community with the following members:
Twitter: 85,000 followers
TikTok : 3,379 followers
Instagram : 32,900 followers
Telegram : 38,000 members
Discord : 25,000 members
You gain the trust of your community by offering transparency. Elongate has a clear tokenomics and wants to connect as much as possible with their community through clear and open communication to gain trust. Transparency in effectively donating to charities is important here. They do this by updating their website on a regular basis and sharing such messages in their news updates.
ELONGATE wants to make a difference in the long term in a sustainable way. Sustainability is a topic that comes up often, where they hope to get extra attention from the community. Sustainability here is the long-term commitment to the project. They try to achieve this through the structure of their tokenomics.
The native token $ELONGATE is a BEP20 token built on the Binance Smart Chain with a total fixed supply of 1 trillion tokens. Unlike the Binance Chain, which incidentally runs parallel to the Binance Smart Chain, the BSC offers smart contract functionality that is compatible with the Ethereum Virtual Machine (EVM). It provides the community with an additional form of interoperability by using Ethereum-based wallets such as MetaMask. An additional advantage is the lower transaction costs, compared to the Ethereum network. Make sure you have added the Binance Smart Chain network to your MetaMask.
The user application of a token is always an important aspect and determines whether people will invest or not. The Elongate team says the utility of the ELONGATE token is a contribution to charitable organizations. The presale took place on DxSale, a decentralized and cross-chain token platform.
PancakeSwap is a decentralized exchange (DEX) based on the Binance Smart Chain for trading BEP-20 tokens. Being a BSC network, the trading pair with Elongate is always BNB. Please note that slippage may be present when trading this token.
Currently, PancakeSwap is the only decentralized exchange where you can currently buy Elongate. ELONGATE does have the goal of becoming active on multiple platforms so that everyone can invest in their charity token. Participation in the liquidity pool is done on the DxSale platform.
As an additional safety feature for both the tokens and the liquidity pool, Elongate has implemented the Gnosis Safe Multisg platform. This is a smart contract wallet where a minimum number of network participants must validate a transaction before it can take place.
The structure of the tokenomics is recognizable and identical to the structure that the team uses at SafeMoon. Specific to this is the regular burning of tokens and the extra costs that you pay if you decide to leave the project.
Earn and burn
Every transaction that takes place on the network is associated with a transaction fee of 10%. 5% is divided between the community and the token holders. You get extra tokens on a regular basis as a reward for staying present with the project. This is distributed proportionally to the tokens they are holding. Elongate says they are applying this principle to make the project sustainable. The remaining 5% is used as liquidity providers and available added to the liquidity pools.
Each week, 60% of these new LP tokens (Elongate/BNB) are removed from the liquidity pools with a portion of these proceeds going to the chosen targets. Of the new LP tokens added to the pool (5% with each trade), 60% will be removed from the Pancakeswap Liquidity Pool. The ratio in this pool is BNB/Elongate.
Imposing this 10% is experienced as negative by many investors because you take away certain freedom. Elongate itself says that buying or selling based on this 10% rule only contributes to Elongate’s intrinsic purpose, which is the charitable organizations. The trading pair removed from the liquidity pools will be redistributed under a fixed distribution key. Note that BNB and Elongate get a different distribution.
- 58% charity projects
- 15% stability reserves
- 15% marketing
- 12% business developments
- 67% burned
- 27% stability reserve
- 6% giveaways
Burning Elongate tokens is to regulate the price. With a fixed supply and the regular burning of tokens, it becomes more scarce which affects the price. As you can see from the token distribution, a large part of the proceeds goes to charity and that is also the driving force behind the project. They themselves say “ we are the biggest charity token in the crypto space, and you are who made this possible!
The use of a white paper is of course obvious, but the development process at Elongate went so fast that launching their white paper was an agenda item on their roadmap. Just hours after Musk sent out the tweet, Elongate was already a fact. It was impossible to immediately have a white paper in hand. This launch is important to connect with their community and inform them about the whole project as well as the developments that the team wants to make. For example, the team has a more business relationships instead of just using different social media.
ELONGATE wants to expand to other exchanges if they follow the same ideology of their project. It is necessary that a donation can also be made from a central exchange for various charities. The team is busy investigating which exchanges could be an extension for their project.
Elongate is more than proud that earlier this month, on May 2, 2021, they announced that they will be listed on BitMart. They have also recently been added to CoinMarketCap and CoinGecko, which are all great developments for the project.
Elongate NFT Launchpad
Of course, you can’t launch a new project without taking part in the hype of NFTs. Elongate has its own NFT launchpad, which also focuses on charity. In addition to buying and trading unique NFTs, as much as 80% of the profits are used to help people make sure to end famine. The remaining 20% is used for copyrights of the artists and operational costs.
The platform, which will be launched soon, uses 2 different categories ranging from ultra-rare (1%) to common NFT (74%). By working on the basis of scarcity and unique tokens, Elongate hopes that the platform will be profitable to contribute to their core values in this way as well.
The first drop of NFTs is planned for the second quarter of 2021. In the first period, you will only be able to buy these NFTs with the Binance Coin (BNB) but the goal is that they want to migrate to a platform where you can only trade with the Elongate token. The transaction costs will also be used to contribute to charity.
It is remarkable that this is again a project that started as a meme coin, which has taken shape in a relatively short period of time into a project with a purpose. The whole project revolves around Elon Musk, who is also known for his charity work. In such projects, it gets a lot of prestige because there is a great deal of division as to whether such a project is legitimate. The 10% fee rule is an indication for many people that the project is not that solid.
Nevertheless, the project has already made great achievements and we have communicated through their website that they have already made a number of generous donations for various charities. They have donated USD 250,000 to Ocean Cleanup and USD 250,000 to Children International. Based on their news items, they have already donated 1,825 million over a 5-week period.
Rather, the core of this project is an ethical issue. It provides no utility or future, just passively earning more tokens by continuing to support the project and contribute to these charitable organizations.
The reason for holding these tokens can be seen as a vain hope that Elon Musk will notice the project and push the price so that all token holders can get big profits in an unprecedented time. It is speculative whether this will ever happen and the question is to what extent this project can observe sufficient objectives in the future.
Thanh Lanh Tran(1989) is Chief Editor from BitcoinUSD.com