We are Ascend Protocol and we are a group of developers and blockchain enthusiasts looking to create a protocol that allows for investors to have the opportunity to make risk-free investments and have a say in those investments through our DAO.
ASCEND ecosystem requires a tax on every transaction. Collected tax is divided 1:1 between a pool for Lock Liquidity Function and ASCEND holders proportionally to their ownership of circulating supply. Procuring more tokens will allow a wallet address to move up/ascend to a higher tier, which in turn allows the wallet to pay a smaller fee percentage on its transactions. The higher the tier the lower the tax percentage is. The highest tier, also known as “God Mode”, offers the perk of paying no taxes whatsoever. The Amount of ASCEND tokens needed for ascension to each respective tier can be found in the table below. The tax percent-age is rounded to the nearest tenth as the most accurate number is represented by a fraction (¹/₁₀₀, ¹/₉₅, ¹/₉₀, etc).
A tax system like this motivates users to accumulate/buy as much as possible, effectively creating positive price action and allowing the other integral part of the protocol — liquidity pulls — to function. A 2% liquidity pull (Ascension Event) can occur if the value of the BNB/ASCEND liquidity pool has risen at least 10% in value from the previous pull. This liquidity pull requires a proposal to be voted and executed by the community to initiate. This is to prevent abuse of the price by whales to drain the liquidity of the contract among many other reasons. Pulled liquidity is then used by DAO via Ascension Strategies to generate profits.
The DAO is one of the most important and intriguing aspects of the Ascension Protocol. As the protocol and community mature, more and more permissions are going to be handed over to DAO with the end goal of complete decentralization of the protocol. The main function of the DAO as of now is to vote on liquidity pulls and subsequent use of the pulled BNB in one of the existing strategies (developed by the team). When the time comes, DAO will have the power to add new strategies developed by the community (see flowchart). Only wallets with more than 20 000 ASCEND tokens can create DAO proposals. In order to receive possible profits made by a strategy, one must be active in the voting process as he will receive dividends in proportion to the amount of ASCEND tokens that took part in the vote.
The overall goal that the team here at Ascension Protocol wants to achieve is to allow investors to interact with a DAO where they have a substantial say in the direction it goes. In today‘s cryptocurrency market of ever-growing popularity, many decentralized aspects appear and are great, however, many DAOs are not useful nor beneficial for their members and only function as a feature of de-centralization, leaving the possibilities on paper. The few DAOs that leave decisions up to their members often lead to choices that may have huge negative impacts and pose a lot of risk to the members. Ascension DAO is allowing its members to vote on the use of funds pulled from our liquidity pool and thus giving them risk-free exposure to ways in which they can expand their portfolio. There is very little to no risk in the decisions made by the DAO and all the benefits go to the members who took part in the voting process. The team at Ascension Protocol is aiming to develop one of the very first fully decentralized ecosystems that offers risk-reduced opportunities to generate income for its DAO members.