The FomoETH network was forked from the Ethereum and Binance Smart Chain in order to build an intertwined digital economy that is owned and governed by its participants while providing guaranteed dividends to token holders. FomoETH token is the core of the FomoETH ecosystem and supports all the projects inside the ecosystem, functioning as a payment method as well as a long-term reserve asset.
FomoETH is a low-inflation and low-circulating-supply asset that is used by validators, developers, and users to participate in the network and earn rewards, as well as to transfer fees, serve as collateral for other tokens, and participate in future protocol governance. FomoETH token is the core of the FomoETH ecosystem and supports all the projects inside the ecosystem.
The token works primarily as an auto-reward distribution toke, whereby token contracts accumulate transactional fees before redistributing rewards to all wallets holding FomoETH.
The token distribution is enacted whenever the total number of tokens gathered from fees exceeds a certain amount (which will be adjusted by our team). It is then sold and distributed to the holders with at least 10,000 FomoETH tokens in their wallets. Wallets will receive the rewards once per hour.
FomoETH sets a higher selling fee than buying fee to encourage holding and discourage token selloffs.
Through every transaction on the Pancakeswap liquidity pool, a fee will be tolled and distributed as follows; (Note, transactions on other exchanges or swaps won't provide rewards in ETH or Binance-Peg Ethereum Token. Only transactions on Pancakeswap are applicable for auto-rewards.)
Buying Fee: 10%
- 5%: FomoETH Holders
- 5%: Marketing Wallet
Selling Fee: 15%
- 8%: FomoETH Holders
- 7%: Marketing Wallet
The FomoETH token will be made available on both ERC20 and BEP20 networks, which will prove relative to the tokens holders receive from the FomoETH rewards initiative.
FomoETH plans to make the token available on other chains as well, such as Polygon, in order to branch out to new users and crypto enthusiasts.