DevourGO Establishes Devour DPAY as the Payment and Rewards Token for the Restaurant Industry
Press Release • March 13, 2023
The global economy is steadily transitioning from Web2 to Web3, and the restaurant industry is no exception. In this context, DevourGO has established Devour DPAY as this sector's payment and rewards token.
The strategy offers restaurants a way to connect with Web3 communities while giving their guests real-world recognition for their affiliations. The project has three core utility pillars - crypto payments, DPAYBack rewards, and NFTs. In this way, DevourGO's ecosystem creates a win-win relationship between restaurants and their customers.
This article will explore how the system works in detail and discuss its various features. We will focus, in particular, on the project's tokenomics and the wide range of use cases it offers.
What Is DevourGO?
DevourGO is changing the way food ordering works. Restaurants may expose their menu to NFT communities, Web3 brands, and token holders on this platform.
Guests can benefit from real-world recognition for their community affiliations and exclusive offers like secret menu items. These features seek to make restaurants and visitors happy while simplifying Web3 technology.
The Project's Utility Core
The Devour team puts utility for its community members at the core of its mission.
By leveraging NFTs, token gating, and gamification mechanics, DevourGO creates an exciting ecosystem that connects fans and brands with restaurants. This platform puts the real-world utility into play by turning the user’s digital collectibles into access keys to unlock restaurant promotions, hidden menu items and exclusive VIP experiences.
Restaurants benefit from a new vibrant demographic of customers they would not normally reach. The next generation, which has never known life without the internet, demands a higher quality digital experience when engaging with brands.
Understanding How the Devour Ecosystem Works
Before looking at the DPAY token, it is fundamental to understand how the project's ecosystem works. Specifically, here are the three pillars of the project:
- DevourGO: This is the project's food ordering marketplace, where users can create an account to start earning rewards. Customers can order food for delivery or pickup from DevourGO's partner restaurants and earn DPAY tokens.
- DPAY: This is the project's utility token which allows customers to access exclusive promotions and rewards. DPAY is the only payment and rewards token for the DevourGO marketplace.
- The Industry (Collection): This is an NFT collection that brings together additional benefits and experiences for customers who use DevourGO. It comes with no delivery fees, $10/mo $DPAY rewards, and access to GoVIP Level 4 (the project's play-to-earn game).
These pillars let customers enjoy a fully integrated Web3 experience as they pay with crypto, earn rewards and unlock promotions.
The DPAY Tokenomics
The DPAY token is an ERC-20 cryptocurrency designed to enhance the project's ecosystem of payments and rewards. The token launched in August 2022 with the following distribution:
- Seed sale (5%): The seed sale (initial exchange offering) saw the participation of different early investors, who received an initial amount of tokens.
- ILO presale (2%): This was the second stage of the offering, where investors could contribute and receive DPAY tokens in exchange.
- Treasury (18%): A portion of the token supply funded development needs such as operations costs and other expenses related to the project.
- Advisors (5%): Early project advisors received a portion of tokens as a reward for their contribution.
- Marketing (10%): A portion of the token supply helped launch marketing and promotional activities to expand DPAY's user base.
- V1 Migration (10%): This portion helped the team handle the migration from version 1 of the DPAY platform.
- Team (10%): Some tokens went to the team project creators, a standard quota in the crypto industry.
- Floating liquidity pool (20%): This portion of tokens served for open market trading and liquidity provision.
- Community & LP rewards (20%): This portion of the token supply rewarded early adopters, holders, and liquidity providers.
- Limited Circulation: Very importantly, less than 20% of the total supply is in circulation with the rest locked up demonstrating the founders’ and community’s long term interest in the token.
The total amount of 5 billion tokens represents a capped supply. The token utility consists mainly of payments and rewards, incentivizing the usage and adoption of DPAY for everyday transactions.
Understanding the Wide DPAY Token Utility
Utility is an essential component of any token, allowing holders to receive real world value and benefits. Tokens with strong utility can provide substantial value to users far beyond just being a store of value or speculative asset.
This section will explore three core use cases for the DPAY token. We'll look at them below to see how they work and why they are important for the company’s future.
Paying for Food Orders
Devour DPAY is an exclusive payment and rewards token that allows users to save money while ordering food on DevourGO. For every order placed using the token, customers receive a 5% rebate with DPAYBack.
This makes it incredibly easy to save money while enjoying delicious meals delivered right to one’s doorstep. The DevourDPAY token is secure and reliable, ensuring customers have a fast and seamless experience with every order.
Earning with NFTs
The project's NFT collection - labeled "The Industry" - is a way to honor the hard work of restaurant workers. By collecting these digital assets, you'll gain access to exclusive DevourGO promotions and unlock the most rewarding levels of GoVIP, DevourGO’s spin, share and play prize zone.
The Industry also allows you to enjoy no delivery fees on orders placed through DevourGO. Plus, you'll get $10 DPAY a month. This is a way to show appreciation for restaurant workers and enjoy DevourGO benefits simultaneously.
Collecting Passive Income Rewards
Staking and yield farming are two major trends in the crypto space. By staking your DPAY tokens, you can gain passive income rewards.
With yield farming, you earn rewards by providing liquidity to the markets. Both strategies allow you to collect rewards without actively trading or managing funds.
Let's begin with staking. Here are the steps you need to follow to join this rewards program:
- Select "Staking" on the project's website
- Once you see the Unicrypt website, click "Connect" to connect your wallet.
- Next, enter the amount of DPAY or LP tokens you wish to stake. Furthermore, you’ll need to select the time you want to lock your coins.
- Click "Approve" to confirm the transaction and pay the gas fees. Choose "Stake," and once again, pay the gas fees.
- Finally, subscribe to the rewards pool and collect passive income rewards.
Yield farming is a bit more complex than staking. However, you can get started without worrying about technicalities with the right guidance. Here are the steps:
- First, you will need to create LP tokens using Uniswap. Connect your wallet and input the ETH you want to pair with DPAY tokens.
- After creating the LP tokens, head to the project's website and click on "LP Farming.” Connect your wallet with the LP tokens you created in step one. Enter the amount of Uni-V2 token you want to use and select the time boost option you prefer.
- Approve the transaction in your wallet and click "Stake & Confirm." This will ensure your tokens appear in the "Your Staking" field.
- Finally, subscribe to the rewards pool and begin collecting rewards.
By following these steps, you can earn passive income through staking or yield farming. Both systems are gaining popularity in crypto and are a growing way to generate extra income.
Bottom Line - A New Resource in the Restaurant Industry
DevourGO, through its DPAY token, has created a secure and reliable payment system integrated into the restaurant world. This token, combined with the NFTs and rewards, is a way to save money while recognizing the restaurant workers' importance.
The DevourGO project is a resource for restaurants that offers customers a secure payment system and rewarding benefits. The project's website and social media pages (Twitter, Telegram, or Instagram) let customers follow its latest developments.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. None of the content on Crypto Folds is investment advice nor is it a replacement for advice from a certified financial planner. Please do your own research before purchasing or investing into any cryptocurrency.
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