Toolbox is a new crypto project planning to become the go-to place for DIYers on the blockchain. It comes with three different tokens, staking features, and earning and rewarding opportunities within a rapidly growing ecosystem. Most importantly, Toolbox stems from the pride-boasting desire to “Do It Yourself” that we all share. Read on as we […]
Toolbox is a new crypto project planning to become the go-to place for DIYers on the blockchain. It comes with three different tokens, staking features, and earning and rewarding opportunities within a rapidly growing ecosystem. Most importantly, Toolbox stems from the pride-boasting desire to “Do It Yourself” that we all share.
Read on as we look closer at one of the most interesting DeFi platforms to surface in the market recently.
What is Toolbox?
The cryptosphere can accommodate all real-world practices and interests, always finding a way of making them lucrative. Crypto has been the home for many communities, such as sports communities like the Argentine Football Association Fan token or even city communities like Miami Coin. Now, those with a knack for “Do It Yourself” challenges can rely on Toolbox for learning materials and gaining passive income.
The Toolbox ecosystem is an all-in-one source for the global DIY community containing:
- The Toolbox website
- A dedicated YouTube channel hosting educational videos on many different DIY projects
- Three tokens:
- Toolbox (DIY) token – the main currency for payments and services within the DIY community
- Ratchet (RATCHET) token – a membership token with special perks and benefits within the Toolbox ecosystem
- Socket (SOCKET) token – the governance token for the Toolbox charity wallet
Ultimately, the Toolbox ecosystem aims to create a safe, fun, decentralized platform for DIYers to communicate and collaborate easily and anonymously. Moreover, the project provides a crypto means of exchange with potentially more uses and opportunities compared to fiat currencies. Lastly, depending on the members’ votes, the platform will distribute charity funds through its DAO to various initiatives.
The Tokens in the Toolbox Ecosystem
Toolbox seeks to deliver what every DIYer with a passion for crypto has been waiting for – the opportunity to learn how to build anything by themselves in a productive and engaging environment. The ecosystem’s three tokens are essential for the project to reach its goals and for the DIY community to gain more from their passion and be able to save money through DIY.
The Toolbox Token (DIY)
Toolbox (DIY) is an ERC-20 token built on the Ethereum blockchain and the main utility currency within the Toolbox ecosystem. Transactions involving DIY come with a 1% tax, 0.8% of which goes to the marketing wallet. Meanwhile, the remaining 0.2% goes to the platform’s charity wallet.
The total Toolbox supply is 4.925 billion, distributed as follows:
- 41% – Reserve wallet
- 30% – Marketing wallet
- 25% – Founders/Team
- 3% – Liquidity Pool
- 1% – Presale
The project and its DIY community rely on the funds in the Marketing wallet for promotion and growth. Also, the team will use the funds in the Reserve wallet to strike partnerships with other projects and hardware stores. As a result, Toolbox members may benefit from discounts on their purchases with partner shops when paying with DIY tokens.
Moving on, the tokens in the Reserve wallet, those going to founders, and the presale are vested according to a schedule. This shows the team’s commitment to making Toolbox a feasible and sustainable project. Here are the vesting schedules:
- Presale participants (completed): Tokens will be released linearly over 2 weeks.
- Team: Tokens are locked for the first 6 months and then vested linearly over 12 months.
- Reserve wallet: Tokens are locked for the first 6 months and then vested linearly for 12 months.
This tokenomics model gives more benefits to early adopters of the project. Moreover, it incentivizes them to hold onto their DIY tokens by avoiding paying the 1% transaction tax.
The Ratchet token (RATCHET)
Ratchet is another ERC-20 token minted on the Ethereum blockchain. However, these are the only characteristics it shares with the DIY token. In fact, RATCHET has a total token supply of only 186,300 and plays a different, albeit equally important, role in the Toolbox ecosystem.
Its distribution is also more straightforward, with 75% of the tokens going toward the Reserve wallet and the rest distributed to the team. However, the latter is locked for the first 6 months and then vested linearly over 12 months.
Ratchet tokens come straight from the Reserve wallet with exclusive perks and benefits for holders. One of these advantages is early access to the DIY/ETH LP token staking feature.
The platform’s VIP hub and perks for Ratchet holders are coming soon. Ratchet tokens can be purchased directly from the Toolbox website for 36 USDC. But pay attention! The price to acquire these tokens is scheduled to double in the near future. With a maximum supply of less than 200,000 tokens, the race for obtaining a token before the supply runs out is on.
The Socket token (SOCKET)
The third and final token within the Toolbox ecosystem, SOCKET, is an ERC-20 token that is also minted on Ethereum. Its total supply is capped at 250 million tokens, giving holders governance rights for the Toolbox charity wallet.
Socket holders can vote on proposals regarding the destination of the charity wallet funds. A single proposal requires holders to stake at least 40% of the circulating token supply to receive approval. At that point, the corresponding charity receives the appropriate funds. Furthermore, any wallet holding more than 25,000 Socket tokens is able to create his/her very own proposal for the community to vote on.
SOCKET token distribution:
- Rewards – 60%
- Airdrops – 22%
- Team/Founders – 15%
- Liquidity Pool – 3%
Staking on Toolbox
Toolbox incentivizes users to provide liquidity to the DIY/ETH liquidity pool. This yield farming/staking rewards program is designed explicitly for liquidity providers (LPs). Notably, stakers can passively earn a portion of the daily Socket token rewards by staking their LP position on the Toolbox staking page.
The LP staking feature is now live, and the SOCKET rewards are up for grabs! All stakers receive a share of the 50,000 daily Socket rewards, so hurry up and start staking now in order to receive the largest amount of Socket tokens possible!
The Toolbox project is a community-centered platform aiming to become the home on the blockchain for all DIYers. Staying true to its nature, Toolbox plans to donate 0.2% of all transactions to charity and educate more people about the many rewarding opportunities in crypto.
Behind Toolbox is Mike Borders, a famous but humble figure in the Do-It-Yourself community. Over the past 10 years, Mike has built a loyal following on YouTube through his DIY channel and learning materials. His experience in DIY and desire to help others build things for themselves have pushed Mike to launch this platform. One can say that Toolbox is created by the DIYers, for the DIYers!