CryptoTrees ($TREES| ASA ID: 444108880) is a community based tree planting project built on the Algorand Blockchain. They are committed to using blockchain technology to positively impact the environment and climate change —a reversal of the trend that has long stigmatized the crypto community. They are dedicated to making this impact through partnerships with charitable organizations, community initiatives, NFTs with interactivity, and the use of blockchain technology to manage tree planting and forest saving activity.1 This article will cover an overview of what CryptoTrees does, where you can obtain it, and $TREES Tokenomics.
CryptoTrees Initiatives and Impact
To date CryptoTrees have donated 13,466 trees, rescued 77m2 of forest, and offset 336 metric tons of carbon.2 These donations are only continuing to grow, with 4,308 trees donated off the back of CryptoTrees’ Yieldly listing on Valentines Day. You can see their donation receipts here. The project has recently completed the majority of their phase 1 “evergreen” stage, which is focused on community token distribution and matched charitable giving.
Charity NFT Auctions and CryptoTrees NFT Collections
The CryptoTrees team have created a collection of NFTs appropriately termed Scared Trees; noting that being a tree in today’s world is quite scary. These are 1 of 1 NFTs where 10 trees minimum are donated for each sale in the collection; with every algo above 10 in sale price adding 1 tree donated with no end limit. In a similar vein, they have their Tiny Leaf collection which follows the emotional highs and lows an average leaf faces. The rest of their pieces can be found here.
On top of these collections, they’ve hosted major NFT auctions in which 100% of the proceeds were donated to planting trees. Some of these have netted over 100 Algo in sales, resulting in hundreds of trees being planted with charities! They’re also fully transparent about exactly where the money is going to, and you can follow along with future auctions in the CryptoTrees Discord.
$TREES Token Utility
While CryptoTrees will always remain dedicated to the support of charitable tree planting, they have recently pivoted away from that being the project’s permanent state, as they believe they have the potential to accomplish a lot more. Their focus is now on using the technology they have available to get more trees in the ground, as to further deliver on their mission statement.
On that regard, the project has also taken focus around creating utility for the $TREES token, something which will be a focus of their phase 2 “Mycelium” stage. The team has not yet released specific updates regarding this new direction (I will update this as soon as there is), but rest assured it is a major focus of the project.
To kickstart this, CryptoTrees have launched their unique tree photo buying program. The gist of this is that users can submit unique photos of trees in public property that follow CryptoTrees’ guidelines. They will then pay 500,000 $TREES tokens to purchase the rights to the best ones! The team has teased that these will be used in a fully launched map which will involve people physically visiting the location of the trees.
This initiative is likely to be a part of their “Location-based tree mapping via NFTs section of their whitepaper, which hopes to create an interactive map of trees that have been minted as NFTs and will have an educational and explorative theme to them.
Buying CryptoTrees on Algorand
CryptoTrees (ASA Ticker $TREES | ASA ID 444108880) can be swapped for on any of the various decentralized exchanges on Algorand. These include Tinyman, AlgoDex, Pact.Fi, and Algofi. Ensure that the asset you are swapping for has the above ASA ID, and the blue verification check mark to avoid buying fake tokens.
Staking $YLDY for $TREES on Yieldly
If you are looking for alternative ways to accumulate $TREES, you’re in luck! Yieldly and CryptoTrees have currently partnered to offer a Teal 5 Community Staking pool. If you are not familiar with Yieldly, you can learn about them here. The pool currently offers ~70% APR and will last at least a month.
Staking $YLDY/$TREES LP Tokens on Yieldly
In addition to the staking pool, Yieldly also offers a liquidity token staking pool. To do this, a user has to provide equal parts of $YLDY and $TREES on a DEX like Tinyman to get LP tokens. These can then be staked for additional rewards. The current APR of this is ~150%, but the risk can be high with liquidity providing. You can read about liquidity pool token staking and its risks in this article.
Staking $TREES for $TREES on AlgoStake
On AlgoStake, users can recieve $TREES as a reward simply for holding trees in their wallet. The current APR is hovering around ~44%, and the unique thing about AlgoStake is that the tokens never leave your wallet. The protocol takes “snapshots” to verify the $TREES you’re holding, and then pays out the owed amount. Opting in is fairly simple, and “PRO” users can take advantage of the auto-claim function. There is a minimum balance of 100,000 $TREES that must be held in the wallet.
Staking LP Tokens for $TREES on AlgoStake
In addition, AlgoStake provides two LP Token staking pools. Users must provide equal parts of the two tokens in a Tinyman pool in order to receive LP tokens, which can then be staked. Liquidity providing has risks, and you can read more about those here. At the time of this post, apx. 6.6 $ALGO/163,000 $TREES creates 1 LP token, and 420 $STKE/240,000 $TREES creates 0.1 LP tokens, the minimum balance requires to stake both pool’s tokens.
Cryptotrees ($TREES) Tokenomics
$TREES has a total minted supply of 50 Billion (50,000,000,000) tokens, with zero decimal points. Currently, the price of one $TREES token is $0.0000319. TinyChart has the project’s current circulating supply at 14.61%, with a current market cap of $238,650. This puts the fully diluted market cap at ~$1.6 million.
The distribution of these tokens are as follows:
Initial Liquidity (10%): This portion of the supply is being used to create liquidity and help users swap into and out of $TREES on various DEX’s, the majority of which is currently on Tinyman. Liquidity is a vital aspect of growth for any project, but especially for CryptoTrees as $TREES sales are built into funding projects.
Giveaway Pool (35%): Games, Quizzes, Events, and community initiative rewards come from this allocation.
Donation Pool (35%): Rewards distributed from the giveaway pool are matched as a donation to charities or to fund other charitable activities.
Project Development (20%): Funding for project development includes marketing, staffing, project ops, partnerships, consulting, expenses, promotion and more. The goal of this is to ensure long term funding and success. Payments will be done in $TREES as much as possible to avoid sell-offs, and requests will be made to vendors that payments are not immediately sold off.
The CryptoTrees team is extremely dedicated to ensure that charitable actions have minimal effects on price, something which is supported by their dedicated approach to strong liquidity.
CryptoTrees Next Steps
All in all, CryptoTrees is a great project that has the potential to really shift how people view cryptocurrency while planting tons of trees. The effects of tree planting go beyond just climate change, and so the work they are doing is truly commendable. The project is continuing to grow and evolve, and I’m very excited to see what it continues to develop into.
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