Out of the ashes, an elephant charges forth bringing hodling-as-a-herd, crypto dividend-earning benefits to the Tron DeFi (Decentralized Finance) space.
Crystal Elephant Token ($CETO) is a short-term IRA-type smart contract on the Tron blockchain that launched February 3, 2021. $CETO allows its token-holders to earn dividends from the redistribution of fees placed on its users’ withdrawals and deposits. $CETO has its exchange accessible from the DeFi venture’s website: https://crystalelephant.net. The website also contains the $CETO white paper with the specifics of its functionality, fees, and risks. The anonymous team’s correspondence is officially presented by its mascot, Dottie, the Elephant, in their Discord. They also have a Twitter channel @CEToken and a Telegram channel accessible by the Chat link from their website.
The basics of $CETO work in this manner: Fees incurred on withdrawals and deposits are redistributed to all $CETO holders instead of a centralized authority. All “Elephants,” as $CETO token-holders are sometimes referred, are taxed by the same rules. The basic rules are a 10 percent deposit tax on the principal of an initial buy of $CETO and a 10 percent withdrawal fee if the principal is withdrawn on its 30th day anniversary date. Should a withdrawal of the principal occur on a date other than the anniversary date, then fees can scale well above 10 percent and be as high as 75 percent. All fees are redistributed to $CETO Elephants.
The fees are dispersed to $CETO Elephants in Tron. From there, Elephants can determine individually if they wish to withdraw the Tron to their Tron wallets (most are using https://www.tronlink.org/ or https://klever.io/ wallets) or to reinvest the Tron to buy more $CETO (which would incur a 10 percent fee and a new anniversary date for the reinvested portion). Also, Elephants have the option to send their $CETO to others, allowing for Tron dividends to be earned by the new $CETO holder. Recipients of $CETO must have a Tron wallet of any kind. However, only the TronLink wallet can display the actual number of $CETO tokens within the wallet. $CETO tokens also are visible upon connecting a Tron dApp browser wallet to the website’s exchange page. $CETO can be bought and sold via the Crystal Elephant web page.
Other bonuses include the option for $CETO Elephants to attain a customizable referral link if they own 30 or more $CETO. A referral link benefit includes netting 33 percent of the referee’s fees upon movement in and out of the smart contract. However, the benefit ends with that one connection. Should the referral gain a referral of their own; the original referrer does not benefit from that new relationship.
As per its white paper, $CETO is a copy and adaptation from the Ethereum-based Proof of Weak Hands 3D smart contract (https://powh.io/). In a February 27th AMA (Ask Me Anything) session (https://drive.google.com/file/d/1oSRHCVr8IbNX9EzauFtbiPynLeK4YX5v/view) within its Discord, $CETO announced plans for its brand to be blockchain platform agnostic with new blockchain deployments forthcoming, to provide voting mechanisms for its $CETO Elephants, and to expand into the gaming sector.