A blockchain development company looking to provide services like smart contract creation for artists and designers, develop Dapps on chains like solana and ethereum, trying to help artists and designers gain the power & security of blockchain mechanisms in their businesses to create a USP.
We as a company are trying to create systems with a background story and then develop it for consumers and investors alike.
Tell us about yourself?
Cryptocurrency enthusiast Tejus Sharma is a digital entrepreneur, and leader who strives to introduce the exciting cryptocurrency space to individuals around the globe. Those seeking to increase their knowledge of technology attend meetings and seminars to learn from Tejus’s vast experience.
Tejus knows that bitcoin will change the world for the better, and is dedicated to spreading the word about the amazing, worldwide transformation in finance and technology taking place before our very eyes.
Across the world, Tejus has taken the stage to share his passion for and knowledge of digital awareness with audiences seeking to enhance their own wealth. NFTs and smart contract development has allowed him to be an integral part in creation of Sol Patrol and Bail Coin.
If you could go back in time a year or two, what piece of advice would you give yourself?
Do not try to outrun the pace of technology adoption, and the ability to be not able to understand blockchain is a myth, the more you work for something, the clearer it becomes.
What problem does your business solve?
$BAIL is a utility token used in the Patrol Prison system built by solpatrol.io to create a unique De-FI locking mechanism for NFTs on the Solana blockchain. The NFTs locked up in the Patrol Prison are targeted by the Patrol DAO and $BAIL is paid out to the Sol Patrol guardians to keep the NFTs in captivity. The fate of these captured NFTs shall be decided by the Patrol DAO court system.
Highly classified intelligence reports are distributed to Sol Patrol holders within the Patrol DAO. These reports consist of verified on-chain analytics of NFT projects in the Solana ecosystem to allow for investors to make stronger risk based decisions when buying NFTs and minting new projects. The reports are used in tangent to allow the Patrol DAO to have a wholistic view when targeting new projects for the Patrol Prison.
$BAIL is a liquid utility token that is earned in each individual Prison, these token can then be used to post-$bail in the Main Jail to free NFTs that are locked away by the Patrol DAO. The Main Jail posting-$bail rate is pegged to both the price of the $bail and the average price of NFTs in the Main Jail. All $bail spent in the Main Jail is then used to burn bail. Additionally, 100% of royalties generated by the Sol Patrol collection is used to burn $bail.
What is the inspiration behind your business?
With the highest sales for artists happening in the last 2 years, artists and designers have now the ability to never be front run on their original creation, as blockchain solves the IP issues and get the art industry the technologies that can allow businesses to grow even bigger more securely.
What is your magic sauce?
Crypto and De-Fi allows each individual to have the ability to own secured digital assets, but the architecture built for artists and designers is not very UI friendly, and the knowledge gaps are bigger in places like opensea and sorare.
We hope to bridge that gap by spreading the right kind of practices design communities need to pick up on. The projects built with this method will have a lot of transparency and in our case has allowed us to sell out, with the coin distribution increasing everyday, and we can conclude that our sauce has been fairly simple, our technical ethics follow the blockchain principles.
What is the plan for the next 5 years? What do you want to achieve?
Blockchain and NFTs in terms of adoption are at the very beginning, the open sourced knowledge although lacks , but to help the designers and artists across the globe, Our 5 year plan is to be able to enable acquisition of bright talent and aware audiences, by 2024, the NFT space is expected to mature by 2024, and we think we can achieve it much faster by enabling as many designers and artists to join the blockchain movement by helping them by making them understand the use case of blockchain being not just a security upgrade but the unique combination of creativity meets technology by the smart contract development likewise with the artist, which will allow us to disrupt the blockchain industry in a healthy way for the artists and designer communities.
What is the biggest challenge you’ve faced so far?
Personally my first two attempts in the NFT space were a failure, which is a motivating recall today on what not to do, and with that spirit and the grip of understanding how the blockchain mechanisms can create very unique and not easy to comprehend systems to execute a smart contract transaction in multiple ways is one of the main reasons why Sol Patrol is a success and has allowed Ape Labs to have a name in the game.
How do people get involved/buy into your vision?
If you are looking to develop a system for yourself, contact us on apelabs.org. For NFT enthusiast and investors, join our one of a kind NFT prison system at solpatrol.io.
The Patrol Prison is incentive mechanism that was created to lock up targeted NFT collections. Owners of Sol Patrol and the NFT being locked up will receive a multiplier on the amount of time that the NFTs have been locked.
Everyone holding Sol Patrol and the paired NFT in a single wallet will automatically be eligible for the $bail payout based on their multiplier.
There are 2 main parts to the Patrol Prison. The individual Patrol Prison and the Main Jail. In the individual Patrol Prison, the user will receive an incentive mechanism based on their multiplier as discussed above. The Main Jail will be used to post-$bail or release NFTs collections for set amount of $bail tokens. The NFTs locked in the Main Jail will be swept from secondary from a portion of the $bail funds, the Main Jail will have a variety of different NFTs to be released to the new owner that posts-$bail. All NFTs that are released from the Main Jail for $bail will be burned.
Tokenomics
50% Patrol Prison Rewards
15% Posting-$bail Funds
10% Sol Patrol Buyback
10% Token Liquidity
8% Marketing
7% Team Funds (Vested)
100% of royalties to burn $bail
100% of Main Jail (posting-$bail) to burn $bail
Token Total Supply of $bail
The total supply of tokens has been minted (5B) and future minting is disabled. From here, $bail will be a deflationary token as more of the supply gets burned through royalties and the Main Jail. The rate of release for the token will likely be capped out at 10% of total market liquidity, we are looking at 10k token rewards for each Sol Patrol you own and this will be claimable for the user once a week at 0900 GMT on Sunday. The claim period will last approx. 7 days, and then we will refresh it on the 7th day for the new weekly claim reward.
TOKEN: https://solscan.io/token/3e9pHUxa2nvAqso2Kr2KqJxYvZaz9qZLjoLaG77uQwB1
Posting-$bail Mechanism
The Patrol Prison works by allowing individuals to get rewards by locking up NFTs in the Patrol Prison. There are two parts of the Patrol Prison, the first is each individual or user prison – this is the individual wallets that are holding Sol Patrol and the paired NFT.
Second part of the Patrol Prison will be the Main Jail. The Main Jail will contain the swept NFTs. As users gain rewards from their individual prisons, they will be able to go to the Main Jail and post-$bail. When posting-$bail, the user will be able to trade their $bail token for a NFT from the Main Jail or release a NFT by posting $bail. The released NFT is then given to the user in exchange for a set amount of $bail. These $bail will then be burned – further removing more $bail from the circulating supply.
Roadmap to Launch Patrol Prison
We are about 2-3 days away from the testing phase. Once we begin testing of Patrol Prison, we will fine-tune the multiplier and determine any vulnerabilities/changes that the community advocates for. After testing is complete and changes are made, we will launch the Patrol Prison officially. Those that participate in the Patrol Prison testing will receive token rewards.
Example of the Patrol Prison Reward
Lets dive in the incentive mechanism with our first partnered project – The Jungle. A user places their Sol Patrol and The Jungle NFT (Animals) in the Patrol Prison, the multiplier that this individual receives of $bail token is calculated on the number of NFT from each collection. If the user sells Sol Patrols or The Jungle NFTs (Animals), the user is then penalized from their $bail weekly reward.
User-1, holds 2 Sol Patrol and 0 Animals in the Patrol Prison for 1 week. This individual will be give a 1x Multiplier to the weekly token claim. Since the user holds 2 Sol Patrol, they are given 2 * (1x) or 2x Token Rewards
User-2, holds 2 Sol Patrol and 2 Animals in the Patrol Prison for 1 week. This individual will be give a 2.97x Multiplier. The user Token Rewards will then be determined at a 2.97x multiplier. Meaning they received an additional 0.97x for holding 2 Animals captive in the Patrol Prison.
There will be penalties if the user sells the NFT prior to the weekly token claim.
Other Information
The Patrol Prison is extremely user friendly, we handle all the data on the system side to make the user experience as smooth as possible. The Patrol Prison will work simply by placing the Sol Patrol and partnered NFT in the same wallet (Yes – you can also have other NFT in that wallet), then we tap into on-chain data to determine your multiplier and NFT movements. If you sell your NFT or move it to another wallet you will be penalized, we will work on adding more wallet support but for the initial release we will support 1 wallet that contains both collections of NFT. You may split your collections into multiple wallets but your multiplier will be reduced and you’ll need to claim tokens twice.
