ToastNodes — A quick look into owning a share of the toast.finance network
Tags: Cryptocurrency, Statera, Defi, Crypto, Toast

Some time ago toast.finance added a new smart contract feature to automate the pool creation process of its native ecosystem. This allows some impressive new Defi features, like adding native LP tokens of uniswap, sushi, mooniswap, balancer pools or even pure token pools with zero risk of impermanent loss. The potential creativity of this new feature for the community are endless.

This feature quickly turned the platform into a piggy-bank system for a wide variety of tokens. And everyone can participate in this. Similar to Uniswap pair creation process. Imagine you got rug pulled on a now useless token, that is not even worth to burn and that is laying around in your wallet. You can now easily create a toast pool for it and stake it to earn a nice share on the daily minted toast tokens. The best thing about the boosting feature is that it created an utility for $TOAST tokens. The community burned a total of 120 Million $TOAST in less then 2 months. This is nearly a quarter of all minted toast tokens.

Some of these pools however contain tokens that where minted simply with the purpose in mind to privately own a share of the daily toast minted. Pools like that where expected and even embraced by the community. Lets call those private token pools ToastNodes.

Some of the current ToastNodes

Here is a quick summary of the benefits of ToastNodes.

You own 100% of your ToastNode

You can sell shares of your ToastNode, if you sell the tokens you minted

ToastNodes will always earn you a share of the toast minted per Block

ToastNodes can be boosted by burning toast

ToastNodes are competing against each other, they incentivise the burn of toast

Some thing you need to keep in mind.

Toast nodes are competing against each other. This means every time another pool is boosted, your ToastNode requires boosting to stay on top. This is however fairly cheap and currently the toast you mint will outperform your toast burning requirements.

Currently the liquidity of the toast / ETH pair is low. But there are some plans to increase this in the future. So stay tuned!

How can a ToastNode be created?

To create your own ToastNode you need 50 HOUSE in your wallet and 1 Million TOAST to burn. Currently creating a private Pool — ToastNode costs roughly ~0.12ETH.

First, you need to mint your own token. Its extremely easy to do. And there are some very cheap ways to do this. For this example we use: https://tokenmint.io/ Click on “Mint Tokens Now” Select “Fixed supply ERC-20" and click on next. Add a “Token Name” -> Here you can add any name you’d like.

“Token symbol” -> This must be 3–4 Characters. Keep in mind that your ToastNode will also have the name of your Token symbol.

“Decimals” -> This should be kept at 18 decimals.

“Total Supply” -> Should be 1. But can be any amount. This is interesting if you are planning

Click next.

5. Make sure you are logged in to Metamask and your wallet is selected as the payment account & the token owner. Click next.

6. Confirm all details. Click Finish and confirm the minting process in Metamask. This step will cost a minting fee which is roughly 0.05 ETH + the transaction fee which can vary based on the current Ethereum network congestion. You also need to wait until your transaction is confirmed.

7. Now you need to head over to: https://toast.finance/community and create your pool. Simply add the token ID. Example: 0x774fb37e50db4bf53b7c08e6b71007bf1f1d9a47 is the tokenID of TOAST. If you do not know the token ID you find it in your wallet by clicking on “View on Etherscan” in your Metamask browser extension / wallet.

Add the ID of your personal Token and burn a bunch of TOAST to create a ToastNode.

Click on “Burn TOAST & Add Pool” and confirm the transaction.

8. Well done. You have created your own ToastNode. You now just need refresh the website, Approve your pool for staking and stake your minted tokens. You are now minting a minimum of 20 TOAST per block, until another pool is created or another pool is boosted. Ready to be burned.

Oh and keep in mind, that each boost guarantees 20 TOAST per block, so the last burn is always the most efficient one. This way every pools stays competitive, even if you are late to the show and no one is stopping you or other from burning even more TOAST in the future to boost your ToastNode.

Happy Toasting!