A Toolbox Token Review- Bringing the Crypto Tools Every DIYer Needs

Do-It-Yourself is a common practice for self-reliant individuals always looking to learn how to build things themselves. DIYers, as they call themselves, put in hard work, passion, and determination to produce something with their tools. They can save money, learn a new skill, and, most importantly feel satisfaction and pride in a job well done. Moreover, the DIY community is a strong and diverse one. Most DIYers have the following motto: “We DIYers need to stick together!”

But what happens when DIYers move from the real world to the digital world on the blockchain? They can take along their thirst for learning but not their tools. In the crypto space, you can still build from scratch, but only with a bit of help.

That is where Toolbox comes in handy. This crypto project is a new platform providing DIYers with all the tools they need to generate value on the blockchain. Toolbox is made by experienced DIYers for everyone looking to learn, share, and earn in the rapidly emerging web3 economy.

This project comes from Mike Borders, an expert DIYer with one of the most followed DIY channels on YouTube. He wants to build a new hub where people passionate about Do-It-Yourself projects and crypto enthusiasts can meet, build, and gain more together, both mentally and financially.

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About Toolbox

If you’re new to the cryptosphere, you need a few elements to support lucrative and sustainable ventures. Firstly, you need to operate in a secure environment. Next, you need valuable digital assets you can buy, sell, and stake to generate value. Lastly, it would be best to have control over your assets and the support of a like-minded community.

Toolbox is a decentralized ecosystem offering all of these features and more. You can rely on its growing community of DIYers from everywhere in the world for learning and shared support via its website and YouTube channel. Also, the platform provides several rewarding and earning possibilities via its three tokens, digital assets with numerous perks and benefits. All of these are available within a safe space respecting the highest security standards in the industry.

The Toolbox platform features three equally important tokens:

• The Toolbox (DIY) token – the main currency for payments and services within the DIY community

• The Ratchet (RATCHET) token – a membership token with special perks and benefits within the Toolbox ecosystem

• The Socket (SOCKET) token – the governance token for the Toolbox charity wallet

Let’s break them down and see how they work!

The Toolbox Token (DIY)

Toolbox is an ERC-20 token and the main digital currency on the platform by the same name. It was built on the Ethereum blockchain and has several utilities and features. First, holders using it in transactions must pay a 1% tax. Toolbox redistributes 0.8% of it to the marketing wallet and the remaining 0.2% to the Toolbox charity wallet.

The Toolbox team has set a maximum supply of 4.925 billion DIY tokens and distributed it as follows:

41% – Reserve wallet: The project will use these funds to create new partnerships and collaborations, mainly with auto shops and hardware stores.

30% – Marketing wallet: The team will redirect these funds toward the platform’s growth and promotion.

25% – Founders/Team: Similar to the tokens present in the Presale and Reserve Wallet, these funds are vested according to a schedule.

3% – Liquidity Pool

1% – Presale

DIY’s tokenomics should help the token gain traction in the market from its early stages. Furthermore, it should incentivize users to keep their holdings intact to avoid paying the 1% transaction tax.

The Ratchet token (RATCHET)

RATCHET is also an ERC-20 token built on Ethereum. Its main purpose is to give holders several VIP perks and advantages, such as early access to the DIY/ETH LP token staking feature.

The team has set a total token supply of only 186,300 RATCHET. Regarding distribution, 75% of these tokens are currently in the reserve wallet to be distributed to fellow DIYers. 25% of the tokens will go to the team and are locked for the first six months before being vested linearly over a year.

Currently, the RATCHET token is available on toolboxtoken.com. 

The Socket token (SOCKET)

Lastly, the Toolbox team has minted SOCKET as an ERC-20 token on Ethereum to give its holders governance power. Those owning Socket tokens can vote on proposals concerning the destination of the charity wallet funds.

The total SOCKET supply is capped at 250 million tokens, and its distribution is as follows:

• Rewards – 60%
• Airdrops – 22%
• Team/Founders – 15%
• Liquidity Pool – 3%

A 3% airdrop has already been performed and given to all wallets that held DIY before March 22nd, 2023. 

Toolbox plans to donate 0.2% of all transactions to charity and leaves it to Socket holders to choose where these funds in the charity wallet go. This is a fun and creative way of empowering the users while giving back to the community. Moreover, anyone holding more than 25,000 Socket tokens can create their proposal and table it for voting.

Staking on Toolbox

One of the top features on Toolbox is the LP staking feature, which has just become available.

The platform incentivizes users to provide liquidity to the DIY/ETH liquidity pool. The Toolbox program for yield farming/staking rewards helps stakers earn a portion of the daily Socket token rewards passively. All LP stakers receive a share of the 50,000 daily Socket rewards.

Roadmap – What’s Next for Toolbox?

Toolbox is a new DeFi platform quickly developing and building a loyal community around it. The project has already completed two phases of its ambitious roadmap, including:

• DIY token launch
• Presale event
• Etherscan contract verification
• List DIY on a Decentralized exchange
• Charity wallet creation
• LP staking rewards go live

For the near future, the Toolbox team aims to reach these goals:

• Reaching 10,000 DIYers
• Listing Toolbox on more exchanges
• Announce additional partnerships
• Roll out the special perks and rewards for all Ratchet token holders

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We’ll keep you in the loop with everything new on Toolbox’s roadmap in the upcoming months. Meanwhile, you can learn more about Toolbox at Website | Twitter | YouTube | Instagram.

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