Social Tokens 2.0
Harnessing smart-contract composability to allow anyone to launch a customizable, decentralized, and self-sustaining circular economy.
$DOWN ($DOWN Vault token) is the prototype for, and simultaneously the first iteration of, a creator-deployed 'social token' that directly derives its value from an expandable and smart-contract secured portfolio of digital assets; which originate on multiple blockchains.
"$DOWN is far beyond the social tokens that are popular right now and while the '$DOWN standard' could be used for other types of tokens as well; using NFT fractionalization to 'tokenize' a smart wallet achieves a perfect harmony with social tokens [associated with a creator or a community]. This may actually be my magnum opus as a cryptoartist. The whole thing is pretty experimental; but assuming we don't break everything with quantum compounding; expect a "Social Tokens 2.0" launchpad before 2024..." - BruceTheGoose | Full-time CryptoArtist/NFT Degen | Creator of $DOWN
| FOUNDER'S STATEMENT |
Provably backed by hard assets.
While 'social tokens' which are stated to be backed by a curation of their issuers' NFTs, there has never been a social token that has a verifiable, on-chain, intrinsic link to the underlying value, secured at a smart contract level and able to expand limitlessly, in a decentralized manner, across multiple blockchains simultaneously.
Limitless potential to appreciate in value.
The NFT fractionalized to deploy $DOWN is an Emblem.Finance Vault. This means that until the encrypted private key is revealed by "breaching" the vault none of the contained assets can be withdrawn, traded, sold or otherwise interacted with. The tokens' underlying NFT Vault can be bought through a successful auction, initiated when a bid is placed at a minimum price determined by the HODL'ers of $DOWN.
In the event of a successful buyout of the NFT, all hodl'ers of $DOWN can redeem their tokens to receive the proportional value of ETH from the sale.
Due to the way that Emblem.Vaults code is designed; the $DOWN vault can effectively HODL tokens, NFTs, and native assets from most established blockchain networks; currently: ETH, BTC, XCP, DOGE, TEZ and EVM chains.
While there is no way for the Vault's contents to be accessed without ending the token contracts' escrow, the nature of public/private key pairs means anyone can deposit nearly any asset at any time.
Built For Sustainability
The tokenomics and issuance format for $DOWN Vault have been updated and refined several times before its deployment, but were initially conceived early in 2021; by some of the earliest creators to issue social tokens, who were also among the earliest participants in the nascent social token market sector, and who recognized the limitations and shortcomings of the social token format, and those of the currently available platforms.
Beyond it's specific method of issuance; $DOWN follows a similar format to the widely-adhered-to standards for social tokens issuance. There is an initial supply cap of 10.000.000, with the creator's and DAO treasury reserves set to vest over a 2-year staged claiming timeframe. Community rewards will also be distributed (initially) over time, estimated to be at least 2 years to release 3.500.000+ tokens through participatory methods.
Additional Tokenomics Info:
Building with the best.
$DOWN has been created by harnessing the composability of DeFi and NFTs through some of the most secure protocols in the crypto space.
Another innovative world first accomplished by the $DOWN Vault token.
'Quantum compounding', as we've been calling it, refers to a very simple, but very powerful mechanic which is only possible due to the unconventional method of token issuance that created $DOWN. After being fractionalized (and after testing with 1 token) 10% of the initial supply of $DOWN has been deposited to the $DOWN Vault NFT. Theoretically, this should mean that any increase to the value of the assets in the $DOWN Vault consequently increases for FDMC of $DOWN token; therefore increasing the value of the $DOWN held by the vault by 10% of the previous increase. Forever.
If we use X to represent the combined value of the Vault's assets (excluding $DOWN) and Y represents the provable value backing the total token supply then:
*we reserve the right to deny everything in the event the above mathematical paradox causes a rift in reality.
Already actively being built; $DOWN the Block will be a curated digital art marketplace exclusively accessible by hodl'ers of $DOWN, which is also the primary payment.
Members' Only Access
Holders of $DOWN Vault tokens and/or associated ecosystem NFTs will gain access to a variety of Metaverse/IRL experiences and content.
HODL to Earn
We have several concepts being discussed for ways in which we can gamify and reward diamond-hands HODL'ers of $DOWN; because we appreciate you.
Following the official deployment of the $DOWN DAO, it will be possible to stake (and possibly lock) $DOWN tokens to earn the ecosystem governance token, $weDOWN.
and that's not even half of plans we have to make $DOWN highly utilitarian...
Vault: 0x00ac3006e20c3b06ae71e897b56b475622601293 Token Deployment: 0xcfe4a93c6b0930bd46A8B375F113c9f398c27375
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