Introducing the $DOWN social token:
To provide a bit of context; for anyone who’s not familiar, I [BruceTheGoose] was among the earliest creators to issue a “social token”. $FTHR (Goose Feathers) was issued via Roll, and was meant to serve as a rewards mechanism for those that collected my art, contributed to my projects, etc. When it was issued, I knew very little about token economics, or crypto in general when compared to now. Liquidity was never opened because the token had been distributed quite loosely, and after some time it seemed a pointless endeavor to try to salvage or maintain the token, and it fell by the wayside. Some months later, in March 2021, Roll had their hot wallet compromised, and with it a significant percentage of all social tokens that were deployed prior. This provided an opportunity to re-imagine my social token without simply giving up on the existing one.
$DOWN is an experimental social token format which is independently managed and has been deployed via Fractional. To create the token, an NFT was placed into the custody of a smart-contract to enable fractional ownership represented by 10,000,000 tokens. The underlying NFT is an Emblem vault, created via Emblem, and therefore also a fully-functioning multi-coin wallet.
Emblem vaults can receive and contain assets from Ethereum, Polygon, BSC, and more, as well as NFTs. Being held by a smart contract (eg: to create fractional ownership) has no affect on the vaults ability to function as a wallet, with one important distinction. To withdraw any assets held within an Emblem Vault, the vault must be ‘cracked’, essentially unlocking an encrypted file containing the private key. Any vault which has been ‘cracked’ previously will have a CLAIMED status in its metadata, and when viewed on the Emblem Finance platform. To crack a vault, thereby extracting the private keys to enable importing the vault into a wallet interface, it has to be in the wallet you’re logged into the platform with. What this means, and why its explained with such emphasis, is that the vault supporting the value of $DOWN cannot be withdrawn from, but can receive deposits.
This means that, thanks to Emblem.Finance, Fractional.Art and the composability of solidity smart-contracts, that the underlying value of $DOWN can continue to grow and expand. Currently, the vault holds a number of NFTs, many of which are original artworks by BruceTheGoose; with others deposited from highly desired assets such as Gen 1 CryptoKitties, a CryptoSkull, a Curio Card, and several other historical and recent NFTs. Also included are various tokens, including 10% (1mm tokens) of the total supply of $DOWN.
The following is quoted from this post, originally published on Mirror.xyz
After the security breach at TryRoll, and their teams response (or lack thereof) to the incident, I have decided to separate my creative brand and my social token economy from any controlling central party and manage it of my own volition. The resulting ERC-20 is ‘Goose Feathers 2.0’; with the market ticker $DOWN (lol).”
$DOWN is the newly deployed “social token” of BruceTheGoose, who holds many roles in the Web 3.0 ecosystem; Artist, collector, musician, innovation advisor, founder, daoist and more. $DOWN is an ERC-20 derived from “fractionalizing” an Emblem Vault containing (and continuing to receive deposits of) original artwork by Bruce; with most being first or single editions), various fungible tokens, and a variety of 3rd party NFTs with promising potential or proven value. By HODL’ing $DOWN, you’ll be holding ownership of X% of the total value of the NFTs and tokens contained in the $DOWN Vault. Should the vault be sold, your holding entitles you to a proportional amount of ETH as dividends; as well as various perks and utilities implemented by BruceTheGoose.
Token Address: (ERC-20) — 0xcfe4a93c6b0930bd46a8b375f113c9f398c27375
NFT ID: (ERC-721) — 0x82c7a8f707110f5fbb16184a5933e9f78a34c6ab | 7543251
Emblem Vault Public Wallet Address:EVM: 0x00Ac3006e20C3B06aE71e897b56b475622601293
Token Overview : Fractional | Contract
Vault Contents: (via OpenSea) | (via Blockscan) | (via Zerion)
Initial Supply: 10,000,000 $DOWN
*Curator’s Fee: 1% per year
Artist’s Reserve — 15% (2yr. linear vesting) — 1.500.000
IDO/ITO — 15% *(Dates TBA) — 1.500.000
DAOwn Treasury 15% ($DOWN HODL’ers DAO) — 1.500.000
Community Rewards — 30% — (2yr. distribution) — 3.000.000
Vault Holdings — 10% (Held in the underlying NFT) — 1.000.000
Marketing / Expenses — 5% (DAO Approval required to unlock) — 500.000
Airdrops — 5% (Details Below) — 500.000
INO — 5% (Initial NFT Offering; via Charged Particles) — **500
**Curation Fee — Fractional implements a ‘curation fee’ on tokenized NFTs; which functionally increases the token supply by X% per year, issued to the creator of the token. In this case, 1% per year, to BruceTheGoose. The inflation rate can be modified; enabling the $DAOwn to propose/enact halvings, or to disable new issuance entirely.
*IDO/ITO -** Tokens remaining in the sale contract after the IDO closes will be locked int the contract permanently.
*Airdrops -3% of the total supply (300,000 $DOWN) will be distributed to previous collectors of Bruce’s artworks, supportive community members, and holders of $FTHR and of the OG ₲oose ₲ang membership NFTs in 3 distribution waves, happening 4 months apart from one another.2% (200.000 $DOWN) will be used for marketing via airdrops on various platforms.
$DOWN is designed to function in a manner similar to a rewards/loyalty program; so will steadily gain more utilities over time.
Initially, the primary purpose of the token will be to represent shared ownership of the underlying assets.
After the conclusion of the IDO, a DAO will be summoned to manage various aspects of the token and community. The DAO will be of a hybrid format, in which voting and proposals will take place on multiple platforms. At the time of this writing, the most likely interfaces are Snapshot and DAO Haus.
The reason for this separation is to prevent whale-wallet manipulation by solely basing governance on the quantity of a token held. Submitting proposals will only be possible by shareholders in the Moloch DAO; entry to which will require a significant tribute of $DOWN, paid to the DAO treasury.
**> Exclusive NFTs:**
Already being developed; $DOWN The Block is a custom NFT marketplace, accessible only by verifying your ownership of at least (TBD quantity) $DOWN tokens in your wallet. Within this marketplace, the community will have the ability to purchase exclusive artworks by BruceTheGoose and curated collaborators.
Purchases (and secondary sales) will be available to be made in $ETH and stablecoins ($DAI, $USDT, $USDC) as well as other tokens as decided by the DAO, and of course, $DOWN. Purchases made with $DOWN will carry a 10–30% discount when compared to pricing in other tokens, and collectors will occasionally be given opportunities to purchase/earn/win various redeemable discounts.
NFTs offered initially through $DOWN The Block will be exclusive to the platform. (Primary sales will not be offered anywhere else, but secondary sales will be available on $DOWN The Block and other marketplaces)
> Payment for Services
NFT / Web 3.0 related services provided by BruceTheGoose or DappGoose Labs (and its child projects) will be available at discounted rates when paid with $DOWN. Any time Bruce receives payment for services in the form of $DOWN; 10% of the paid amount will be deposited to the DAO treasury, and another 10% will be added to the community rewards pool.
**> ₲oose ₲ang**
Goose Gang (The OG Era) was launched in July of 2020 as the world’s first NFT “subscription box”. Membership was controlled by owning one of (a possible) 35 ‘Goose Gang Membership’ NFTs, and was planned to provide its owners with the following benefits:
A private discord community to have a more direct connection with the artist
Random airdrops of $FTHR (Bruce’s first experiment with social tokens, via Roll)
A monthly NFT airdrop of an original artwork, created in as many editions as there are Goose Gang members
Shortly after the launch of Goose Gang, the Ethereum Gas Wars began, and it was no longer feasible to mint and distribute free NFTs to multiple people each month (each monthly airdrop would cost more in fees than the memberships were initially sold for). The launch of $DOWN will also mark the start of a new format (and new release) of Goose Gang, as a generative PFP collection with valuable benefits to HODL’ers. Pre-sale discounts and whitelist spots will be offered to hodl’ers of $DOWN, in a 3-tier system. Details will be announced over Discord/Twitter.
> Yield Farming
$DOWN will utilize the GYSR protocol to launch a variety of DeFi strategies; allowing holders to stake single tokens and tokens representing their positions in various liquidity pairs to earn more tokens. Rewards will come in the form of $DOWN, $FTHR (Bruce’s original social token, which will become a part of the $DOWN ecosystem), and potentially additional NFT fractions or other tokens.
> NFT Farming
Some liquidity pairs will allow providers to stake their LP tokens to accumulate points, which can then be redeemed for exclusive NFTs.
Whenever services, NFTs, or other rewards are purchased using $DOWN, 5% of the purchase price will be used to support various charitable and social good initiatives within the Web 3.0 ecosystem.
> Exclusive Access
$DOWN hodl’ers will be able to bypass token-gating on a variety of content published by BruceTheGoose, as well as accessing on-chain investment clubs, token/NFT indexes, and other yet-to-be-determined content and projects.
> Multi-Chain Compatibility
By utilizing Chainport, $DOWN will be made available on a cross-chain basis, allowing for gasless (or near-gasless) DeFi, the ability to expand $DOWN The Block into a network of marketplaces across multiple blockchains, and providing various new avenues of adoption and exposure. Currently, $DOWN exists on Ethereum Mainnet and Fuse Network; with Fuse Studio providing a community interface with several benefits (such as a whitelabel wallet and a community dashboard with links to projects integrating $DOWN).
Limited releases of physical merchandise, art prints, and additional products will be made available to hodl’ers of $DOWN. In some cases, products will be available to the general public as well; when this happens, $DOWN hodl’ers will receive early access, exclusive discounts, or both.
> Third Party Benefits
Bruce is a veteran in the NFT space, and has developed an extensive and highly valuable professional network. As a matter of priority, they will explore and negotiate integrations of $DOWN with projects spanning DeFi, NFTs, GameFi, IRL applications, and more.
$fDOWN (Fuse Mainnet $DOWN) — 0x3b6b2506cf395655DBa4990e2FD75B5Cc523d2e8
$DOWN Community Treasury ($FUSE)
***DO NOT USE THE FUSE BRIDGE TO MIGRATE TOKENS! USE CHAINPORT
$DOWN Community Treasury ($FUSE)