Hello WallStreetBets DApp community.
Post token-generation-event (TGE) from 2 days ago — we’ve been seeing a lot of requests for further Tokenomics information.
Currently it’s all hands on deck as we carefully work through the website updates and Farming launch on Monday.
Meanwhile we aim to shed some further insights into the $WSB Governance token, its utility and supply information:
The WSB DApp utilizes the $WSB token.
The $WSB token has a governance function designed to empower the community by directly letting them vote on and influence decisions. Our plan is to allow users to take over decision making this year when token distribution decentralizes the operation.
Holders will be able to vote on index rebalancing for the ETPs.
(once they are live: Please see the ETP litepaper to understand the full functionality.)
And will vote on major proposals like how to allocate assets that the DApp accrues over time. Maybe we get big enough and the crowd votes on a new ETP design idea? Or market-buy a single asset with the entire treasury for the lols — You have the choice. The possibilities are endless 🤪 The core idea is with the pool of token holders voting, we all come together to decide.
The key to this is to gain enough distribution of $WSB governance tokens so the ecosystem becomes self-governing. Our tokenomics are designed to achieve just that.
The $WSB token supply schedule is as follows:
10% (100m $WSB Tokens) were unlocked and about 80% of that amount was distributed as the initial circulating supply.
After evaluating countless projects we decided to NOT place all the unvested tokens into smart contracts. With decentralization via DAO being core to our roadmap, all token reserves are secured with a crypto custodian and only accessible to the team and partners based on the vesting schedule. We’ve seen a number of issues over time with smart contracts with vested tokens and using a professional treasury system was the best decision for our project to kick off with.
Our goal is to become a DAO and with sufficient decentralization by the end of August 2021.
An elegant $WSB governance token-holder portal will be launched on the WSBDApp.com website — it will be the place where the community creates, discusses, and votes on proposals to rebalance an index/ETP or what to do with the ETP fees and other on-chain assets accumulated.
Our simple emissions and vesting schedules allow users to easily predict supply and we’ll work with listing sites to update as we progress.
The only types of tokens that are not on a 10% for 10 months vest are the 100m (10%) farming tokens. Farming tokens have an emission schedule that decreases over time to reward early adopters. The purpose of farming is to further distribute the tokens to more participants and increase WSB/BNB, WSB/BUSD, and WSB/CAKE liquidity.
Farming in DeFi has expanded significantly — it's financial engineering at its finest. Not only does farming assist in expanding token distribution, but it opens the door for major DeFi partnerships that will benefit the community.
We have a huge focus on UX/UI and a vision to keep DeFi simple for the masses.
Our goal is to achieve 10MM WSB wallets on-chain by the end of the year. This is an aggressive goal we know but we’d like to see massive adoption of the token.
The next 4 months are mapped out well — our goal is to launch the $WSB Governance Token holder portal in August or earlier, and you’ll be able to stay up to date with all updates through our Medium, Telegram, and Twitter.
~ WSB DApp team