Hello everyone, we created this thread to discuss our project’s roadmap and tokenomics adjustments. If you want to know more about us please read the introduction thread (Introduction to SNAFU Collective) and the Collection #1 presentation thread ([AIRDROP] [NFT] SNAFU Collective NFT drops introduction and updates).
Unifty + Reward Campaign
Starting from April 13 to April 24 the SNAFU Collective is launching a new Bounty Airdrop for token holders of NFTs of Collection #1!
On April 24 whoever will have all NFTs of the following bundles will be rewarded with the “SNAFU Collective - Special Edition” NFT + $SNAFU tokens. A total amount of 75000 $SNAFU was allocated for this airdrop!
Our SWAP protocol will be released. Read more about this functionality here: https://www.nftsnafu.org/swap
April 19 - 24
In the past weeks, we noticed the initial supply we provided for our $SNAFU token didn’t meet enough demand, for this reason, SNAFU Collective decided to burn $SNAFU tokens in order to rebalance the total supply.
At the moment we have a circulating supply of 135000 $SNAFU, those tokens were distributed to the community through airdrops, bounties, and rewards for buying NFTs of “Collection #1”.
From our original tokenomics (read more in our whitepaper) we decided to burn the following percentages:
- 43% of the $SNAFU allocated to the Team, decreasing the supply from 875000 $SNAFU to 500000 $SNAFU;
- 60% of the $SNAFU allocated to the DAO, decreasing the supply from 625000 $SNAFU to 250000 $SNAFU;
- 20% of the $SNAFU allocated to the IDO, decreasing the supply from 250000 $SNAFU to 200000 $SNAFU;
- 70% of $SNAFU leftover from the Community Distribution: we allocated 375000 $SNAFU for the community distribution as a reward for buying NFTs from Collection #1, but we were able to distribute only 135000 $SNAFU. So now we have 240000 $SNAFU left over. We will burn 70% of those tokens, remaining with only 75000 $SNAFU to distribute to the community. We will distribute those $SNAFU tokens with the second airdrop campaign of “Collection #1”, if there will be some $SNAFU left over then we will distribute the remaining tokens to the xDai community in a random way, with a maximum of 10 $SNAFU per wallet.
- 100% of $SNAFU leftover from the Bounties allocation: 32000 $SNAFU will be burned.
After this burning process we will have the following supply:
- Circulating supply: 135000 $SNAFU
- Total supply: 1085000 $SNAFU
This means a decrease of the supply of 57%.
After rebalancing the supply we will lock all funds allocated to the team.
We will deploy a smart contract where we’ll send all 500000 $SNAFU allocated to the team. For the first 6 months, the smart contract won’t release any funds. After 6 months the contract will release funds periodically over a time period of 1 year.
The funds will be released by the smart contract to a wallet registered inside Gnosis Safe. This will let us:
Give transparency to the funds released to the team
Allow the team to use a multi-sig wallet in order to move those funds: there will be 5 wallets that will need to sign the transactions, with a minimum requirement of 3 wallets.
Airdrop #2 for “Collection #1” will end; winners will be counted and the rewards distributed.
We partnered with NFTOPIA (https://nftopia.vercel.app/) a new NFT Marketplace joining xDai chain. Thanks to this partnership all holders of NFTs of the SNAFU Collective will receive an airdrop of $NTP tokens.
We’ll create our farming pool on Unifty. All $SNAFU holders will be able to stake their tokens in order to claim an exclusive NFT of the SNAFU Collective. Once that NFT will be claimed owner will be able to:
Keep the NFT
Sell the NFT
SWAP the NFT through our swapping protocol and increase their $SNAFU holdings
DAO - Colony
SNAFU Collective will use Colony (https://colony.io/) as their DAO platform in order to give transparency on how money is used. The community will have a big role in this too.
DAO - Snapshot
Unfortunately for now Colony doesn’t support the community vote yet, so we’ll also use Snapshot if some community vote will be needed, otherwise we’ll wait for Colony to release the feature.
We will use Gnosis Auction for discovering the price of the $SNAFU token and to raise money. The money raised in the Gnosis Auction will be allocated to the $SNAFU token liquidity.
The auction will last a week (from 1st May to 7th May).
Once the Gnosis Auction will end we’ll create a pool for our token on Honeyswap.
We will create another farming pool on Unifty. You will need LP tokens received by Honeyswap upon providing liquidity to the token. The rewards will be ultra-rare NFTs, with a higher return compared to the $SNAFU farming pool.
The second collection of the SNAFU Collective will be released.