Max supply: 1,000,000,000 $WGMI
Circulating supply at relaunch: 835,000,000 $WGMI
The initial WGMI token was 100% distributed among holders, the Uniswap liquidity was 100% community provided. While this is a tremendous signal to the strength and commitment of the community, it's not been conducive to growth.
We have carefully considered what economic incentives need to be created to fuel the growth of the community and work towards building a flourishing ecosystem.
There are 4 areas that will now be included, further to holders, in terms of the v2 token distribution model. We'll address each of these areas individually.
As mentioned, with v1, the liquidity, which allows for seamless swapping of $WGMI with $ETH and vice versa, was 100% provided by the community.
When we migrate to v2, we need $WGMI tokens to pair with $ETH, so members and future members can come and go (buy and sell) as they please.
It is important that we have a sufficient quantity of $WGMI for the liquidity pool. This helps with price stability and more generally, healthy token distribution.
We have reserved 5% of the supply for liquidity provision (LP)
This will not all be used at once. We will make strategic LP additions that provide the maximum value for the relatively small supply we have available.
Minimum impact on holders, maximum impact for liquidity growth.
Our team has been assembled with the solitary purpose of creating value for the WGMI community. With that said, it's really important for incentives to be aligned.
Although the team members core desire is to innovate, it makes sense that they should be rewarded for their work. If there is a held belief that their work is valuable, it's likely the $WGMI token will appreciate in price. Creating further value for the community. The team should also feel this economic benefit, alongside the community.
To this effect, 10% has been reserved for current team members, and to facilitate future team expansion.
Refer to the Token Distribution page for a release schedule.
We have so many ideas for what can be built to add value for community members. That said, we want our community to help shape those ideas, and direct us to what they want the most.
It is therefore difficult to say directly for what we will be using these tokens. Just know, they will 100% be utilised for ecosystem building.
We have reserved 5% for the ecosystem.
We'll have clear communication, discussion and voting with(in) the community before these funds are used.
The team has been silently building since January. While a lot of the work has been achieved with agreements for a token allocation within v2, some of the work has been directly financed. We have been working with a team of developers to start building the infrastructure for everything that is to come.
There are also significant up front costs in order to provide $ETH for the LP. We were in a somewhat unfortunately unique situation, where there was almost no pre-existing liquidity that we could utilise for v2 LP. Just to re-iterate, this is because the v1 liquidity was all provided by WGMI holders.
5% has been allocated as part of this exchange.
We can confidently state the individuals are long term oriented with their investment.
We want to express our gratitude to these individuals and their commitment to helping us execute our long term vision with the WGMI community.
The 5% was in return for 34 $ETH - imputes a $WGMI marketcap valuation of $2M