Jungle Activity Report, 3rd Edition

It’s Quiet… Too Quiet

Our last update was nearly three months ago and in crypto, three months can feel like an eternity. Truthfully, it’s been a rough three months for Jungle and we’ve been silent as we work to overcome the obstacles found in our path. In this update, we’ll provide a birds-eye view of the events surrounding Jungle in Q4 2021 and what to expect going forward into the new year. We may have been quiet, but we are very much alive and growing!

In our last update, we were excited to announce new additions to our team. Unfortunately, those additions proved short-lived and our team size has been drastically reduced. While there is certainly no ill-will between the remaining team and departing members (and we wish them the best in future endeavors!), the loss in personnel temporarily halted our development process and caused a delay in production which we have since overcome by bringing in additional developers and talent.

We’re very excited to welcome Wizard to the team! With experience contributing to the growth of several Solana-based projects in the past, we’re very excited to have him on board to help users grow roots in the Jungle!

The Jungle is coming to life, and we’re proud to announce that our first set of product offerings are nearly ready to be deployed on mainnet.

We will begin our phased launch on 2/2/22, to be kicked off with the opening of our airdrop registration. Mark the date, you won’t want to miss this!

Wen Token?

The launch will begin with the mint and distribution of our native JNGL token. Registration will run from 2/2/22 through 2/9/22, be sure to follow our twitter and join the discord to be ready when we release the airdrop form! Our airdrop will look a little different than the typical airdrop, as we are partnering with our friends at PsyOptions to drop call options to our users in the first airdrop of its kind! (To the best of our knowledge).

This means that those who sign up for the airdrop will receive tokens which represent the right (but not the obligation) to purchase JNGL at a price of $2 each. If JNGL is trading above $2, then users can redeem their calls and immediately sell at a profit if they so choose! If JNGL is trading underneath two dollars, it would not make sense to redeem the call option and users would be better served by purchasing on the open market if they wish to gain exposure to JNGL.

This mechanism serves a dual purpose; A) preventing the immediate dumping of airdropped tokens by establishing a price floor below which it does not make sense for users to redeem and sell and B) providing further treasury funding to ensure continued development of the protocol. This allows us to effectively raise money for the protocol treasury without the need to sell large chunks of the token to VCs or other privileged investors who may later dump on users. Since the calls price JNGL at $2 per token, this means the FDV at launch will be $20m, which is intentionally low. We want our users to receive a fair price if they choose to participate by redeeming their options!

Why Token?

Our JNGL tokens will be used to incentivize liquidity on iTOKEN-USDC and jTOKEN/TOKEN pools (eg iRAY/USDC and jRAY/RAY). This will ensure sufficient liquidity for users to buy and sell their future yield as represented by the iTOKENs as well as their locked collateral represented by the jTOKENs. Liquidity will also be incentivized for the JNGL/USDC pair.

We will also offer JNGL staking, with jJNGL representing the staked tokens and iJNGL representing the future yield on those staked tokens. jJNGL will be used to vote on governance proposals for the protocol, controlling farming reward emission and support for new assets! We aim to launch our governance platform later this year, once the Jungle ecosystem has been successfully established.

Tokenomics

The Jungle ecosystem relies heavily on sufficient liquidity for its markets, without which our product will not be very useful. Since we are incentivizing liquidity using JNGL tokens, we have taken every precaution to ensure that the tokenomics are designed for maximum value retention.

This means that we have allocated 75% of the supply to the community (10% being airdropped initially) with an additional 5% allocated to the treasury at launch. 10% is allocated to the team and an additional 10% was sold to raise seed funding.

These team and seed tokens are locked on a 50 month vesting schedule, beginning 6 months post-launch. Out of a total maximum supply of 10,000,000 tokens, 54,165 will be emitted each month for the next ten years in order to support liquidity. For those interested, you may view a full breakdown of the 10-year emission model including vested team and seed tokens here.

Keep Your Eyes Peeled

To further ensure sufficient liquidity for Jungle-supported markets, we will be utilizing a protocol-owned liquidity model with a yet-to-be-announced ecosystem partner, so stay tuned for that announcement!

We will also be putting out explanation articles on the Jungle platform, including examples on how users might benefit from using the protocol in different scenarios here on our medium account, go ahead and give us a follow!

Last but not least, there will be regular community Q&A sessions in our discord channel as we ramp up into launch, so be sure to join if you haven’t already.

Thanks for reading and we look forward to seeing you in the Jungle!

This article is not a solicitation to buy, sell or otherwise transact in any of the assets mentioned herein. JNGL and the JNGL call options are not offered to, or redeemable by, any person or entity who is a citizen, resident, incorporated entity or who is otherwise established or located in Belarus, the Central African Republic, the Democratic Republic of Congo, the Democratic People’s Republic of Korea, the Crimea region of Ukraine, Cuba, Iran, Libya, Somalia, Sudan, South Sudan, Syria, the United States of America, Yemen or Zimbabwe.