The Migration.
THE TIME HAS COME.
The day is upon us that we now leave the existence of YOLO Yolero and begin the transcendental rise of NOLO. More than 94% of the YOLO supply on Solana has now been locked in the Yolo4Nolo Bridge.
It’s safe to say the first phase of the MISSION HAS BEEN ACCOMPLISHED.
For the other 6% of you who have not yet locked, please note:
YOU MUST LOCK BEFORE 00:00 UTC OR YOU WILL LOSE YOUR ABILITY TO RECEIVE YOUR NOLO.
If you are holding YOLO on Solana and have not yet locked, please immeidately proceed to https://yolo4nolo.xyz to lock now.
$NOLO LAUNCH PLAN
The $NOLO drop process will commence at 00:00 UTC at which point the conversion bridge will close. We are expecting the entire process to take approximately 2-hrs from the time the bridge is closed. Therefore expect to receive your NOLO to the ERC-20 address you provided to the bridge at approximately 02:00 UTC (2 hours after the close of the bridge).
The conversion rate of YOLO to NOLO is 2,000,000 YOLO to 1 NOLO.
Let’s take a minute to do a quick review of the token economics and mechanics.
$NOLO TOKEN ECONOMICS
The total supply of NOLO will be 4,444,444. Assuming 100% of the YOLO made it to the bridge, then roughly 87% of the supply would be distributed in the drop. The remaining 13% is held by the YoloNolo Treasury to be used for the Uni-V2 NOLO-wETH POL/LP liquidity, future contributor grants, rewards and general bot operations. Please note that there are NO team tokens as all current contributors who have tokens purchased them off the YOLO market.
$NOLO LIQUIDITY
At launch, the number 1 goal is to establish a fair marketplace for price discovery and deep $NOLO liquidity. Therefore it is important to us that LP’s are well incentivized early and that we have a quick path to having deep, well-protected protocol-owned LP.
Given the volatility in the $YOLO token market in the last 3 days preceding the closing of the conversion bridge, we have made a temporary change to the buy and sell tax of NOLO once the market is launched. This is being done to ensure the NOLO-wETH POL and independent LP’s are properly incentivized for taking on the risk of being an early LP.
The changes are as follows:
Until NOLO-wETH POL reaches $500,000 ($250k NOLO/$250k wETH):
Once POL is above $500,000, we will revert to the original plan. Please note that because of decimalization issues in the token contract, we have adjusted the buy and sell tax down to 4% each from the original 4.4%:
Soon after the Nolo Perp Bot is launched (targeting the week of 7/24. See roadmap below for timelines), the protocol will begin sharing its revenue as follows:
THE ROAD AHEAD
Looking forward, the YoloNolo team will be working on the following:
Nolo Perp Bot Launch — 7/24–7/31
Nolo Perp Bot will begin to launch a live beta in Discord Servers beginning the week of 7/24. Although we’ve migrated from YOLO on SPL to NOLO on Ethereum, we still feel strongly that Solana gives the bot the best on-chain trading and settlement experience. Therefore all bot trading and settlement will still exist on Solana (powered by the Hxro Network dexterity protocol).
There will be a limited number of servers active for the first 2 weeks as we want to assure there are no critical issues/bugs to be fixed prior to a wider distribution of the bot. We already have mutliple servers who will be participating in the bot beta. If you are a server operator and would like to participate, please feel free to hop in our Discord and let the community know!
LP + Single-Sided Staking — 7/31–8/7
As part of the token incentive model, both LP and single-sided staking will be available for all $NOLO holders. In addition to LP incentives from buy and sell tax + standard AMM fee sharing, LP’s will also be able to earn 4.4 bps of all bot transaction fees as protocol revenue share.
Single-sided stakers will also be made available. $NOLO single-sided stakers will be eligible to receive 2.2 bps of all bot revenue. A modal will be launched on https://yolo4nolo.xyz to facilitate both LP and single-sided staking.
Server Referral Program
The server referral program is one of the most critical elements of developing the bot’s network. This program allows people to introduce new Discord servers to YoloNolo and the Nolo Perp Bot. Any person or business referring a server to the bot will be eligible to receive 4.4 bps of that servers transaction fees from perp trading.
A user referral program will follow soon after.
Additional Features
Once the items above are launched and the Perp Bot is live, the YoloNolo team will turn its efforts to building new features to the bot infrastructure.
Current plans include the following:
General UX Improvements (ongoing)
Cross Chain Token Swaps (extending, already implemented)
Extending YoloNolo and Nolo Perps to Telegram and Skype (Q4)
Gamble bots (Q4)
If you are reading this you are likely in our discord already and follow YoloNoloBot on Twitter.
If not, you can join our community and follow us here:
Twitter: @yolonolobot
Discord: https://discord.gg/yolonolo
