Smolove: Stake2Mint4Free

Introduction

While we are inching closer to our launch date and working around the clock to finalize our implementations, we want to give our community an update on the minting process and how we plan to make sure our minters are maximally aligned with the future of Smolove and Smolverse in general.

On free mints

The team at Smolove has always taken the Smol ethos with free mints and good vibes at heart, and we want to restate that we will not change this. However, at the same time, we also feel that something has to be done to discourage grinding and reward long term believers in our ecosystem.

Aligning incentives

We feel that this grinding culture, certainly during the early innings of a new project, kills the good vibes we all want to achieve. Rather than trying to remediate this culture by asking our community to directly pay for the Smolove rings, we have come up with a new and inventive system to favor long term holders and believers.

The minting game plan will be as follows:

• In total, 7500 Smolove rings will ever exist.
• Of those rings, 5000 will be distributed directly during our minting phase, while 2500 are reserved as future partnership rings that will be released during later phases of our project.

• Of the 5000 initial rings:
• 400 will be allocated to the team.
• 900 will be allocated to Lovelist holders.
• 3700 will be allocated to Smol and Swol holders.
• Any remainders will be available to the general public.

• We have set up a $MAGIC staking partnership with Battlefly through their Battlefly Flywheel program. A staking pool with the highest APR available.
• In order to mint, minters will be required to stake a fixed amount of $MAGIC per ring through our staking contract.
• Staking will lock up the $MAGIC for 1 year, after which the $MAGIC can be reclaimed and the minter essentially got a free mint.
• For minters that do not want to lock up their $MAGIC, we also provide the possibility to pay a flat minting fee in ETH per ring.
• Next to that, every Smolove ring holder can separately stake $MAGIC through our ring-holder staking pool, which stakes their $MAGIC within the Battlefly Flywheel program for the most competitive $MAGIC rewards on the market.
• Ring holders staking this way through our services will receive an 85% reward payout of the earned rewards for every $MAGIC staked for 3 months, 6 months or 1 year.
• 10% of the staking rewards go to Battlefly for their services, 5% of the rewards go to the Smolove treasury and will be used to fund development.

We strongly believe that this system gives the advantages of a free mint while discouraging grinders and quick flippers to mint our beloved rings.

In the end, minters will be able to mint for free as they will get back their staked $MAGIC on top of a very big chunk of staking rewards if they also stake separately through our ring-holder staking pool.

In essence, they Stake2Mint4Free

This gives our team the much-needed funding to continue our roadmap for the coming year, as well as the possibility to be the first Smolverse oriented project that will yield $MAGIC emissions for Smol and Swol holders that are getting married through our services.

Our roadmap is highly ambitious and will be shared during the next couple of weeks, so stay tuned.

Much Love and Good Vibes,

The Smolove team.