Bobo Soldiers! Bobo Cash is finally live and the launch was a stunning success. The current market capitalization is $520,000 at a circulating supply of about 348m tokens and 121 holders. 2m tokens were already burned since the launch! Let’s go over what we have done…
Creating a community
We literally started at zero. Only Neo and Bobo were in the public telegram group. Our first step was to find a few degens that would be interested in such a project. Since we’re retarded, the first thing we’ve done was to shill on the /biz/ section of 4chan. We created a few obvious shills on /biz. Those got removed pretty quickly obviously and our accounts banned. But… Bobo never gives up though.
With a few tricks, we still managed to create a few more shill posts, driving us the first few chads into the Telegram group. Very cool people that instantly shittalked and trolled around with us. One chad even created nice Bobo stickers for us. Shout out to you, you the real MVP man!
Next thing you know we were started to look for influencers on Youtube that might be willing to review Bobo Cash. Unfortunately finding good influencers turned out to be harder than expected. You’d see a ton of influencers with 50k subscribers and only 200 views or simply Youtubers that buy views and likes. Luckily we found a few legit ones that were essential for us to build this community. Here’s the first-ever video about Bobo Cash on Youtube:
The Youtube videos set the foundation and were the main drivers of people to find us. We grew from a few telegram members to a few hundred (although a few hundreds of the current members aren’t interested in Bobo Cash. We hired a Twitter account to tweet about us. Turned out it was a huge mistake as tons of people joined the chat just to win some giveaway from the Twitter account). Mistakes were made. But we’ve learned from it.
The Launch
On 7th August we decided that the time was ripe. A lot of Bobo recruits were waiting for days for the launch so we launched the rocket.
Bobo Cash was born when we added 350,000,000,000 bn BOBO tokens and 30 ETH ($90,000) into the liquidity pool. For us, it was important that there is enough liquidity in the pool. If you check how many ETH other meme tokens add as the starting liquidity, you’ll notice that they usually only add 1–5 ETH into the liquidity pool. Adding a low amount of ETH into the liquidity makes it easier to pump the price but it’s also easier to cause significant spikes to the downside (dumps) due to the lack of liquidity. We believe that in the long-term 30 ETH starting liquidity can contribute to healthy growth and volatility. Worth mentioning that the Max Buy Limit amounted to 0.1% of the total supply (1bn tokens). This means that people were able to buy up to 1bn tokens in one transaction. The purpose of this measure was to give everyone the same chance to ape in instead of one entity to pump it all at once in one transaction.
Since this is no rug pull, we locked the liquidity for 4.20 years after we made sure that the launch went smoothly. This can be verified here: https://app.unicrypt.network/amm/uni-v2/pair/0xDE089C608C5FB839c89B3f9CdD99BD31C2D35578
50% of the total supply was burned too:
https://etherscan.io/tx/0x97ea0ac76929f7401a68cf7f900ca6d9445c4808ebf1c4ec85bc9cb0459dad3a
Of course, we locked the marketing and team allocation:
https://app.unicrypt.network/amm/uni-v2/token/0xF53c24f7729C88C110265929c7124E6259eFccAB
Removing the Max Tx Limit and setting the ownership of the contract to the time lock
After the launch period, the community has decided in a Telegram poll that we should remove the Max Tx Limit. With 40 votes overall and 52% voting for removing the limit, the result was extremely close. The Max Tx Limit was lifted shortly after:
https://etherscan.io/tx/0x94c610a37176644e68c421950484322be1530695d7b14fd1e9be745996bb98d8
Since we’re not planning any significant changes in the fee, we decided to change the ownership from our deployer wallet to our deployed time lock contract:
https://etherscan.io/tx/0x9f367cdd26677ac459e2a53ca93c282a572ebe7f35a1cb44bb2228d5aa5fcee6
What is a time lock though?
Good question! A lot of meme projects renounce the ownership of the smart contract shortly after the launch. This means that they change the ownership of the contract to the burn wallet. The idea behind that is that nobody should be able to make changes (such as changing the Max Tx Limit or burn fee) so the community doesn’t need to worry that the deployer scams by setting the Max Tx Limit to 0 for example.
The problem with that is that if the community demands a change in fees (e.g a higher or lower reward fee), those requests can’t be implemented since only the burn wallet is the owner of the contract. Consequences: New versions of the tokens need to be created etc.
With a time lock, the team is still able to make changes. However, when we execute the function via the time lock contract, there is a 7-day delay until changes can be implemented. You can verify the delay on the “Read” tab of the time lock contract:
This is the process that we’d have to go through to make a change to the contract:
- Create a proposal on our Snapshot.org page
- Let Bobo holders vote
- If for example, the Bobo Cash Community decides to reduce the reward fee to 3%, we’d queue a transaction to the time lock with those changes. Every queued transaction is visible for everyone on the blockchain.
- After 7 days we need to confirm the execution and the changes would be implemented to the contract
The advantage of such a mechanism is increased safety for the token holders since any changes we wanna implement to the contract take at least 7 days and are visible in that time for everyone. You can view queued transactions here.
What’s Next?
Marketing, marketing marketing! As a meme token, we live off the marketing and viral effect. We’re collaborating with multiple Twitter accounts and Youtubers to spread the world about Bobo Cash.
We have requested Etherscan.io to update the token information and add a token symbol. Of course, we also filed an application for a listing on Coingecko and Coinmarketcap.
Unique Bobo NFTs are also in work. You will know more in the next few weeks ;)
That’s it from us again. Bobos, stay tuned for more!
Update: Coingecko has listed us today!
https://www.coingecko.com/en/coins/bobo-cash
