Making a $SPLASH
A SoundSplash Mirco-Economy by DAOrecords
$SPLASH: A Mirco-Token Economy
$SPLASH is a NEP-141 Token (NEAR) created by DAOrecords for the SoundSplash Metaverse Music Event Series micro-economy
Total Supply: 1,000,000
Token allocation is as follows:
Team = 20%
Artists = 12%
NFT Pass holders = 12%
NFT Staking =10%
Meta Yield Staking =25%
Liquidity =5%
DAO =16%
Why Token?
That’s a great question! If you know what we’ve been up to over the last 2+ years in this NFT space you’ll probably know that we’ve been at the forefront of experimentation. So it’s not different when it comes to $SPLASH.
Rather than going all in on an official DAOrecords token (like a lot of projects do in the space) we have elected to explore what it looks like to create something specifically focused on what we’re doing right now. So in this experiment, and with the launch of our Alpha through SoundSplash, we thought by deploying a designated Token for the event series it would allow us to examine the way people use it, how we can create value for holders and not do it at the expense of the future of DAOrecords.
Nothing To Lose
The beautiful thing about $SPLASH is that you can’t buy it. No, we’re not doing an IDO or TGE or ICO. Are you wondering what the heck we’re up to yet?
So how value?
We’ve allocated 25% of our token supply for something really cool! Our partner Metapool is launching a new fundraising mechanism labelled “Meta Yield Liquid Kickstarter”. If you’re not familiar with the way liquid staking works on NEAR then let’s go over how it applies to what we’re doing!
Step One: When you stake NEAR, either in the wallet or with Metapool, you are supporting validator nodes that maintain the network and in return you are given a % of the rewards they earn. The same thing applies when you use the Meta Yield Liquid Kickstarter!
Step Two: When you stake your NEAR with us it will be locked up for a limited time (we haven’t figured out exactly how long yet, but most likely for the duration of SoundSplash). We will earn the validator rewards at a rate of 10% APR and in return you will receive a % of $SPLASH based on your contribution and however many people join the pool.
Step Three: Once the term is up you can unlock your NEAR and claim your tokens! So aside from locking in your NEAR with us short-term you have nothing to lose!
Utility
We understand the importance of deploying a token depends on its utility, so here’s what we’ve put together for our first experiment in token engineering:
How to use or earn $SPLASH
1. Redeem for exclusive NFTs
- Throughout SoundSplash we will be offering exclusive NFTs that can only be collected by redeeming $SPLASH
2. Tips Artists
- You can tip your favorite artists using $Splash by sending it to their wallet
3. Use for DeFi activities on Ref Finance
We will set up a Liquidity Pool where you will be able to earn additional rewards
4. Exchange for $NEAR
Once we have liquidity through our LP on Ref our $SPLASH token will have value and can be exchanged for $NEAR or any other token in the network
5. Earn through NFT Staking
At the end of the SoundSplash series we will be enabling NFT holders to stake them to earn additional $SPLASH rewards
6. Swap for future DAOrecords Tokens
What excites us about creating mico-economy tokens is the ability for holders to swap for future DAOrecords tokens, if they so choose
7. Purchase a Splash Pass
Splash Pass holders can earn $SPLASH depending on which Generation FonoRoot NFT they hold. Learn more about our Splash Pass here
8. Stake With Us
Staking rewards are available for those who participate in our Meta Yield fundraiser as well as NFT Staking
Supporting Artists
Each of the 12 Acts participating in SoundSplash 2022 will be rewarded with 1% of the $SPLASH token supply. We’re curious to see exactly what they do with these tokens, as most of the artists are new to NFTs and Crypto in general, so through this issuance we have a great opportunity to observe and collect data points that will allows us to fine tune future offerings.
Launch
The launch of $SPLASH is coming soon. We are hard at work with the team at Meta Yield as they get things ready. On May 18th we will be making our first formal announcement and once that is done we will be setting up our liquidity pool on Ref Finance ahead of distributing the tokens to the artists, team and Splash Pass holders.
Token Streaming
Together with Roketo, one of our Community Partner for SoundSplash, we will be streaming $SPLASH tokens to the first groups being allocated supply. We’ve decided to do this as to not flood the market with $SPLASH so we can create fair-launch that allows the market to decide on the token price and avoid any “dumping” of the token.
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