Hello Ninjas,
The year of the dragon has just graced us, and this is perfectly timely given that DojoSwap will rise like the dragon that it is. To ensure this happens, our team has been toiling hard behind the scenes to bring you the most exciting narratives of recent and the future. Towards this end, we are excited to share that our team has ported the modern meta of ERC404 standard into the Cosmos world, but mainly for Injective primarily. We will be open-sourcing and listing this new token standard on our token factory at dojo.trading/token-factory so users can create their very own CW404. Our goal — to promote innovation and building to happen on Injective!
To celebrate the launch of the CW404 standard, the DojoSwap team will be performing an airdrop of the first ever CW404 token to DOJO and ecosystem token holders! In the spirit of being then first of it’s kind, we will also be conducting the first ever Airdrop X Launchpad event. In other words, DojoSwap’s CW404 token generation event (TGE) will be one of the most unique and hyped ones in the entire space! Essentially, loyal DOJO holders get rewarded via a CW404 airdrop. Additionally, you’ll also get to participate in the CW404 launchpad with DOJO-INJ LP if you wish! Having said that, let us first understand what CW404 (ERC404) is all about, and why it’s going to be one of the most important events for Injective, and for DOJO holders!
What is CW404 (ERC404)?
The ERC404 standard is a new experimental token standard that was launched on Ethereum Mainnet via the Pandoras NFT collection.
Good thread: https://x.com/BanklessHQ/status/1755365860909412405?s=20
The Pandoras collection hit a market cap of over 300m in less than a week due to the innovative fractionalization mechanisms. The ERC404 token exists as a hybrid between ERC20 and ERC721. This means that it exists as both a token, as well as an NFT. As long as you hold 1 full ERC20 token, an NFT will be randomly generated and minted into your wallet. This token standard is quite a stroke of genius as it essentially allows you to buy and sell the NFT via AMM DEXes like Uniswap and DojoSwap. At the same time, the NFT can also be traded on marketplaces like Opensea and Talis, and all these are done in a super simple manner. Don’t like the art generated when you buy it? Simply sell it via the DEX and buy a new one to generate new art!
This set of mechanisms are pretty interesting, but at DojoSwap, we’ve taken this a step further by adding improvements:
- CW404 is coded via rust for use in cosmwasm enabled chains
- The art generated by our collection are full blown generative profile pictures instead of simple color changes. More on this in the next section.
- Customised minting logic such that users can ONLY regenerate their art if its bought via DojoSwap DEX. (Means you can’t regenerate the art by simply transferring between wallets)
Enter the Sushi Fighters NFT collection
Sushi Fighters NFT was a concept that was borne after months of immense concept creation and sentiment relatability research. When you start a NFT project that you sincerely care about, more often than not, the art will encapsulate a message to the world that is encapsulated in the art. This is why for all quality projects, art will always be the top priority before anything else.
2 words encapsulate the overall direction of our Sushi Fighter NFTs, “Cute” and “Deadly”.
“Deadly” — For us at Dojo, we understand how complex and messed up the world or life can become when the tide unknowingly turns against you. To that end, it feels as though there is a need to keep pushing yourself to the very limit and quite literally, run life back turbo. We conceptualised the Sushi Fighters art to exactly celebrate all fighters in this world regardless of what challenges you might have. If you’re fighting the good fight, then that is more than enough to be celebrated.
“Cute” — Since NFTs took the world by storm, we have seen many trends come and go but one has stood out as the clear leader for global adoption.Full credit to the Pudgy Penguins, we are now firm believers of how powerful “Cute” really is. Cuteness has a unique ability to break down barriers and bridge divides regardless of how different individuals may be around the world. It is perfect for us because we believe in creating a welcoming and inclusive environment where everyone feels accepted and valued especially in today’s context.
Hence, every single Sushi Fighter is cute, and deadly. They are also sushis because well.. why not?
How Sushi Fighters is implemented:
- This NFT collection is fully hand drawn by a top artist with works renowned around different pockets of community in the world. Each NFT trait has been lovingly hand drawn.
- Sushi Fighters PFPs will be procedurally generated by an algorithm and by mixing between different hand drawn traits
- This series will be launched via the CW404 standard that allows for native token and liquidity fractionalization. You can regenerate PFPs by buying and selling via DojoSwap DEX
This Sushi Fighters collection was built as a vehicle of speculation for newcomers to our ecosystem who would like to gain early firsthand exposure to the first and possibly best ERC404 collection in the cosmos ecosystem. More importantly than that, the collection was built in a manner that sets in motion a postive flywheel for DOJO ecosystem believers. Increase in speculative activities on Injective chain is a net benefit for DOJO holders due to our future fee share utilities. Not only so, by being early, you gain additional benefits via our airdrop and launchpad mechanics. We always make sure to reward users who have stuck with us for a long time. A list of Sushi Fighters airdrop and launchpad details will be made known shortly in our next article. Art will be revealed as well. For more alpha, do join the Sushi Fighters group chat: here
Why is this a big deal for us at DojoSwap?
We’ve built this CW404 series with a ton of considerations in mind:
- This CW404 standard allows our NFT series to also function like a CW20 token. This means that we are able to create yield farms to build up strong liquidity for the NFT. This is incredibly important as most NFT series suffer from lack of liquidity. With this implementation, not only does it ensure a high floor price for the NFT series, it ensures that there is HUGE DEPTH as well. Higher and more stable prices essentially.
- Optimised to generate trading volume and fees for our DEX. The higher the trading volume, the more revenue generated to burn and to distribute to DOJO holders. A farm for SUSHI/DOJO will be created to aid in deepening liquidity and at the same time, provide DOJO yields for our SUSHI holders.
- Being at the bleeding edge of the narratives is sure to garner attention for Injective chain, and by extension DojoSwap itself. More users is always going to be a bullish case.
- The Sushi Fighter series is built as a $DOJO derivative. The stronger $DOJO gets, the stronger the NFT series get. This is built as a set of flywheel economics that is meant to ensure that DOJO holders and SUSHI NFT holders benefit.
- All other ERC404 implementations right now do not have art at a relatively high quality as ours. The Sushi Fighter NFT series was built to be a set of generative profile pictures as opposed to other ERC404 series that merely do a color change etc. This means that there is unlimited possibilities when a user decides to regenerate their art. This use-case will get viral really quickly.
- Open-sourcing the token standard means to allow other strong injective NFT teams to build their own fractional art series. This in turn drives higher speculation as well as trading volume AND fees for DOJO holders.
Launchpad Mechanism
Start of Launchpad: 20th Feb 2024, 2pm GMT
End of Launchpad: 21st Feb 2024, 2pm GMT
Total Duration of Launchpad: 24 hours
Where to Participate: https://dojo.trading/launchpad?p=sushi
Currency to Participate in: DOJO/INJ LP
Type of Launchpad: Overflow
Total Amount to be raised: $1,500,000 IN DOJO/INJ LP
Total Token for sale: 10,000 $SUSHI
Cost per $SUSHI: ~$150
For Overflow method of fundraise, the more you put in, the more you will get, and you’ll get back anything that doesn’t get spent.
In this Overflow method, users can subscribe as much as they want to the launchpad, and their final allocation will be based on the amount of funds they put in as a percentage of all funds put in by other users at the time the sale ends. Users will get back any leftover funds when they claim their tokens after the sale.
Supply Allocation
Total Supply of $SUSHI: 15,000
For Launchpad Sale: 10,000
Airdrop for OG: 300
Airdrop for Dojo Community on our airdrop page: 1,000
Forming Liquidity: 3,000
SushiDAO: 700
Sample Scenario
(If total amount committed is $9,000,000 and you committed $10,000 in LP)
Total amount to be raised: $1,500,000 USD in DOJO/INJ LP
Your share in respect to total committed: 10,000/9,000,000
Total Token for sale: 10,000 $SUSHI
Number of $SUSHI you will receive: (10,000/9,000,000) * 10,000 = 11.11 $SUSHI
Cost of acquisition: 11.11 * $150 = $1,666.50
You will receive: $10,000-$1,666.50= $8333.50 in LP back
DOJO Holders Whitelisting
1 DOJO counts as 1 DOJO net-worth. DOJO in pool/wallet are counted.
For every $1 of DOJO net-worth, you get to participate with $2 of DOJO/INJ LP
Sample Scenario
User XYZ have $30 of DOJO/INJ LP and $10 of DOJO
His DOJO net-worth is $10
He can participate with 2 x $10 = $20 DOJO-INJ LP
Remember, the DojoSwap team now has 2 confirmed official airdrops for DOJO holders. The babyDOJO airdrop, as well as the Sushi Fighters one. All these are a result of the innovation efforts of our R&D team. As we continue innovating for Injective, you’ll be sure that our team will continue to shower airdrops your way!
With love,
DojoSwap team
Keep Updated with us
Website: https://dojo.trading/
Telegram Channel: https://t.me/dojoswapann
Telegram Group: https://t.me/dojo_swap
Twitter: https://twitter.com/Dojo_Swap
Medium: https://medium.com/@dojoswap
Gitbook: https://docs.dojo.trading/
