Fail Token is a social token experiment and responds to community demand
There was a continuous debate in our team since our telegram group started to be populated with our newly joined community members. Some of them contacted us directly suggesting different approaches, trying to contribute in their own way to the project success. This led us to realize that actually we cannot call ourselves a “social token experiment” if we don`t follow the voice of the community.
The biggest questions were targeting the key factors that define the project:
How much is the total supply?
How much is the burn rate?
Will there be a minimum supply?
In the last 24 hours, the pools were opened and we are now proud to present the results:
Our initial design was considering a total supply of 2.1 Million tokens to be created. This had it`s benefits but it also had it`s downsides, as having a lower token supply will ensure a better dynamic of the FAIL token economy. Even if it was close, the community has decided that we have to reduce the total supply to a total of 500 000 tokens, with 33% of the votes.
Not like the first pool question, the decision for the burn rate was far more clear. With a total of 46% of the votes, it was decide that FAIL token will be FIRST TOKEN with a DYNAMIC BURN rate. This way once the total of 500 000 tokens is reached and the burn function is activated, the first 250 000 will be burned with a 2% rate, and then from 250 000 till the lower cap, the burn rate will be decreased to 1%.
Another well defined result is the vote regarding the minimum supply. The decision was made to have a 10% minimum supply, which means that FAIL token will disable the burn function once the 50 000 supply is reached.
This being said, we believe that is safe to affirm that Fail Token is the first one that enables the community to decide the design of the project and this is not the only good news.
Considering the community vote we have to adjust also the Airdrop program, to accommodate the changes. The purpose is to have a token as much as possible distributed, and to give equal rights to everybody to decide who should receive the token.
We are reducing the number of people accepted to our airdrop from 4200 to 3000 participants:
- Up to 1500 people or as many as they join until the end of July will receive 60 FAIL tokens
- Up to 1500 people or as many as they join until the end of August will receive 40 FAIL tokens
This will ensure that a maximum of 150 000 FAIL tokens will be distributed by our team, and that the rest of the amount will be in our community`s hand to distribute.
To enable this, we are providing a mint function, that will be active until the 500 000 token limit is reached, as follows:
- each transaction between 1 and 10 FAIL tokens will mint the same amount, which will be reverted in the senders account
- any transaction of more than 10 FAIL tokens will mint a total of 10 fail tokens
- each transaction will also mint 2 FAIL tokens to a pool smart contract which will be open for everybody (details will be released shortly)
- this means that the airdrop will mint in our account a maximum of 30 000 FAIL tokens and a maximum of 6 000 tokens in the pool contract
All the minted tokens will be used for marketing purposes but also, for exchange listing purpose.
In the following days we will deploy the contract on the Ethereum main network, and we will be making it public.
The good news are not ending here, we have a few more nice surprises that we will announce soon. Stay tuned!
Let`s make FAIL a SUCCESS!
Fail Token Team