$WEN memecoin?
Introducing $WEN: The First Memecoin on Galachain
Greetings to all crypto enthusiasts and memecoin aficionados! We are thrilled to introduce $WEN, a pioneering memecoin on Galachain. Born out of a popular community joke about Gala’s development timelines, $WEN aims to blend humor with community spirit and dedication.
What is $WEN?
$WEN is a unique memecoin created on Galachain, standing as a testament to the community’s creativity and patience. The coin is designed with the simplicity offered by Gala’s creation tool: a compelling description, a striking logo, a minting address, and a maximum supply of 1,000,000.
The Story Behind $WEN
This will not be news for Gala’s old-timers, but here is a little bit of history for the newcomers. The name $WEN is inspired by the frequent delays in Gala’s development process. Whenever community members inquire about new updates, the response is invariably “Thoon”. This two-sided running joke has now evolved into a symbol of our collective impatience and wit, embodied in the form of a memecoin. $WEN is not just a coin; it’s a narrative, a piece of our shared history, and a beacon of what we can achieve when we come together.
Building Trust Through Transparent Distribution
To ensure that $WEN gains the trust of the community despite the centralized minting rights, we propose a robust and transparent distribution mechanism. Our distribution strategy will be entirely automated, focusing on rewarding both holders and buyers.
Initial supply
In addition to the 2.5% distributed by Gala to Founder’s Nodes, 7.5% of the max supply will be minted to the minters address and used for +/-1% market marking around the current price.
Reward Structure
Each day, 1% of the unminted supply will be minted and distributed:
To the 10 biggest buyers on Galaswap of the day (50%):
- The elected wallets will share this part of the reward proportionally to their respective net buying volume.
- NetBuyingVolume = $WEN bought — ($WEN sold + $WEN transferred).
- If there are fewer than 10 buyers in a day, the rewards will be distributed amongest them.
- If there are no buyers, the rewards will go to the holders (see next part).
To the top 10 holder addresses (40%):
- Wallets will be elected based on their minted amount, allowances will be ignored.
- The elected wallets will share this part of the reward proportionally to their respective $WEN holdings at a specific time of day.
To the token’s minter address (10%)
Sustainability
The $WEN tokenomics structure is designed with sustainability in mind, ensuring that early adopters and long-term supporters are consistently rewarded. By allocating 1% of the unminted supply for daily distribution, the system inherently favors those who believe in and support the project from the outset. This structure not only incentivizes initial participation but also promotes continued engagement and holding. As the supply gradually increases, those who maintain their positions and actively participate in the $WEN ecosystem will see their commitment rewarded, fostering a loyal and sustainable community over time.
Transparency
- Given the absence of a contract for the token, transparency is paramount for the community’s trust. Every day, data will be provided to prove that the agreed-upon reward structure is respected.
- After a short review period of the reactions to this plan, the structure of the rewards aims to remain unchanged. However, the election criteria for holders and traders might evolve if abuse is detected.
- The minter’s share will never be increased.
- All distribution activities will be publicly announced and tracked daily in a dedicated Telegram channel.
- All developments will be announced on Twitter.
Fallback Plan
In the event that the team needs to abandon the project, the unminted supply will be distributed to all holders proportionally to their holdings at that time. The minter’s holdings will be burnt. The token would then be entirely in the community’s hands.
Future Developments
Looking ahead, we envision several exciting developments for $WEN, contingent upon improvements in Gala’s system:
- Enhanced Functionality: As Galachain evolves, we aim to integrate advanced features such as staking, governance, and possibly NFT collaborations.
- Community Engagement: We will continually seek feedback from our community to ensure that $WEN remains aligned with their interests and expectations.
- Partnerships: Exploring strategic partnerships within the crypto ecosystem to expand $WEN’s reach.
Conclusion
We invite you to join us on this exciting journey, participate in the distribution, and be a part of crypto history on Galachain. You can already get $WEN on Galaswap.
If you wish to discuss our project, interact with us on our Twitter account @wen_galacoin.
Stay tuned for more updates, and remember, the best things come to those who wait!
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial advice. The $WEN token is a memecoin created for the community’s enjoyment and should not be purchased with the expectation of financial returns. Investing in cryptocurrencies involves risks, including the potential loss of principal. Always conduct your own research and consult with a financial advisor before making any investment decisions. The creators of $WEN are not responsible for any financial losses incurred by users. Participation in this project is voluntary, and all tokens should be acquired with the understanding that they may hold no intrinsic value.