“Wen token?” is the Wrong Question
For any project with a white paper or planned token, one of the most frequent questions in a Discord server is the famous “wen token?”
For those living under a rock and have not heard this exact question, I love this explanation of the common refrain from mhouse:
Implied in the question is this expectation that early OGs in a Discord will get air dropped tokens and have pathways to acquire a token which will go to the moon, turning them into nearly instant millionaires.
In mad bull markets this happens with enough frequency that it has become an expectation of many people joining projects they view as promising.
But it is absolutely the wrong question whether we are in a bear market or a bull market. Project teams need to focus hard on building something of value and validating product/market fit. For the most part, long gone are the days when projects could raise millions on just a white paper and have years of runway to build (assuming they were not trying to rug the investors).
The great thing about bear markets is most of the founders still building are not in the rug business. Like every other founder I know in crypto, we at Iomob are laser focused on executing our vision to leverage crypto rails to accelerate the adoption of green mobility. In fact during this bear market we built and launched a brand new product, called WheelCoin to create a flywheel for our ambition.
Yes we do have a white paper. And yes, WheelCoin actually has a 2 token system. WHL is the reward token and WFT is the WheelCoin Foundation Token which will serve as a governance token that will among other things, influence treasury allocation and explore under what conditions users could authorize the selling of anonymized data and share in the revenue, etc.
The first is WHL, a reward token which is a fair launch and can only be emitted by users moving green. No early investors, no air drops, no founder distributions. 1WHL=1kg of avoided emissions by choosing greener modes of mobility (bikes, scooters, walking, trains, buses).
WheelCoin is already live in both app stores. While WHL is not on chain yet, it is already being emitted. In fact, more than 30,000 to date! Our community keeps asking when WHL will be on chain so they can sell it on a DEX. WHL will be tradeable on a DEX, but in due time. We are focused on building value and utility for WHL. And in particular, IRL (in real life) utility. Just last week we announced the launch of our latest feature: burning WHL in return for discounts on IRL. We have secured our first 15 green mobility partners offering discounts to WheelCoin users who can already today burn WHL making green mobility more affordable.
So many in our community are asking “Wen token” as in when can they also choose to sell WHL instead of burn it for IRL utility or our upcoming NFTs and other digital collectibles, etc?
My response is that when it makes sense for the success of WheelCoin and not a day before then. For WHL it is important to ensure there is buy side pressure built up into the system. If a massive amount of WheelCoin users wanted to sell WHL but we had not yet ensured sufficient demand-side pressure for WHL, the token could go closer to the ground than the moon and that would negatively impact the project.
The same goes for WFT. We want to wait until there is sufficient global adoption of WheelCoin where governing it, and the revenues it generates, is something of real value.
Thus, my point with this post is that impatience to launch tokens ASAP from the community is counterproductive for their own self interest and even moreso in a bear market. A token generating event (TGE) that sees a short blip up from speculators and a crash to earth is not good for anyone, and definitely incompatible with our ReFi goals to make a long-term impact on climate by nudging millions of users (and employees) towards adopting green mobility around the world.
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