$DOWN [aka: Social Tokens 2.0]
- Current Status
- Under Construction
- Future Plans
- Official Content Sources
First and foremost, $DOWN ($DOWN Vault token) is the “social token” of BruceTheGoose; a cryptoartist, NFT advocate, founder, and innovator who has been deeply involved with numerous projects/protocols in Web 3.0 since late in 2019. But $DOWN isn’t just a social token, nor does it adhere to the currently popular social-token frameworks. So what is it? Well, $DOWN is simultaneously able to wear several labels; such as ‘social-token’, NFT-fractions token, decentralized reserve asset, governance token, utility token, and, if we’re being quite honest, maybe a hint of memecoin.
Since the goal of this post is to provide an atechnical introduction to $DOWN and the $DOWN DAO; we’ll summarize the above descriptors for $DOWN as simply as possible.
> As a social token, $DOWN follows a similar format to most tokens issued by creators and/or communities; 10.000.000 supply / creator-generated utilities / gated content/comms channels, etc. Where it begins its separation is at the deployment of the token itself.
> $DOWN Vault is an ERC-20 representing proportional ownership (eg: 1% supply = 1% ownership) of an NFT held in escrow by the token’s issuing smart contract (see The Tessera Team). This creates a backstop of value for the token, since any eventual purchase of the NFT (at a price determined by the tokenholders) enables redemption of $DOWN for the equivalent share of $ETH generated by the sale.
So far, nothing groundbreaking, we know. But this is where it really starts to get interesting. Bear in mind that $WHALE and $SKULL, created by WhaleShark and @skeenee, respectively, were singnificant sources of inspiration.
> $DOWN is an alternative iteration of a DAO-owned treasury, in which the NFT from which it derives its’ value simultaneously houses and secures a multi-chain wallet* created with Emblem. Thanks to the mechanics of the creation process, the wallet cannot be interacted with to send/trade/list etc. it’s held assets but retains the ability to receive deposits. Therefore, hodl’ing $DOWN equates to owning n% of the cumulative value of all current and future assets contained in the $DOWN Vault [NFT].
— A hypothetical: If I hodl 1% of $DOWN’s supply and “dust” from random tokens (which is worth less than the tx fee to trade it), I can reclaim 1% of their value by sending those tokens to the $DOWN vault, which is far cheaper than a dex trade. So if the combined value of dust from a few tokens is $100, I can apply $1 of that otherwise inert value to my $DOWN holding; assuming I hold 1%. Plus, you’re benefitting the entire $DOWN ecosystem in addition to yourself; and potentially at no loss after considering that the contributed tokens aren’t worth trading for $ETH, or other tokens.
The concept outlined in the above statement also applies to NFTs; so, effectively, anyone can deposit nearly any asset to the $DOWN Vault NFT and distribute the assets’ value across the entire supply of $DOWN. We see this as not only an opportunity to share in ownership of an ever-expanding “asset index”, but also as a way for creators, collectors, and other NFT/Crypto ecosystem participants to increase the awareness of their work by using it to supplement the native token of a diverse Web 3.0 ecosystem.
A wide variety of tokens and NFTs have already been added to the $DOWN Vault by BruceTheGoose from their personal collection; as well as by additional parties, likely in the interest of additional exposure.
> Potentially the most significant aspect of the $DOWN Vault token is the vault’s hodl’ings of $DOWN; over 10% of the total supply at the time of this writing. This creates an effect that we’ve named ‘quantum compounding’, in which (theoretically, and potentially verifiably via price-feed oracles upon integration) every new deposit creates a ‘positive feedback loop’ of price-pressure, based on an infinitely cascading addition of value. Or, in different terms:
X=Y where X is the value of the $DOWN Vault’s held assets, and Y= the provable reserve value of the tokens. So, if (Y/10) is included in the value of X, then
X = Y, and also X + (Y/10) = Y
So if the vault is valued at $0, X and Y = 0. Then, an asset valued at $100 is deposited, X and Y increase their value to $100, and the portion of Y included in the calculation of X means that X=110, then 111, then 111.1, then 111.11 and so on.
$DOWN was officially deployed to the Ethereum mainnet in February of 2022; and has since been extended to be available on L2 networks, currently live on Polygon and Optimism, and pending an expansion to DOGEchain in the coming weeks.
The $DOWN DAO is being established, initially on an invitational basis to form the core contributors circle, which will then deploy a Governor contract on an L2, though the exact specifics of the governance model are still in discussion. The DAO will be provided with an initial allocation of 15% of $DOWNs supply, or 1.500.000 tokens; intended to be utilized to acquire NFTs and tokens to increase the values of the treasury and the underlying vault.
The $DOWN DAO will also enable the $DOWN hodl’ers’ community to have an active part in the development and expansion of the $DOWN ecosystem and the eventual deployment of the ‘official’ protocol and platform for the innovative token design being pioneered with $DOWN.
An impressive variety of utilities will be available to hodl’ers of the $DOWN token and to holders of NFTs from any associated collection releases. Some of the already active utilities include:
- Discord Role ranking structure
- Access to $DOWN FM, the first Radio3 website
- Early access and/or free mints for any NFT collections created by BruceTheGoose, DappGoose Labs, or the $DOWN DAO
- Vote on Snapshot proposals
- Get direct access to BruceTheGoose via discord
- Ability to rent/buy gamefi assets (when renting, earn an increased profitshare rate)
- LP Farming rewards (which can be boosted with $GYSR, which in turn funds development and buybacks)
A large number of utilities and benefits to add value to hodl’ers and to the $DOWN token/DAO are already initiated, but pending completion and launch. Among them are:
- An exclusive-access 1:1 NFT art auction hall
- Alpha sharing via sub-community building
- Collab opportunities
- Drippy AF Merch
- Learn-to-Earn ‘quests’ on several platforms
- $DOWN Bond NFTs
- Gaming tournaments
As well as others that will be announced when they near completion.
While $DOWN may self-label as primarily a social token, the classification doesn’t restrict, and in fact provides relevance to, a nearly-endless pool of potential utilizations and benefits. Beyond what’s listed above as live or in-progress, here are some additional, longer-term goals assigned to the $DOWN DAO and the $DOWN Vault tokens’ ecosystem.
- Fully carbon neutral by 2023 Q1; perpetually climate-positive by 2023 Q4 (ambitious, but equally important)
- $DOWN-based memecoin fork on DOGEchain (probably)
- Integrations with popular GameFi and DeFi projects
- Collaborations with the $DOWN community, as well as generating opportunities for $DOWN and the holder community to collaborate with iconic brands/persons
- IRL events
- Discounts for $DOWN holders at crypto conferences and events where BruceTheGoose is speaking or sponsoring
- Buy-back and distribution automations
- no-loss savings games (akin to PoolTogether, or built on the protocol)
- NFT farming [stake NFTs to earn $DOWN]
- NFT farming [stake $DOWN/LPs to earn NFTs]
- Lend/borrow markets via UniLend Finance
- Social tokens 2.0 official blueprint
- social tokens 2.0 launchpad/incubator
There’s likely a much longer list to be compiled… sometime. The short and skinny though is that $DOWN has the full attention and commitment of a growing team of OG’s in the NFT/Web 3.0 space, through which hodl’ers will gain access to not only a diverse ecosystem of utilities and benefits, but also professional networking with major players in the industry. If ‘your network is your net worth’ the network made accessible through $DOWN ownership would likely be considered by many to be, at a minimum, priceless.
OFFICIAL ‘SOURCES OF TRUTH’
The only valid links for content published by the $DOWN DAO