Introducing $FWB Pro
What a week.
Despite a major setback to the social token community, Friends With Benefits is pushing forward at full steam.
For more context on the digital cornerstone between the technology and culture communities, listen to this primer or read the manifesto.
Introducing $FWB Pro
Friends with Benefits will migrate to a new token — $FWB Pro.
Friends With Benefits Pro will launch on Friday, March 19th at roughly 5PM PST.
The contract address of $FWB Pro is 0x35bd01fc9d6d5d81ca9e055db88dc49aa2c699a8.
The supply of $FWB Pro is 1,000,000 tokens, and the ticker symbol will remain as $FWB.
Please exercise extreme caution when interacting with the new token and triple check that the contract address matches the one above. $FWB Pro represents membership in the FWB community and should not be regarded as an investment.
Here’s everything you need to know about FWB’s next chapter.
TLDR:
- $FWB Pro will be replacing $FWB Classic
- $FWB Pro will be airdropped directly to wallet(s) holding $FWB Classic based on the times of two snapshots (pre and post hack)
- $FWB Pro airdrop allocations can be found here.
- The token supply will change from 10M $FWB Classic to 1M $FWB Pro.
- $FWB Pro will offer liquidity rewards to members who have opted into SourceCred.
- FWB memberships will remain paused until the start of Season Two, set to start on April 1st.
$FWB Pro Airdrop
A full breakdown of $FWB Pro airdrop allocations can be found here.
The two important timestamps used to calculate the airdrop were the block before the hack (120354007, referred to as “T1”) and the block when liquidity was removed on Monday at noon PST (12044973, aka “T2”).
Using these timestamps, $FWB Pro will be airdropped as follows:
All wallets that held $FWB Classic prior to the hack will be airdropped $FWB Pro tokens on a 1:1 basis. This includes any wallet that held less than 55 $FWB and any wallet that was not registered on Discord.
All wallets who held $FWB Classic prior to the hack and purchased additional $FWB Classic tokens in the same wallet will receive airdropped tokens on a 0.25:1 basis.
All token holders who acquired $FWB Classic after the hack and did not hold FWB Classic prior will be airdropped $FWB Pro on a 0.1:1 basis.
For the first 1:1 basis, balances were taken as of block 120354007 (T1).
For the last two calculations, balances were taken as of block 12044973 (T2) — the same block in which liquidity was removed from the FWB/ETH pool.
We recognize there is a lot of nuance to this framework, and believe it’s crucial to reward existing community members who have been active with us since launch.
However, the hack is something we must wear on the chin, hence why all tokens post-hack are being honored with this airdrop. We understand there are many people excited to join FWB, and we hope this airdrop will give you a better opportunity to become a part of the community, come Season 2.
FWB Pro Distribution
All FWB Pro tokens were minted directly to the DAO — fwbdao.eth.
At inception the DAO will be operated as a 4/7 Gnosis Safe multisig operated by the FWB Staff and governed by the FWB community. The initial signers of the multisig are:
Using the methodology above, the new 1M $FWB Pro supply will be broken down as follows:
Circulating — 40%
$FWB Pro held by existing members and recipients of the airdrop. These tokens are fully liquid and free to be used by the community at their choosing.
Season 2 will feature an entry balance of 60 FWB.
Community Treasury — 35.6%
$FWB Pro retained by the DAO to be used at the community’s discretion and distributed through governance proposals. There’s no vesting on the community treasury, meaning the entire allocation is available at launch at the discretion of FWB community governance.
More details on the future of FWB DAO and how to make a proposal on Snapshot will be provided early next week.
Team — 19.9%
$FWB Pro retained by the staff, subject to a one year vesting with a 6 month cliff followed by monthly unlocks. These tokens are used as long-term incentives for existing staff, and includes a 7.33% options pool for future contributors.
Liquidity Lords — 4.4%
The biggest victims of the hack that occurred over the weekend were $FWB Classic liquidity providers.
In total, roughly 800 ETH was drained from the FWB/ETH Uniswap pool at the time of the hack.
On Monday afternoon, the FWB DAO was able to aggregate the vast majority of liquidity from existing LPs, recovering 169 ETH.
Still, this meant that LP’s were at a significant loss. With the Liquidity Lords allocation, $FWB Pro tokens will be used to seed the initial liquidity pool for the new FWB/ETH pool, using all the remaining ETH left after gas costs are paid from deploying the $FWB Pro and distributing tokens to 2000+ addresses. (it costs a lot)
FWB/ETH LP shares will be distributed pro-rata to all LPs who sent their liquidity to the DAO, and all remaining FWB Pro from this pool will also be split pro-rata following the creation of the new liquidity pool.
FWB Pro Liquidity Lords
$FWB Pro will launch a whitelisted FWB/ETH liquidity mining program 24 hours after launch, open exclusively to FWB members who have been activated on Discord by opting into SourceCred.
5000 $FWB Pro (0.5% of the total supply) will be allocated to the first month of liquidity lords, and a detailed tutorial for members will be shared in the coming weeks.
Please exercise extreme caution when participating in liquidity provision as tokens can be highly volatile. We encourage anyone considering joining this program to read about impermanent loss and recognize that there are inherent risks to providing liquidity — exactly like what we saw happen this weekend.
Liquidity lords is expected to run as an ongoing program, alongside a suite of other community-based distribution programs to be slotted with Season Two.
For now, here is a breakdown of how $FWB Pro is expected to be distributed over the course of the next 4 years.
What’s Next?
Expect a follow up post when $FWB Pro tokens have been distributed on Friday.
FWB memberships will remain paused until the start of Season Two on April 1st. We believe getting this migration right is of the utmost importance, and want to spend the coming weeks solidifying a foundation for sustainability for years to come. If you are eager to join the community, we appreciate your patience and look forward to welcoming you Soon™️.
In the meantime, the staff will be heads down working on a number of tools and tutorials to help best educate our community throughout this transition.
Be on the lookout for a number of governance proposals to reward those who have helped to bring $FWB Pro to life, and to introduce a number of strategic partners to the fold.
For those of you who have reached out to support the community in our time of need, we’d like to personally thank you for your unwavering kindness.
While this weekend’s events could have easily shattered the community, we feel that the social token landscape is stronger than ever.
Let this transition show that social token communities are here to stay, and that FWB plans to be a key player in that conversation for the long run.
Until then, stay sharp and here’s to a new chapter!
