Specters Rejoice!
Summary
Tomorrow is an important day for all the Specters out there. Tomorrow we are opening wallet collection in the Discord for all whitelisted Phantoms (Specters). We are incredibly excited to begin our launch sequence with all of you in the community and as we take these next steps, we wanted to share (some) of the details that were left redacted in our last medium post.
What launching DAO-first really means
We have been intent from day one that launching DAO-first was philosophically the most important thing we could do as a community and protocol. If something is to be truly created and governed by the community from day one, why should those who were there from the beginning and a part of the creation have to pay for their allocation? Well, we arrived at an answer:
They shouldn’t.
This is how you ensure that rugs or pump and dumps don’t happen — everything is on-chain from day one and our smart contracts were audited by Hacken pre-launch. This is how it should be done.
If you have the Specter role (and successfully submit your wallet within the allotted timeframe), you will be able to claim 50 fPHM tokens at no cost. If you have the Launch Crew role (which is a role we have assigned to more active contributors) you will be able to claim 100 fPHM tokens at no cost.
What are fPHM tokens?
Great question. fPHM tokens are swappable on a 1:1 basis with gPHM (our governance token). That means that both fPHM and gPHM will automatically track the index (i.e. in essence only, they will rebase). Holders of fPHM will be able to swap their fPHM for gPHM on the Phantom dApp when that goes live.
How do fPHM tokens convert to gPHM tokens?
Also a great question. fPHM tokens or Founder Phantom tokens are non-transferrable tokens which have a vesting schedule.
Day One Unlock: 25% or 12.5 fPHM per Specter or 25 fPHM per Launch Crew member
Thereafter: Linear vesting schedule over the following 12 month period
The gPHM tokens redeemed on day one from fPHM tokens will also be non-transferrable until the 30th of January, 2022 (assuming our launch timeframes remain constant). The unlock of these tokens will be included in an on-chain vote which will cover other aspects of the launch too.
We made the decision to lock fPHM and gPHM tokens from transfers during this initial phase of launch purely to prevent bad actors from instantiating liquidity pools that could indirectly harm the protocol or its members.
Final Tokenomics
Tokenomics are an incredibly important aspect of a protocol’s launch and is often overlooked or rushed. We have taken our time to ensure that we are setting the protocol up for long-term success.
Specters make up 1/3 of the total community supply and when you factor in the vesting schedule, they actually only represent 8.3% of active (transferrable) supply. For those who participate in [To Be Revealed] this will be a huge sigh of relief — the risks of one group dumping on another and, again, hurting the protocol are now well mitigated.
*Numbers for Specters (WL) and [To Be Revealed] are assuming there are 500 Specters at time of launch. If there are less than 500 Specters at time of launch, the number of tokens allocated to Specters (WL) will just move to [To Be Revealed].
For those Phantoms who are not Specter, getting FRAX ready and [To Be Revealed] is very relevant to you — stay tuned.
What are aPHM tokens?
19th of January — next medium article ;)
Are you a Specter and bridged FRAX already?
If you have high conviction, keep it ready.
Lastly, a how-to guide for submitting your wallet if you are either Specter or Launch Crew
This will go live on the 15th of January 2022 — the channel will not be accessible until such time.
Whitelist addresses will be collected through a private Discord channel (#specter-wallets). A bot will verify and collect addresses.
- If your message receives a “TICK” reaction it means your address is verified and saved.
- If your message receives a “CROSS” reaction it means there is a problem with the address you submitted (typo, different chain…).
- The bot saves your LAST submitted address. If you want to change the address you use for the whitelist, or need to fix a typo, simply resubmit your corrected address after the 6-hour channel timeout.
