Overview:
$Volt was created to play an integral part in the Supducks ecosystem. It had several important properties. The primary function was to serve as a representation of the “power source” in the Supducks universe, hence the long form name, Voltage. In simple terms, amounts to providing the “energy” for things like the MegaToad Masher, where you could insert three fed KingFrogs, choose their traits and then smash them together to create a brand new NFT. Secondly, it serves as medium of exchange in the SupDucks world, both narratively and practically. This applies to the interactions between vendor and participant (Melvin’s Snack Shop) and peer to peer transactions(whitelisting the token to be available for markets, i.e. trading MegaToads for Volt on OpenSea).
Volt is also available for social tipping and as a reward for community participation. This feature proved to be a big hit early on, as holders were able to leverage their talents to produce stickers, memes, artwork, videos, digital assets and more to earn Volt. Some of the best contributions that are still with us today, came from Volt Bounties.
Genesis Distribution:
When Volt first made its debut, there was an initial drop of 100 Volt tokens that was claimable by each SupDuck holder. From that day forward, each SupDuck was afforded an allotment of 10 tokens per day that was claimable upon the user’s discretion. Additionally, MegaVolt set aside 10,000,000 tokens that are minted monthly in tranches to be used for grants, rewards, etc.
This tokenomic construction saw some early success in other projects with a similar mechanism. However, it’s become clear that this tokenomic model is not sustainable over the long term and worse, will not achieve a moderately stable unit that can serve as a viable medium of exchange for our community participants.
A New Way Forward:
Volt 2.0 will mark a more focused attempt to re-orient the token distribution and economy more heavily towards a participation based system. The first step will be to jettison the daily accrual mechanic and move over to a fixed supply model. The second step will be to introduce new methods of earning Volt. The over arching philosophy will be that “earning Volt requires the participant to provide some type of benefit to the broader community.” One example is our current program that incentivizes social engagement. Interacting with other community members as well as the main social channels for the project is foundational not only to the commercial success of the project but also the social experience for the members. So by putting the effort in to foster a more robust experience, all members of the SupDuck community, not just genesis Ducks will have the ability to earn rewards.
Another way the members can offer a benefit to the community is by providing liquidity for the token itself. To this end, we will be implementing a Volt rewards programs that incentivizes holders that want to leverage their tokens to increase the overall liquidity for everyone. Additional ways will include a more formalized grant process where enterprising members can submit proposals to build tooling, platforms, games, services, creative assets, etc. to the community in exchange for a Volt award. Moreover, enthusiasts or entrepreneurs will also be encouraged to build experiences in the ecosystem that utilize Volt as a currency. For instance, someone might create a marketplace similar to Fivrr where creators can provides benefits to other users for Volt compensation but the platform creator may take a Volt fee on top of every completed order. In this way, providing a service for users in the ecosystem can become a viable business model. This extends to other experiences like games or new utility for SupDucks holders as well. Just imagine, a team could create a KingFrog racing game where each user pays an entrance fee and with the cumulative pot going to the winner minus a small fee paid to the game developer. Again, this is another example where providers and builders can carve out a niche business for themselves in the improved Volt economy.
One of the more visible community members, Gypsy has created an admirable side hustle out of providing new clothing items for SupDucks holders in exchange for Volt. To take this a step further, he could partner up with a developer to deploy a UGC platforms where others creators like himself can plug in to that platform to offer their wearable designs to holders too. Perhaps Gypsy’s new “company” generates their income by levying a small Volt fee on items created or on transactions executed in the marketplace.
The above examples offer a tiny glimpse into the possible ways Volt may be utilized to build out a more comprehensive and interconnected economy. MegaVolt will aim to create an increasingly frictionless experience to assist developers, entrepreneurs and community builders in embarking on their own efforts to take advantage of the Volt ecosystem. The efforts will include things like open source tools, new apis, resources and guidance to make the process easier.
Volt 2.0 Distribution:
Near the one year anniversary of the launch of SupDucks, Volt generation will cease. In addition, MegaVolt will proceed to mint the remainder of the 10,000,000 initial allotment which will be around 8,000,000 tokens. The balance of what still outstanding will be able to be claimed by current SupDucks holders. This will give a total maximum supply of Volt of around 27,000,000.
The 8,000,000 tokens sent to the Megavolt Treasury will be broken down as follows:
➡️ 5,000,000 tokens will be set aside for the rewards mechanics. These mechanics cover the previously mentioned pools such as the social engagement fund and the liquidity rewards program.
➡️ 2,000,000 tokens will be used to seed the grant fund. As discussed, this will provide incentives to aid builders in developing games and experiences for the MegaVolt/SupDucks ecosystem.
➡️ 1,000,000 tokens will be given to the MegaVolt treasury to dispense at its discretion. These tokens may be used to compensate advisors, team members, founders, contractors and other entities that contribute to the success of MegaVolt and its IP.
Benefits and Uses:
⚡️ Holder Incentives: Volt holders may be eligible for holder-only exclusive drops, content unlocks and and special privileges for users particpating in the Volt ecosystem.
⚡️ Volt will continute to serve as the power source for future mechanics and utility.
⚡️ Governance: In the future, Volt will be used to govern decision making in community related DAOs and funds.
⚡️ Volt will serve as the currency for the MegaVolt ecosystem. This will apply to games, tradeable assests, merch, upgrades and more.
Summary:
✅ Volt 2.0 is a pivot towards a generate and burn model to a fixed supply, participation based model.
✅ Volt will be capped at a supply of ~27,000,000 tokens.
✅ Volt will now be earned by taking part in new initiatives designed around mutually beneficial programs formulated to strengthen the broader ecosystem. The first of which is currently live. Holders can now earn Volt by “liking” and “retweeting” tweets from the main SupDucks account.
✅ 8,000,000 tokens will be reserved to seed the funds for the “Participate to Earn” Fund, the MegaVolt Grant Fund and the MegaVolt Discretionary Fund.
