Dafuq is $DOWN

$DOWN - A whole new kind of social token.  

Greetings fren~

   Unless it's been very quietly executed, there has never been a social token that functions in the way that $DOWN does. This article is written with the assumption that you, dear readers, are well-versed in "crypto lingo", and is a short introduction to $DOWN and to this new publication.  This newsletter, written by BruceTheGoose and select collaborators, will attempt to keep our subscribers up to date on the state of our projects, offer a seasoned perspective on various NFT projects, and hopefully put something on your radar you've not yet come across. 

The Token

$DOWN ($DOWN Vault tokens) [Goose Feathers 2.0] is an innovative 'social token' experiment being spearheaded by Bruce, inspired heavily by projects such as $WHALE and $SKULL.  In both of these NFT-focused social tokens, the token itself is intended to have its value supported by the issuer's NFT collection. Allegedly.  For those who don't know the issuers of the aforementioned coins (I know them both quite well), its easy to point out that there isn't really any tangible link between the value of the 'supporting' assets' and the value of the ERC-20.  $DOWN is an ERC-20 issued via Fractional, meaning the fungible tokens are a derivative asset, backed by an underlying NFT, or basket of NFTs. $DOWN has an initial supply of 10,000,000 tokens, with a 1% annual "Curators Fees" (inflation. At the time of this writing, the token has been created and a schance there is of breaking something.

The Underpinned NFT - 

While Fractional enables users to bundle NFTs as a basis for a derived ERC-20, and allows for the individual assets to be modified if the token holders approve. What makes $DOWN different, to start, is the fact that it has been derived from an NFT that also serves as a multicoin wallet; which can only be imported into an interface once by ''cracking the vault", which is then prominently displayed on the NFT itself. 

While held within the smart-contract created to issue $DOWN, the underlying vault can still receive deposits in all of its compatible formats. This means that over time, the value of the vault's contained assets can continue to grow as more NFTs and tokens are migrated to the NFT wallet, thereby increasing the value of $DOWN. At least theoretically anyway.  Thanks to the use of these protocols, $DOWN's value will not only be supported by speculation and the personal or professional growth of the creator it's associated with, but will also be intrinsically linked to the value of the underlying NFTs.  Among the earliest assets deposited to the $DOWN Vault, was 1,000,000 $DOWN. (10% of current supply), meaning that, theoretically, if the vault value increases by $1000, as does the fully-distributed value of $DOWN. Since 10% of the supply is held in its underlying vault, the value would rise another 10%, then 1%, then .1%, etc.  Yes, it was designed that way. The concept came to me after Roll was hacked, when I finally decided to abandon $FTHR and began brainstorming how I could do something unique; and so the feedback loop of value growth was imagined. 

$DOWN Vault on BlockScan

Tokenomics:

Initial Supply Cap: 10,000,000 $DOWNCurator’s Fee: (Inflation, issued to [BruceTheGoose] the token issuer: 1%/year — Shared as dividends

• 15% ( 1.500.000 tokens ) — Reserved by the artist. (BruceTheGoose) To be vested linearly over 2 years.

• 10% — Deposited into the underlying vault.

• 5% — To be used for marketing and other expenses.

• 30% — To be released over 2 years as rewards for community incentives.

• 15% — Committed to the DAOwn treasury (the $DOWN DAO).

• 5% — Airdrops to collectors, collaborators, $FTHR hodl’ers and more.

• 15% — Made available to supporters during the IDO/ITO.

• 5% — Made available during the whitelisted INO presale.

**Unsold tokens/NFTs from the initial offerings will be burned.

In-Progress & Planned- 

 $DOWN is intended to be a highly utilitarian token, with usecases throughout NFTs, DeFi, and more. Some currently planned (or currently in the pipeline) uses for $DOWN include: 

• Multi-chain functionality via Chainport

• A custom NFT marketplace

• Yield farming, with the option to farm for NFTs instead of tokens

• Earning tokens by staking NFTs

• Exclusive, token-gated access

• Early access to DappGoose Labs projects and events

• A lot more TBA!

The IDO/INO dates aren't yet decided, but are planned for mid-March, after which the marketplace and initial yield farming strategies will be deployed. It's highly likely that $FTHR (Goose Feathers, my social token from Roll) will be integrated as a secondary token in some format; potentially as a rewards token to alleviate sell pressure on $DOWN, or as a pre-requisite for opening proposals in the DAOwn. (The $DOWN DAO).  More information will be published soon about the distribution of $DOWN and about the continued efforts toward building a reliable team to optimize NFThub. 

As a final thought, have you explored the $FUSE Network? For a limited time, you can earn 50% APR simply by hodl'ing their native stablecoin, $fUSD, in the user-friendly fuse.cash wallet. Be sure to check them out, and get some $FUSE for fees by using this referral!