What happens after the Beta?
We’re sure you’re all wondering, what happens after the beta? When does the beta end? What the hell is bWUM? Here’s hoping we can explain everything, from the top.
What is bWUM? Why not WUM?
bWUM is the currency of the Beta. After the beta, we will launch the official, permanent currency of Wum.bo, WUM. More on this later. Why not launch WUM now? Stability. We’re committed to a stable and fair launch. This is the first step.
The main driver for a beta currency was so that we could do a test on mainnet while users were not financially risking a lot of money. The reasoning for a mainnet test is that, every Solana developer will tell you: “Devnet Is. Not. Mainnet.” There’s a single node. It lulls you into a false sense of security, and not properly debugging on mainnet would lead to an unstable launch.
bWUM is priced at 0.001 SOL, and is limited to 100 per purchase. This is to keep people from risking large amounts of money on the beta. Save it for the launch!
Tokens are priced on a logarithmic curve relative to their supply. The formula is bWUM Price = ln(1 + 0.001 * supply).
What is “bWUM Net Worth” and why should I care?
If you were to sell every one of your social tokens at its current price, this is how much bWUM you would have. If the beta is a competition, this is the best measure we have of how well you’re doing.
It’s not just you, everyone else has a bWUM Net Worth. If you view their profile, you can see their ranking in that category.
Beta Prize Pool
If bWUM Net Worth tells us how well you did in the beta, it can also tell us your share of the Beta Prize Pool. As you know, all SOL used to purchase bWUM is going into a prize pool. If you divide your bWUM Net Worth by the total bWUM Net Worth of every wallet in the beta, you get your percentage of the prize pool. So, for example: The beta prize pool is 10 SOL. Your bWUM Net Worth 100. There are 6 other people on the Wum.bo beta that have 50 Net Worth each. The total bWUM Net Worth of the system is 6* 50 + 100 = 400. This means, right now, your share of the prize pool is (100/400) * 10 = 2.5 SOL.
Why not let us sell bWUM?
Rugs, rugs, and more rugs. If the beta has a set end date, and your prize is based on bWUM sold back to us, then there is a massive drive to rug all of the creators at the end of the beta.
What happens after the Beta?
The beta, with its buy limit, is a competition with intentionally low stakes. The intention is, after rewarding everyone from the prize pot, to do a reset and move to the WUM standard. What does this mean for you?
We snapshot (1) The top 10 creators. (2) Everyone’s bWUM Net worth. We use (2) for distributing the prize pool.
You will be sent your share of the prize pool when the Beta Ends.
You’ll still have all of your bWUM and your tokens, though they won’t display in Wum.bo after our main launch. You can hold them as a momento or burn them.
We set out to create a fair launch for Wum.bo with a few parameters:
- Fair Pricing. Everyone should get in with the same pricing mechanics. No pre-sales to investors at a better price than the community is getting
- Liquidity. Social tokens, and by extension WUM, should be incredibly liquid.
You all know that we love bonding curves, right? Well, why not put WUM on a bonding curve too? It’s bonding curves all the way down.
WUM will be bonded against SOL with a logarithmic curve that stops minting new tokens at a supply of 1 billion. Similar to creators receiving a configurable royalty on the buy side of the bonding curve, WUM will have a 20% royalties for the foundation.
Phase 1: Beta Ends
First, we shut down the beta. All beta bonding curves are frozen, the prize pool is distributed.
Phase 2: WUM Launch and Reset
The WUM token will launch on a bonding curve with SOL, and you will simultaneously be able to claim your Wum.bo profile, on the WUM standard. All creator bonding curves will be frozen until Phase 4.
Phase 3: Markets
With WUM out in the wild, we can create swaps and markets for WUM so that you do not have to pay the 20% royalties for every purchase.
Phase 4: Preferred Creator Launch
The Top 10 Creators from Beta have their bonding curves unlocked. You can freely buy and sell these tokens using the WUM from Phase 2.
Phase 5: Full Launch
All of the bonding curves are unlocked. You can freely buy and sell any creator token.
We hope this was helpful. As always, questions are welcome and appreciated in Discord!