Meanwhile, the Formula 1 Summer break is coming to an end, with the Belgian GP kicking off the second half of the 2022 season this Sunday. Between the quickly closing battle for the Championship, and the controversial news of shifting driver’s seats for the coming season, the excitement is really heating up. Formula EVM is looking to harness this excitement to bring together both crypto and motorsport fandoms to form the core community of the project so we may use the remainder of this season to prepare to launch a crypto-competition for the ages.
Before our vision for a truly entertaining and rewarding Web3 experience can begin to take shape, there is much planning to be done. Just as our competing teams will use the power of DAO coordination, the Fédération Decentrale de EVM or FDE governing body must convene to write the official rules & regulations (the Formula) for the competition. This honor is open to anyone and everyone who wants to contribute. All that is required is to hold $FEVM tokens.
To achieve our aims we are opening the Formula EVM Formation Fund, and introducing the $FEVM token via JuicBox.money as of today, Sunday, August 27. This token will be the first asset in the DAO ecosystem that will drive the project. $FEVM tokens confer voting rights to the holders, allowing them to weigh in on the Formula, as outlined in our GitBook documentation, as well as all manner of operational decisions. $FEVM holders will directly shape Formula EVM and our rookie season, as well as receive front-of-grid access to our NFT collections, including those required to join the competition.
We are ready to get to work. Are you?
Not only is this what we consider to be ample treasury capital for the FEVM DAO and for the FDE to have at its disposal to build the ambitious multi-season vision… 1950 was the year that the very first Formula 1 race was run. And we like that synergy!
If the target is reached before the funding campaign is closed, any funds raised beyond the goal will be used to reward our most engaged FDE members with priceless motorsport prizes and experiences.
Use of Funds
Tokens purchased will be minted and issued to buyers directly on JuiceBox to their provided wallet. Only once the Formation Fund has ended will we set up official trading pools on select Decentralized Exchanges. Do not trust any $FEVM found on DEXs until we have announced their launch.
$FEVM tokens are not intended to be speculative assets with any real-world monetary value and are only intended to be used to participate in the governance of the FDE.
Token price will increase with each Funding Cycle, making it more beneficial to purchase $FEVM early.
Every time a new funding cycle begins the price of $FEVM will increase based on the Discount Rate. New cycles will roll out automatically until the 2023 Championship season begins, at which point the public sale will be closed forever.
Contributors will receive 10% more tokens for contributions they make during the current funding cycle, compared to the next funding cycle.
The issuance rate will be as follows:
Every serious FDE member who holds 50k+ $FEVM will be airdropped a Race Steward NFT which grants them additional DAO privileges and a guaranteed WL spot on all our forthcoming NFT mints.
Once the FEVM Formation Funding campaign is well underway, here is what is soon to follow.
To stay in the loop on everything to come be sure to subscribe to our Mirror publication. You can also follow @FormulaEVM on Twitter and join our Discord server.