First off, yes, the hat in the picture will be added to The Drip $DOWN ($DOWN’s token-gated commerce).
What a year it’s been. After the parabolic rise of NFTs, and the ensuing bull-run euphoria, 2021 made us all feel like we were invincible. Probably the best traders ever. Unstoppable. Bitcoin was going to 100k and ETH was headed for 10. We got cocky, and in our arrogance we got sloppy.
Fixed 20% yields, stablecoins propped up by bitcoin, major protocols taking loans against their own tokens, and a charming 30-something building the 3rd largest exchange in the world in under 3 years. F---ing sloppy. But if you’re reading this, that means you’re too deep in the rabbit-hole to leave over some blood in the streets. That means you’re our people. And it means you’ve made it through the worst of it, and came out smarter on the other side.
Through all of it, $DOWN has been quietly moving sideways; which is rather impressive considering the rest of the market!
The idea for $DOWN Vault token originally came about during the spring of 2020, following the wallet compromise experienced by one of the popular social token issuance platforms. You can read the first iteration of the idea on Cent; written before the infrastructure was readily accessible to be able to deploy the tokenomics envisioned, without the need for a dev to be consistently involved.
So let’s run it down; here’s a footnotes version of what we accomplished in 2022:
Launched the world’s first social token with an on-chain, intrinsic link to an underlying asset reserve, which can expand limitlessly; in a decentralized manner
Contained a mathematical paradox to invent “quantum compounding”
Participated in the 1st cohort of Vinci DAO, joined Startup With Chainlink, joined the 1st cohort of students at Alchemy University
Became on of the earliest sponsors of ‘Curated’ an upcoming digi-physical cryptoart magazine
Created the first* Web3-native internet radio
Expanded $DOWN from Ethereum to Polygon, Optimism, FUSE, and Solana (Soon Arbirtrum & BSC)
Added over a dozen historically significant NFTs to the $DOWN Vault reserves [and over 50 other NFTs!]
Began development of FlockSwap; a multi-chain DEX that will focus on improving liquidity for creators’ social tokens
Established multiple staking/LP reward mechanisms for $DOWN hodl’ers
Deployed ‘pay-splits’ contracts for multiple NFT contracts; to passively increase the $DOWN Vault reserve index
Created and deployed the $DOWN DeGacha, a decentralized Gachapon that guarantees an NFT reward on every spin, while every spin adds USDC to the $DOWN Vault portfolio
Initiated several methods for $DOWN DAO members to participate in cooperative strategies in both DeFi and NFTs
Launched a ReFi index token via TokenSets *pending DOWN/REFI LP incentives
Developed the first* Ohmie-esque DeFi bonding powered by NFTs
Given the time to sift through links and update posts, it’s likely that there’s at least a few notable progress milestones that aren’t mentioned, but in short, it’s safe to say that 2022 has been a monumental year of progress toward our goal of establishing and optimizing a new primitive for the social token sector. Yes, even despite the market turmoil, the exploits, and the regulatory uncertainty. And realistically, we’re just getting started.
And 2023 is looking awfully exciting as well. Here’s a few things to look out for:- Live shows on $DOWN FM
- Release of the $DOWN NFT bonding mechanism
- $DOWN Token standard technical blueprint- Social tokens 2.0 launchpad/incubator
- Tax-loss harvesting strategy
- Additional holder benefits
- Token-gated access to exclusive merch/NFTs/content
- Web 3.0 educational workshops
- The Social Tokens Syndicate (working title)
- $DOWN Town - A multi-metaverse experiential adventure
- $DOWN DAO public access
Also worth noting; in relation to the goals of launching a social tokens issuance platform for next-gen social tokens, is this: After the opening of the launchpad/incubator, $DOWN will be pivoted to primarily serve the social token purpose; with a new token to be designed and released to serve as governance and utility for the token-issuance platform.