Updated November, 2021
In May 2021, the founder of $WOOF aimed to make a token that was deflationary, fairly distributed and for the enjoyment of all. Utilizing Solana because of the low-latency, inexpensive transactions, the $WOOF token was meant to be a fun experiment in which one half of all remaining supply was burned each day.
In time, the initial supply of one trillion dwindled down to around twenty billion. Over ten thousand people had signed up for the completely free, no run-around airdrop. There was no pre-sale, and never an intention of profiting off of the investments of the community. In the summer of 2021, as Bitcoin tumbled down below $30,000 USD and Solana dropped below $25, the $WOOF token was largely forgotten - except by the community of holders.
For months, a few thousand people remained in the Discord server, asking daily what might happen to the token, and how to save the project in the midst of the bear cycle. The idea of creating a fair NFT marketplace which listed all NFTs came to be - creating a marketplace which favored both creators and buyers by using transaction fees to burn tokens further. Without a large team to help, progress stalled.
In order to revive the project, the founding team decided to airdrop a new present to holders, this time in the form of an NFT. In September 2021, 6,421 generative art NFTs were dropped to holders that held one million $WOOF tokens or more. This helped to remind people that WOOF was never a rug-pull project, but one which aimed to give back to the community of supporters.
Having revived the project, several hundred million tokens had been bought at floor prices to be burned and help further reduce the supply. Finally, with the domination by Shiba Inu token on Ethereum in October, attention turned back to WOOF as the team burned more tokens. Thousands of new people joined the Discord server and Twitter page and engaged with the Solana community at-large after finding $WOOF.
In short, $WOOF’s meteoric rise as a cult-classic token is thanks to it’s fair distribution method, engagement with the community and openness to accept others. This is where $WOOF began, and the next step is about defining what is next.
The main mission for $WOOF is building the best community and social token on the Solana blockchain. We’ve learned as we’ve been building that the common “dog” tokens ($DOGE, $SHIB, etc.) are very popular because they are fun, and very easy to get into for the general, non-crypto community. In the coming months $WOOF will be building a fleet of easy-to-understand services that more novice cryptocurrency users can use to trade tokens on Solana, buy/sell NFTs and learn about the blockchain industry, DeFi and avoiding dangerous schemes within the space.
Our community aims to grow into a reputable entrypoint for new users in crypto, education, providing easy-to-comprehend resources and having fun together. Social events, giveaways and collaborations with other projects are all important to this growth, but something we feel a need to do as a project inspired by “man’s best friend”, is to give back to animals, as well as humans.
The $WOOF Charity Initiative is our new program inspired by animal lovers and rights enthusiasts within our ranks. We will actively be holding charitable drives and raising money through selling $WOOF merchandise as well as through collecting transaction fees from our DEX and NFT Marketplaces. Donations will be rotated into deserving charities that are voted on by our community, and directed by a specific committee in our new governance structure.
As a part of our current $WOOF DEX, the first goal we have is to build an innovative new peer-to-peer exchange. Something missing in the Solana ecosystem is an intuitive and trustless way for any two people to trade tokens and/or NFTs with each other.
The third major area we aim to operate is as a low barrier-to-entry onboarding platform for users learning about cryptocurrency and Solana. $WOOF will publish blogs, videos and walkthroughs for the major concepts and tools in Solana, as well as wider topics in DeFi and NFT across different chains.
There are two NFT series currently in the $WOOF ecosystem. The first, the $WOOF Gen Art Series will be useful as an airdrop pass for NFT projects launched with our assistance in the $WOOF launchpad. Either a portion of the supply from the launched projects will be airdropped to our generative art holders, or some projects may drop to all of our NFT holders at once.
The second NFT project is $WOOF, a multi-dog breed avatar concept that will enable holders to formally take part in the DAO, and community governance of $WOOF.
As we believe that $WOOF is so heavily empowered by our community, we want to decentralize leadership into different committees and task groups that can focus on social media presence, charitable efforts, blockchain development, crypto education and more.
As we define our governance structure, we will look towards some of the most successful and notable DAOs in the crypto space such as MonkeDAO, CityDAO and several others.
In order to be as fair as possible, DAO voting power will be given to two types of holders that have a minimum stake in the $WOOF ecosystem.
Holding at least 5 million WOOF and/or 1+ $WOOFERS NFT will empower someone with a vote in the DAO. This minimum stake guarantees a seat at the table, but each person only has one vote in any matter. This effectively stops whales from being able to buy the vote, and decentralizes ownership to a fair point.
The purpose of the DAO will be to govern the protocol, manage treasury funds and decentralize leadership by placing $WOOF directly into those that are the most invested.
In all, $WOOF is a community driven social effort, and experiment, from its inception to end goal. From fair distribution to community governance, $WOOF aims to be the premier community token on Solana, with intertwined utility across NFTs, DeFi, gaming and more.