The 2% of fees generated by the ETPs, where should it go?
How does burning work? I read something about using the fee to burn new WSB (no idea how that would work), which would increase scarcity. If that’s possible it sounds like a good idea.
Matt - burning works by purchasing some of the tokens and sending them to a dead wallet/address that doesn’t exist.
As for what to do with the 2%, I’d like to see us burn tokens or reallocate more tokens to those who hold them at the time.
I’ve seen some suggesting a Super Bowl ad. I like the idea, but I think we’d have to wait and see if this is possible. The cost of a 30-second ad last year was 5.5M.
If my understanding of everything is correct, then that would mean the ETPs would need to have approximately $300M AUM for a year. I don’t think that’s out of the picture at all, but I think we’ll have to wait and see (and maybe forecast a 2023 or 2024 ad?). Not to mention we’d need to pay someone (or maybe someone in the community with experience would volunteer?) to create what would need to be a highly professional ad.
I like both the burn and the “dividend” ideas, but I would first prefer to spend the money (as I think it won’t be a large amount at first) on advertising / promotions.
TikTok and Twitter posts being my first choice.
I think the right promo will have a far higher ROI on token price than any burn or dividend at first. Then later, switch to burn or dividend becuase with more token holders, they will then start to do free “advertising” for us by promoting the burn/dividend.
Banner ads or similar, maybe also good, but I am less convinced of their ROI.
I agree that during the near-term for this DAO, advertising and promotion is of paramount importance to drive price discovery. This would likely yield much higher ROI near-term for early token holders than would a burn.
SUPERBOWL ADS will be the Best Option for me.
Since WallStreetBets need EXPOSURE and More Hodlers.
We really need the marketing kicks off really hard.
I Vote for SUPERBOWL ADS.
buy backs ? add it to the or a (locked) liquidity pool ? can it be both ? still learning on the go this crypto ecosystem but paying for tv ads , banners , influencers , commercials i think are a bad idea as in my head, at least , it means that the “product” does not work , we need solid grounds to stand on so we wont sink easily when other hard times will come.
[also …the burning process should not start until all tokens are in circulation ]
The “burn” of tokens would be facilitated by the funds from the 2% MF being used to buy back some tokens on the open market and then sent to a 0 address, which “burns” them.
Not sure why there would be a need to wait until all tokens released to do that - fewer tokens in circulation now means fewer tokens that can ever be in circulation. Interested to hear your thoughts?
A project needs eyes on it at the start to take off - then the utility will keep it going. Just look at all the meme coins - they have zero utility but take off at the start due to the promotion. Then they lose value over time as zero utility. WSB would benefit from the initial promotion and then should hold its price well as it will then be being used.
Just my 2 cents.
When is the next SuperBowl - didn’t it just happen recently?
Surely some promo soon would be a lot better than waiting for the next one?
I agree with putting the money into promotion and would suggest the following steps:
Listing of WSB token on several exchanges => Binance etc
Put small investments in spreading the rumour.
In the meanwhile keep building the platform.
Make the webportal really be easy to use for the masses.
Perhaps a mobile app with creditcard/bank payment options for buying tokens en withdrawing profits.
Now invest in promotions of the superbowl magnitude.
Some thoughts on the above.
Listings are being worked on - the team have mentioned this many times. It’s not as simple as just applying and paying to get listed. I believe that reputable exchanges need a working product to list a token. Once the ETP is launched, I would expect some big name listings to follow. Obvs Binance would be epic, but I think some slightly lower tier exhcnages would happen first, if I had to guess.
Completely agreed on “spreading the rumour”!! I REALLY would like to see some serious TikTok and Twitter marketing happen. I think if a strong campaign on both platforms happened, the product would take care of the rest. Hardly anyone is talking about $WSB on Crypto Twitter and so hardly anyone knows about it. And we have all seen what some simple promotions on TikTok can achieve…
Completely agree on continuing to build the platform. Everything I have seen and heard suggestst that this is the No.1 priority of the team. And they have been delivering excellently so far. I’ve actually never seen a crypto project go from IDO to live product anywhere near as fast as this one.
I think the web portal is easy to use, but I’m not a crypto newb (a big part of the target demographic for this), so I’m sure any suggestions would be welcomed by the team. (Feel free to send any to me, if you don’t know who to contact - I will forward.)
A mobile app would be awesome - great idea. But I’d expect that’s a lot of dev time, if it is actually possible. I would expect the team is focussed on the core product first.
On your credit card idea - I’m no expert, but I would have thought licensing and regulatory issues would make this a bit of a non-starter for now. Perhaps in the future.
I’d like to see it go towards growing the product. 2% of not a lot back to me, or burning isn’ t going to make a difference to me personally. Investing and getting the product and reach to the moon is Long term goals over short term paybacks.
should have added, therefore I’d like to see it spent on advertising where we see most bang for buck in short term. Twitter, Insta, FB etc
It’s not 2% of your $WSB holdings. It’s 2% of the ETP TVL / AUM - so it could be A LOT.
But I completely agree with you re promotions. EXACTLY what is needed right now!!!
I am inclined to agree with the importance of advertising/promotion at this point, or any other activities required to grow the platform and increase awareness. A Superbowl commercial and all the discussed options sound great, I imagine there are many other avenues that we can explore to reinvest and grow the project in the short term… let’s promote/develop our baby and watch it grow !!
+1 to all of this! I agree that a greater social media presence would be a big step forward.
Yeah my thoughts exactly, lots of opportunities in the short term since the Superbowl will not be until February!! Hopefully we have had many ETP iterations and a whole lot of successful growth between now and then
as long we will have morw exposure then it will be fine with me.
yeah tiktok, youtube influencer also great.
can’t wait for the many days to come. very excited for what’s coming.
since i’m here i\m interested in hearing your thoughts
Burning tokens are getting very popular nowadays specially with these ridiculous numbers that most of the shitcoins/meme coins offer , i see that as cheating the value of the coin/token and the project itself , it seems a desperate move to take the price higher , considering we are still at the beginning of this journey… the max supply of 1 billion tokens does not seem a big number the way i see this project in the future once we shake up the financial system , scarcity is important but when you have already a working product the way i see it , i’m less then a year in this crypto world i might be wrong but i’m here to learn and understand
I do agree with you about all the Memecoins using burning - which does have a bad association with it.
That said, BNB and many other big coins also use it, so it’s not all bad.
I would be very happy with buybacks and burns as it will help the price. But I think promotions on TikTok, Twitter and YouTube would be much better in the immediate term.