Introducing The Fun Token
What is the FUN token?
The FUN token is the token for our upcoming Fun Tribe. Posters will be able to earn FUN when they blog about fun topics on the Hive blockchain and use one of the following fun tags - #fun, #funny, #lolz, and #jokes. You will also be able to earn FUN when you post on LOLZ's Fun House or use the community tag "hive-155986."
FUN stakers will also be able to earn curation rewards when they curate posts using the #fun tags.
The Fun Tribe will not be a generic tribe, but the #fun tag can and should be used on all kinds of fun topics like #games, #movies, #travel, #comedy, #jokes, #memes, #giveaways, and many more! The FUN tribe should also pair nicely with a number of other tribes including #meme, #thgaming, #oneup, #cine, and #pgm, just to name a few. Basically any topic that seems like fun is a good topic to use the #fun tag on.
But there are a lot of topics where the #fun tag probably shouldn't be used include boring things like #religion, #politics, #investing, #exercise, and #homework! NSFW content may be appropriate if it is also funny, but please be sure to tag it appropriately.
The LOLZ team asks you to be considerate and only include the #fun tags on posts that are fun in nature.
What is the FUN Miner Token?
Once per day, a random draw will select 100 FUNM tokens and their holders will each receive 2 FUN tokens (200 FUNM mined per day total). FUN Mining Token holders receive one ticket for the draw for each FUNM token they own (holdings are rounded down to a whole number, i.e, holding 10.89 FUNM tokens gives the holder 10 tickets to the draw).
For now, a custom script will be used to run the draw. However, as the project progresses we will create a Smart Contract on Hive-Engine to power the drawings.
Winners will be selected using Python's built in random picker function (random.choice()).
Each draw is independent. A holder can win more than once per day, even with the same ticket.
Mining rewards are sent directly to the holders Hive wallet.
Project Phases and Milestones
The LOLZ Token is selling the FUN Miner token on Hive-Engine to fund the creation of the Fun Tribe and other project objectives. As such the timeline for reaching the following milestones is tied to the sale of FUNM token and can be best measured in BEE tokens.
Phase 1 - Create Tokens, Setup Mining Scripts, and Introduction - 200 BEE
We are completing Phase 1 with this Introduction post. We now have the tokens created and the mining script written and tested. And if you are reading this, then we have introduced you to the FUN token.
Phase 2 - Pre-sale of FUNM Tokens - 0 BEE
We are excited to let you know that the pre-sale of the FUNM tokens has started and will last for 2-weeks (ending August 6th).
During the 2-week pre-sale, FUNM token can be purchased at half price - just 1 HIVE per miner - on Hive-Engine. After the 2-week pre-sale we will be raising the price to 2 HIVE per miner. The proceeds will be used to enable staking of the FUN and LOLZ tokens, delegation for the FUN token, and other project needs.
Please note, no mining will take place during the pre-sale to ensure all participants in the pre-sale have an even start.
Phase Three - Pre-Mining Period - 0 BEE
After the pre-sale period ends, daily FUN token mining will begin. The pre-mine phase will last for two weeks. During this time miners will be given a "head start" on accumulating FUN token before the FUN tribe is established.
Phase Four - Setup FUN Tribe and FUN Airdrop - 1000 BEE
BREAKING NEWS: Our pre-sales of FUNM token have already raised the 1000 BEE needed to enable staking and initiate the FUN Tribe. As such we are proud to announce that we will initiate the FUN Tribe on August 20th. Thanks to everyone for their support and interest in the FUN Tribe.
Following the two week week pre-mine, the LOLZ Project will setup the FUN tribe smart contract on TribalDex. We will setup the rewards structure to target an initial annual percentage return (APR) of 150% based on curation earnings. As more and more FUN is staked, the APR will naturally decrease, so once per quarter we will adjust the reward structure to reset the APR to 150%.
We do want to ask for some patience with us at this point. There are a lot of moving parts in setting up the rewards structure and there isn't a lot of documentation on how to do it. We have chatted with some other tribe owners and looked at their rewards structures and THINK we know what we are doing. But because we don't want to accidentally flood the market, we will begin with a 2-week trail period where we target a 50% APR. Once we have confirmed we have the math right we will adjust the rewards to target the 150% return.
When we initiate the tribe and staking, we will conduct a FUN airdrop to holders of the LOLZ token Token. Holders of LOLZ will receive a FUN airdrop on a 2 LOLZ to 1 FUN basis. So for example, if you are holding 100 LOLZ at the time of the airdrop you will receive 50 FUN tokens.
Hmmm... might be a good time to start loading up on LOLZ if you haven't been already!
Phase Five: Enable Delegation and Setup Curation Accounts - 1000 BEE
Once we have accumulated enough BEE from proceeds of the FUN miner tokens to enable staking of the FUN token, we will start accumulating again to enable delegation.
We did say that FUN Miner tokens are currently 1/2 off for a limited time, right?
We will have an official FUN curation account with associated curation trail. Of course we will also include FUN as one of the tribes we curate in LOLZ Defi, and plan to work with the Curation Cartel to have FUN included in their curation efforts once delegation is enabled.
Phases Six Thru ∞
Well after phase 5 we will have the FUN tribe fully up and running. But if you know anything about The LOLZ Project, you know we are always looking to add fun and new ways to grow the project. As such we will be looking at additional ways to grow value for the LOLZ and FUN tokens. Follow @lolztoken to be the first to get the news!
LOLZ Free For All On Steroids
We need your help to spread the news about the FUN tribe, so we are giving our usual LOLZ Free For All airdrop a double dose of steroids to entice you to share the news with your friends and followers.
You can earn up to 15 LOLZ by taking the following easy steps while this post is active (ends July 31):
- Comment below and tag a friend (5 LOLZ)
- Re-blog this post and tell us you did in the comments (10 LOLZ)
About the Fun Token and the LOLZ Project
The FUN token is part of the LOLZ Project which is an engagement project with the mission of spreading laughter and joy on the Hive blockchain.
Use the !LOL or !LOLZ command in comments to share a clean joke and tip the author an LOLZ token.
Farm LOLZ tokens by delegating Hive Power and Hive tokens.
Earn dividends by holding LOLZ tokens.
Coming Soon! Earn FUN tokens when you blog about fun things and use the #fun tag.
Mine FUN tokens by holding FUNM tokens.