Burning $FLASH
The pandemic of the last year has seen the historic rise of various altcoins, such as Dogecoin, Shiba Inu, Floki, etc... With more people being forced to stay or work at home, we saw a huge increase in investors in the crypto community. Many of these were affectionately labeled ‘memecoins’, meaning they had no inherent utility and increased in value simply due to user interest. These gigantic coins paved the way for a diverse range of new tokenomics to enter the cryptocurrency landscape, leading to innovation in both deflationary and inflationary mechanisms such as reflections, burns, buybacks, dividends, rebasing, and auto-LP to name a few. Some of these share static tokenomics whilst others that are more dynamic have been seen to be more sustainable.
Additionally, this past year also saw an unprecedented and meteoric increase in NFT awareness and interest, with industry leading ‘blue chip‘ collections (such as CryptoPunks and Bored Ape Yacht Club) constantly making headlines either for setting new sales records or a new celebrity buying their first one. We’ve also seen collections creating partnerships with huge existing brands and companies, such as the acquisition of RTKFT by Nike. The growth of the NFT industry this past year has been historic and continues to show no signs of stopping, with many anxiously anticipating Coinbase’s NFT platform and the new users they will onboard to NFT ownership.
a. What is a Subscription Utility Burn (SUB)?
b. Mint FLASH Genesis Pass
c. Weekly SUB vs. monthly SUB
a. Subscription Utility Burn (SUB)
Our experiment is create a deflationary token that connects the frequency of burning the token with regular usage of that token. We are trying to achieve tokenomics that will change the deflationary rate depending on how popular (or unpopular) our utility is.
This will ultimately drive a utility project to maintain its relevancy, and hand over the power to determine the future of that project back to its users and the community of holders.
The better a project is, the more it will be burned, and the further its inherent value is driven. The opposite is also in effect.
b. Minting FLASH Genesis Pass
The FLASH Genesis Pass is a limited supply ERC-1155 that allows unlimited access to the entire project’s current (and future) tools. These will be released in waves following the achievement of each major milestone. As it is a tradeable commodity, it will become a valuable fulcrum with $FLASH token and within the FLASH ecosystem.
The exact details of how this is distributed will remain flexible and are subject to changing market conditions at any point in time.
c. Weekly SUB or monthly SUB?
For all token holders that may not want to have unlimited access, burning $FLASH will allow access to various parts of the toolkit for varying periods of time. Some packages will allow burning $FLASH to access the whole toolkit for a week or a month.
A monthly SUB will have a slight discount to weekly SUBs to incentivise earlier value determination. When FLASH is growing in value, this incentive becomes larger as the monthly SUB amount can be “locked-in” for the next 30 days giving it even more inherent value, whilst also propelling the $FLASH token further.
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