When Myōbu launched, the “guaranteed growth” tokenomics were revolutionary. Immediately a multitude of copy-fox tokens came forth over the next few days.
As the project has grown, some parts of the initial tokenomics structure have become obsolete. With ownership renounced, we are unable to make changes to the current contract to improve these aspects of the tokenomics, and it is necessary for the success of the project to do so.
And so to pave a smooth path for the next steps in this Fox’s journey to the top, we have made the decision to re-launch the token, with updated and improved tokenomics.
This will allow us to create a more robust ecosystem around it in the future.
Here are the updated aspects of $MYOBU V2:
1. Transferability — we have updated the contract to allow the tokens to be transferred between wallets. These transfers are also taxless. Beyond just being able to send $MYOBU to your secondary wallet, or give it as a tip for a particularly impressive Tuba performance on Twitch, this allows us to implement other advanced aspects of a healthy project ecosystem. (Like staking, CEX listings and cross-chain bridging). Overall this essential upgrade frees us up to create expansion for the utility of Myōbu.
2. Updated Taxation — The maximum taxation on $MYOBU V2 is 10% on buys and 10% on sells. Taxes will not increase on consecutive sells which was perceived as a distraction with V1. Lowering the amount of taxes taken out will incentivize larger purchases, and also make it more attractive to hold larger amounts of $MYOBU without fear of having to pay nearly 40% to sell it later on. We believe this will lead to greater volume, which will lead to greater revenue for the development fund, staking rewards and play-to-earn features.
3. Improved Tradeability — An important part of the upgrade is also to allow for more base-pairs to exist on more DEXs. With V2 we will be able to create pairs for stablecoins, wBTC and more. We have also added custom functions to allow tax-less liquidity adding and removal.
4. Removal of Reflection — This is a controversial move, but we believe it’s going to help the community more. Reflection has been a great tool in many crypto projects, but unfortunately it has one fatal flaw. The reflection you receive is proportionate to the amount of tokens you hold. This means whale wallets get larger at a much faster rate than anything else, widening the gap between the large wallets and everyone else. These whale wallets then want to sell their extra tokens, and it creates sell-pressure. Instead of reflection, we are introducing a way to stake your $MYOBU and receive rewards from the taxes, paid directly in ETH. We intend to make this feature far more rewarding and lucrative than the reflection rewards could ever be.
5. Removal of Sell Limits — Having sell limits was one measure set up to prevent dumping all at once. By removing these sell limits, we will allow anyone who wishes to exit a clear path out. This will over time thin the herd and only those who truly see value in the ecosystem and want to be a part of its growth will stick around. This will lead to a more mature ecosystem. It will also support us in getting CEX listings, and allow for arbitrage of tokens.
6. Introduction of governance/DAO — The new contract will also have internal snapshot functionality, to allow a DAO to emerge. This will allow the community to vote on governance proposals, such as how to allocate the DAO tax income.
Overall, these updates represent a major restructuring of the way the token works. They allow more freedom, more utility and more value for holders.
And they are essential for our next steps.
The goal of Myōbu has been to create a community which is fun and rewarding to be a part of. We intend to continue to move towards this goal, by stepping into the GameFi arena.
Play-to-earn gaming has the potential to massively disrupt the world as we know it, and Myōbu intends to be a part of this evolution.
We have poured our hearts out and banged our heads against the wall to figure out the best way to create something amazing for our community, and we believe we have figured it out.
Launch V2 was the first step.
The next steps will be outlined in another post, coming very soon. So stay tuned!