Last week, the Global Designer Network DAO started the first distribution of our $GDN governance token on Polygon. This token has utility for voting on governance proposals and initiations brought forth by the Web3 Fashion anarchists. It is not a liquid trading token, and can only be earned through completing quests and contributing activity within the GDN.
Under the GDN’s token graph hierarchy and also mutual commitments to growing and making the market for web3 fashion, with the GDN being the core designer merchants within the broader open metaverse, a liquid complimentary token, $W3F, is also being released under the GDN DAO, in collaboration with the DIGITALAX ecosystem.
This token is tradeable on the open market and will be available with liquidity on DEXes. Most likely the token will be first launched on Polygon Network and later can be bridged to Ethereum. This decision will be finalised in the next week as compatible staking distribution contracts are deployed. There will be a total supply of 13 million $W3F that will be distributed over the course of 24 months.
$W3F grants holders access to unique NFT airdrops, sales, events and other web3 native products and services brought forth by the GDN DAO. Its core utility is for igniting the global web3 fashion ecosystem in every way that the mix of fashion and web3 reaches into the lives of digital and metaverse enabled humanity.
The best analogy for why there are these different tokens serving specialised purposes within the DIGITALAX, Web3 Fashion and related metaverse ecosystem is to go and undress the human body underneath the fashion that we wear.
There are three main distribution systems within the human body, they aren’t the only ones, but they are the ones that stand out most clearly to anyone’s eye. They are the;
- Respiratory System
- Circulatory System
- Nervous System
To say, “why don’t you just have one unit of conveyance and bundle of conduits” for them to flow through sounds absurd instantly to anyone with the slightest candor. Just imagine, trying to breathe and pass electrical impulses through your blood all in one go. Messy at best, dead at worst.
Instead, coherent separation of concerns with comprehensive specialisations that run throughout a local body, is what allows us to ship composable units of whatever is most appropriate to each cell within ourselves. We are a hybrid of localisation and globalisation, made possible through coordinated decentralisation. As is every computational device we use, every social system that we belong to, and the broader economy that encompasses all of human activity.
- Respiratory System; $MONA token. We often describe DIGITALAX as the cityscape for Web3 Fashion, and, $MONA token is the core governance and value anchoring token for maintaining the ledger of activity for the decentralised goods and assets generated through the core infrastructure within this ecosystem. Just like how the respiratory system is the first intake mechanism for primary economic activity and then is held within cells, like the role that red blood cells play in carrying oxygen, so is $MONA for igniting primary activity within Web3 Fashion and holding and routing its value within the cityscape.
- Circulatory System; $W3F token. As in the body analogy where plasma abundantly flows within the circulatory conduits, the $W3F token operates with liquidity between DIGITALAX and other cellular clusters of activity throughout the web3 fashion enabled metaverse, particularly that empowered by designer merchant activity. It isn’t so much about what it does on top of $MONA but rather that it isn’t required the way that $MONA is for the critical infrastructure of web3 fashion and therefore it is free to flow more fluidly to wherever designer merchants will take it; hence the higher supply and limited governance rights for holders.
- Nervous System; More on that to come soon. The optimisation system for greater interoperability…. I wonder how DIGITALAX has already been working immensely on interoperability (with consistent updates 3 times a month) 🥸.
On first release of the $W3F token, 10% of the total supply will be allocated and minted to the DIGITALAX (5%) and Global Designer Network (5%) Treasuries; Acknowledging the work that both these groups have contributed and will continue to for establishing the core ecosystem, activity and value within Web3 Fashion.
For the most fair broader distribution, the remaining 11, 700, 000 of the token will be released through staking over the course of 24 months across the following cohorts;
- GDN DAO Membership NFT holders (i.e. GDN DAO designers)
- $W3F and $W3F LP holders
- GDN Speciality NFT holders
- $MONA, Genesis MONA NFT, PODE, $MONA LP, DIGITALAX NFT, LOOK Stakers
GDN Membership NFT holders weight within the particular staking distribution pool will be dynamic and according to activity contributed within the GDN and also the amount of $GDN earned weekly. I.e. if a GDN member is no longer active by month 3 then their weight will be significantly reduced and outweighted according to more active members at any particular point in time.
GDN Speciality NFT holders refer to those holding select NFTs created and launched by the GDN that grant access and utility to holders within the broader Web3 Fashion ecosystem.
Amounts have also been allocated for all $MONA, Genesis MONA NFT, PODE, $MONA LP, DIGITALAX NFT stakers; recognising the value of the contributions that these holders have already and continue to bring to the entire web3 fashion ecosystem. This will align with the new staking and revenue distribution contracts that are being deployed to Polygon as part of the additional $MONA rewards mint + DIGITALAX marketplace revenue allocation. PODE staking refers to staking in The DLTA system. LOOK stakers, more details revealed soon.
$W3F will be released officially at the end of October, beginning of November, with more announcements and details to come soon! Stay tuned as the market for Web3 Fashion continues to be charted!