FUD FAQ | A Weekly Community Thread | Week 28

Top Question of the Week

  • Why are there different tokens in the DIGITALAX ecosystem? Why don’t we just have $MONA?

Good question. The DIGITALAX ecosystem is comprehensive, where every additional implementation, deployment and sub-project builds on top of the previous ones, as well as charts and expands the course for what is possible and to come. The web3 fashion market did not exist just 12 short months ago, and since then, DIGITALAX has been paving this course as well as setting the very foundations for what this new land entails in a completely web3 native way; from DeFi, to DAOs, to experimenting with EIP standards, to NFTs, to Esports, to Wear-2-Earn, to the Indie gaming scene, to NFT appraisals, to composable digital and physical supply chains and more.

We used an interesting and relatable analogy in one of our previous posts for detailing further the role of different liquid ERC-20 tokens within the DIGITALAX ecosystem, you can read more about that here. But, in short, just like how in the human body there are coherent separation of concerns with comprehensive specialisations that run throughout our local bodies, allowing us to ship composable units of whatever is most appropriate to each cell within ourselves; so too is required for ensuring value can be properly anchored and utilised throughout the DIGITALAX ecosystem and broader web3 fashion and metaverse realms. Thus, each token, works to both compliment others within the ecosystem, as well as fulfill a specific role and incentive structure.

There is so much new talent flooding into this space and we couldn’t be more excited to be pioneering its very fabric, which is being powered even more with the upcoming release of $W3F under the GDN DAO!

Most Common Repeat Question

  • When do the $MONA rewards end?

The 12 months of $MONA staking distribution began December 2nd, 2020 and was set to end on December 2nd, 2021, reaching the full 10,000 distribution. Under the major ecosystem update the $MONA total supply is set to increase to 11,300 with the increased token supply being distributed through new staking rewards contracts being deployed to Polygon. More details on the exact distribution over the course of which time period will be revealed in upcoming announcements. However, for a quick rundown, these new staking contracts are super exciting! And, they include staking for;

  • Genesis MONA NFT holders
  • $MONA and $MONA LP holders
  • DIGITALAX NFT holders

The contracts also have functionality for stakers being able to claim revenue from the DIGITALAX web3 fashion NFT marketplaces, as well as additional ERC-20 rewards both within and outside of the DIGITALAX ecosystem.

More to be announced soon!

Top Controversies in the Industry

Crypto Twitter self handedly regulated insider trading by a popular crypto/DeFi VC fund. There’s been a lot more controversial back and forths lately about whether or not VCs can coexist within web3, because fundamentally, traditional web2 VC models are at odds with decentralisation. In fact, decentralisation is the greatest threat to their continued monopoly over bypassing the cold start problem using debt. That’s not to say that VCs can’t exist in this new world, but definitely the relationship between those who give money and receive money has changed, and frankly, those VCs that do coexist in web3 aren’t actually calling themselves “VCs” anymore, because that term is so web2.

Instead, there’s new ways that they can get direct exposure to this market and support the projects they believe in, growing the ecosystem, all without the extractive zero sum approach. Make your own thoughts about the Divergence Ventures saga; one thing can be said, hats off to the way they responded, I really hope it is sincere as it paves the way for better standards and transparency for operating in this market.

Silly Fails and Trolling

It’s amusing when a web2 reporter attempts to cover what’s happening in web3 and throw snark and shade at it with high-handed condescending snobbishness… but then ultimately fails miserably because all of us web3’ers realise just how intrinsically interconnected the open metaverse is with gaming and mod culture. Read below for more details :laughing:

NFT mastermind says he created Ethereum because Warcraft nerfed his character

Maybe take this with a grain of salt, but, the creator of Ethereum - the blockchain that spawned the NFT craze - says…

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