$Honey Tokenomics
Last updated
Last updated
$HONEY token release is the start of the NFT 2.0 era. It does not only serve it’s purpose as a utility token or an extended access to Fancy Bears DAO — it’s the key to the new and dynamic approach towards the NFTs.
$HONEY ecosystem, founded by the Fancy Bears Metaverse, will become a global community of Web3 enthusiasts, a beating heart of the decentralized organization, inclusive for everyone, who truly believes in the open internet. $HONEY was created and designed by both founders of FBM, Jakub Chmielniak and Bartek Sibiga.
Fancy Bears are thus following the trends and one of the most significant elements of the multiple strategies of the NFT projects is an internal currency, a payment method working inside the given NFT ecosystem, namely — the token. FBM are well known for the NFT 2.0 Trait Swap App, this is where $HONEY plays the key role. It was widely discussed in the previous announcements.
This time, let’s focus on the token itself. As we already mentioned in the original article about the $HONEY protocol:
$HONEY is a tradable, deflationary, utility, Fancy Bears Metaverse native, Ethereum Mainnet ERC20 token. It will be used and distributed among the Fancy Bears community, but it will thrive inside the whole NFT world. Fancy Bears community is the first to get access to it.
It gives proper incentive to all early adopters of Fancy Bears NFT, plays role in the governance process, let us create permissionless access to technology and unifies the economics of NFT 2.0.
What we told you earlier regarding the tokenomics will remain the same. We didn’t change a thing. Let me remind you some of the key information:
The listing price of $HONEY will be 0.01$.
$HONEY will be listed on Uniswap. The contract will include the best anti-bot solution on the market (bots tend to suck out liquidity by front-running transactions on CEXes) plus a 5% trading tax that would add up automatically to the liquidity pool.
We will add liquidity and list the token on Uniswap by the end of March / in first days of April. 50% tokens is now being distributed to the Bears and Jars, 5% will go for liquidity, partners, and reserve, and 45% will be farmable in the future.
We won’t be pre-selling any tokens. It means that without a selling pressure, the token won’t be able to fall below the listing price. We won’t be selling $HONEY to VCs, investment groups or random shillers just to get a quick buck, as it often happens with many altcoins.
We have also set some specific rules for the unlock. You’ll be able to unstake your first $HONEY tokens 6 months after you claim the Honey Jars. The total unlock period afterward will last for the next 18 months. $HONEY tokens will be available for claiming proportionally, every single week.
More Honey Jars will be available for minting in the future as prizes in different contests and challenges. Please remember that we only airdropped half of the $HONEY tokens; 45% of the total supply waits to be harvested. And all the $HONEY spent on upgrades, mints, events, merch — it’s going to be partially redistributed into the harvesting pool.
The $HONEY token is a utility token with multiple use cases (inside the Fancy Bears Metaverse ecosystem in the beginning, but much broader in future):
You will be allowed to modify the look of your Fancy Bear
We will create some new traits
You’ll be able to mint new Bear-related NFT collections
You’ll be able to get the main role in the animation series for your Bear so he can become a Bearflix star
You’ll be able to get one of a kind customized clothes and shoes
Bear Levels will be strongly connected to the $HONEY farming system. They will be related to the farming speed and capacity to carry harvested $HONEY. This is also where Honey Jars will play an important role. But that’s not everything, more benefits related to the Bear levels will be announced in the future.
What we know for certain though is: the more $HONEY you spend, the more $HONEY you get afterward. $HONEY will increase the value of your Fancy Bear and allow you to improve it even more with the $HONEY you’re going to harvest.
