Tokenomics (V3) just dropped.
Afterlife: a ded roadmap
how it started
DOTisDED began spontaneously as a community driven meme coin project in an open Telegram chat (link to origin chat here).
The goal was simple: create a fairly distributed meme coin project on Polkadot that will drive new users and liquidity into the ecosystem.
Since then, thousands of Polkadot enthusiasts have joined the conversation to help shape the future of Polkadot’s first native, fairly distributed meme coin, $DED.
Afterlife, Phase 1:
Preparing for $ded
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Distribution of $DED will be based on a ‘snapshot’ of the Polkadot blockchain.
A snapshot is like a picture; a moment-in-time (i.e. a specific block height) is captured. In that snapshot, important details, like which wallets hold $DOT and how much, are captured.
The snapshot tool is now complete (GitHub link). Next step is to validate the tool to ensure it works appropriately. Testing is being conducted on Rococo, Polkadot’s testnet.
Worth noting, the snapshot tool has been open-sourced, and will be available for future Polkadot projects to use in their airdrops. -
Lunar Strategy submitted a request for funding to the Polkadot Treasury for funding a DED marketing campaign. DOT holders voted, and referendum 385 passed; Lunar Strategy was awarded 91,557 DOT for this purpose.
One key thrust of this campaign is to notify CEX users that, in order to qualify for the DED airdrop, they must withdraw their DOT from exchanges into a self-custody wallet.#notyourDOTnotyourDED
In order for this campaign to be successful, the snapshot will not be taken until ample time has been provided to CEX DOT-holders to withdraw their DOT and move on-chain.
Note: the DOT rewarded from ref 385 is entirely under Lunar Strategy’s management; DOTisDED KOLs did not receive funding from LS, nor do we have control over managing the funds.
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OpenGov referendum 469 has been submitted by Abilex AG, a legal advisory firm in Zug, Switzerland, to create a DED Swiss Foundation for the purpose of overseeing DED deployment.
This is a necessary step to:ensure $DED is issued as a legally-compliant token
ensure $DED distribution is done transparently + fairly
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Some definitions:
Existential Deposit (ED) is a feature on Polkadot. ED is the minimum amount of DOT needed to keep an address alive.
Relay Chain: the base layer (layer 0, or L0) of the Polkadot ecosystem. It is a blockchain that connects all other blockchains (commonly called parachains, or L1s). This is how Polkadot can offer shared security, scalability, and interoperability.
Asset Hub is a blockchain on Polkadot, where anyone can mint assets (NFTs, memetokens, etc).
Both the Relay Chain and Asset Hub have an ED. This serves the purpose of preventing bloat/spam on the blockchain, something that plagues other chains (not naming names here >.<“).
DED will be minted on Asset Hub. In order for DED to be airdropped to all ~1.25 million DOT addresses, the ED on Asset Hub must be covered. Our plan is to have ED covered for everyone, in order to make participation as easy and fair as possible.
RFC #62 was submitted and accepted by the Polkadot Fellowship. This RFC will lower the ED on Asset Hub from 0.1 DOT to 0.01 DOT, effectively lowering the cost to cover all ~1.25 million DOT addresses by a factor of 10 (125k DOT to 12.5k DOT, approximately).
Worth noting, lowering ED on Asset Hub will benefit all future projects that plan on airdropping tokens on Asset Hub. DED is paving the way <3
Afterlife, Phase 2:
Deploying $DED
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DED Tokenomics (V3) just dropped.
The ONLY requirement to be eligible is holding and/or staking DOT. Anyone asking for personal information and/or payment for DED is scamming you.
Some basic facts about the DED token:
Fixed supply of 1,000,000,000,000
30% - Ecosystem Growth
30% - Strategic Reserve Held by Foundation
30% - Early investors
5% - Team
5% - Airdrop
- CEX wallets will receive DED, but that doesn’t mean they’ll give DED to their users.
- No minimum/maximum; more DOT, more DED
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Fairness. Simplicity. Polkadot-centric.
The $DED token is by the Polkadot community, for the Polkadot community. As such, $DED will be deployed on Asset Hub, a common-good parachain built on and secured by Polkadot.
By deploying on Asset Hub, $DED will benefit from the interoperability baked into the Polkadot ecosystem. Any Polkadot project will be able to integrate $DED into their DEX, dApp, or web3 game in a permissionless, secure way. It also provides the simplest route to ensuring all native DOT holders are rewarded DED tokens.
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The DED Swiss Foundation will oversee the deployment of $DED to all $DOT wallets in a transparent, provably fair process.
The snapshot will be used to determine eligibility. For each $DOT in a wallet, that wallet will receive 36 $DED.
Some examples:
Alice has 100 DOT in her Nova wallet staked in a nomination pool. Alice will receive 3600 DED.
Bob has 1,500 DOT on Binance. Binance will receive 54,000 DED, which they may or may not distribute to Bob; it’s up to Binance.
Charlie lent 555.55 DOT to parachain XYZ for a crowdloan. Charlie’s DOT is still locked in the crowdloan. Charlie will receive 19,999.8 DED in his Asset Hub account.
Destiny has 22.2 vDOT on Bifrost. Bifrost owns the the native DOT backing that vDOT. Bifrost will receive 799.2 DED, which they could then distribute to Destiny. (note: this assumes a 1 DOT: 1 vDOT ratio; DED amount will be based on DOT equivalent.)
Afterlife, Phase 3:
DED on arrival
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Your $DED tokens will be delivered directly to your Polkadot wallet. There is no ‘claims process’. Have DOT, get DED.
Your $DED balance will appear in your Asset Hub address (starts with ‘1’; same address as your Relay Chain address). From there, you can teleport your $DED to any other blockchain in the Polkadot ecosystem. Note that teleporting will require some $DOT for fees (~0.05 DOT should cover it).
Native wallets have announced support for $DED, so you should be able to see your balance within your wallet’s UI. These wallets include:
Nova
Subwallet
Talisman
Fearless
If your wallet doesn’t support DED in their UI, don’t fret! You can check that you received your $DED using a block scanner like Subscan and entering your Polkadot address in the search bar.
In the scenario that you (a) have DED, but (b) can’t interact with it using your wallet, you can import that account into one of the native wallets listed above using your 12/24-word seed phrase (keep that safe!).
Remember: wallets are just a front-end interface for interacting with the blockchain; your $DED is stored on-chain, not in a particular wallet.
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A number of Polkadot DEXs have announced support for $DED, including:
Worth noting, many Polkadot DEXs have:
sovereign $DOT accounts, so they’ll be receiving their own $DED, which they can (up to them) use for liquidity;
governance systems; the DED community may submit requests to have $DED listed on their platforms.
Afterlife, phase 4:
DED Afterparty
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Our flagship NFT collection, DEDBIRDS, will be issued by the DEDDAO.
These generative PFP NFTs will be limited, available only to DED holders, and - since the revenue generated by these will seed the DEDDAO Treasury - will confer voting power over how the treasury is managed.
More on DEDBIRDS utility will be announced in conjuction with DEDDAO updates.
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The community has requested utility be developed for the $DED token. So, one vertical several community members + L1 partners have already started working on is DED gaming.
Our goal is to develop a DED-themed gaming platform that:
provides utility to DED holders
attracts indy game devs to the Polkadot ecosystem
highlights the sweet, cutting-edge tech only available in the dotsama ecosystem
Stay tuned - more on this soon™.
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DED is a Polkadot-centric, permissionless meme coin.
As such, we invite any and all Polkadot ecosystem users/teams/projects/L1s to leverage the DED token and brand to help attract and onboard users into our eco.
We know meme coins aren’t supposed to have intrinsic value or build anything. But hey, we’re DED ¯\_(ツ)_/¯.