Yo Skellies — how’s it hangin’? It’s been a few days since launch, and we’ve almost doubled in size — pumped up, pumped down, pumped sideways — Surpassed 100ETH volume on secondary sales, and already had our first DAO proposal; one that we think we really benefit the community long term.
Now we are we are ready to discuss what everyone has been waiting for. What’s the deal with $BONES? (yeah, I changed it, and it isn’t $BONER)
The Future of Skellies
Before we discuss token mechanics — I want to briefly outline the world in which this token will exist; this is important because behind any successful utility token is a robust and self-sustaining ecosystem.
Skellies will give their holders access to exclusive benefits that will continue to grow as our community does. Assuming the DAO votes to implement these benefits, all Skellies will:
- Have exclusive access to Skellie Gaming where they can win prizes. (Current)
- Compete in the legendary Skellie Treasure Hunts. (Current)
- Generate $BONES — a utility token, that will drive the Skellie ecosystem. (November 2021)
- Have access to mint or bid on exclusive art drops from different artists. (November 2021)
- Have the exclusive ability to re-animate (breed) SkellieCats. SkellieCats will serve as the primary companion to our Skellies — and will have their own utility and benefits attached to their ownership. (November/December 2021)
- Have access to merchandise, designed specifically for the Spectral Skellie Community. (December 2021)
- Receive their very own SkellieVX for use in the metaverse. (December 2021/January 2022)
Almost all of these benefits will require the burning of $BONES. We have seen many projects launch with utility tokens — and many have failed to gain traction because of a lack of true utility. We will not allow that to happen.
No $BONES about it
Today, you will see a proposal submitted to SkellieDAO that discusses $BONES. Here is what you need to know.
$BONES will be distributed to Skellies in one of two manners. We refer to them as the conventional method, and the staking method.
The conventional method is similar to what you might see from collections such as Supducks, or CyberKongz. With this method holders of the non-fungible token (NFT) — in our case Skellies — are allotted a yield of a fixed number of utility tokens per time period. The holder does not have to do anything with the NFT in order to continue to receive their yield. Some benefits of this method would include:
- Holders are free to do what they wish with their Skellies, and continue to receive yield.
- Holders do not have to pay gas to stake/un-stake their Skellies.
The staking method is similar to projects such as Anonymice, HeadDAO, EtherOrcs. In this method, holders of the NFT must “stake” or lock in their token in order to generate yield; they cannot list their token for sale or transfer it to another holder without first un-staking it. Some benefits of this method would include:
- Reduces the total number of Skellies on the market, potentially driving up prices.
- Reduces the total number of $BONES yielded, limiting total supply of token.
Both of these options will be up for vote by the DAO — and one will be selected as the primary distribution method.
In addition to time based yielding, an initial distribution of a set amount of $BONES will be available to all Skellies. This will allow for initial liquidity of the token. Skellie Team will be using reserve funds from minting and secondary sales to help provide liquidity and stability to $BONES. On occasion, $BONES may also be offered as a reward for community engagement, such as prizes in our Treasure Hunts.
$BONES is a utility token, and nothing more
1 $BONES = 1 $BONES and will never equal anything else in the Skellie eco-system. $BONES allows its holders to operate within our world, but has no monetary value, and should never be considered to have monetary value. This is essential to the long-term success of both Skellies and $BONES.
This is Just The Beginning
We want Skellies to benefit both those looking for short term and long term benefits — but our team is in this for the long haul. We are working on the building block of what we believe to be an incredible project that soar to great heights. $BONES is one HUGE piece of that puzzle — but just a piece. Tomorrow I outline our entire roadmap in greater detail, touching on the what, when, why, and how of all of the goals we are working to achieve with Skellies.