$CLANKER is now the ecosystem token for Farcaster apps. The token reflects a new category of assets - appcoins - and I expect $CLANKER to become Farcaster’s largest wealth creation event. We've seen historically what happens when ecosystem assets go up (e.g. btc/eth/sol) - funds get reinvested downstream and the ecosystem booms.
For us to fully get there, one change is needed: $CLANKER needs to be the pair token for appcoins. Otherwise, when an appcoin generates trading fees, $CLANKER goes up (via buybacks) but not the other way around. Clanker projects, too, should directly benefit from the rise of $CLANKER.
For projects that are pre-TGE, the solution is simply to choose $CLANKER as your trading pair. But for existing projects, there is no current solution. Thus, we are creating a way to redeploy your existing appcoin as a $CLANKER pair, migrating your old liquidity in the process.
Here’s how it will work:
1. Holders deposit your coin into a smart contract
2. After a cutoff date, all deposited coins are sold in one batch
3. A new coin is deployed (paired with $CLANKER)
4. The proceeds of the sale are used to buy the new coin instantly
5. All depositors of the old coin can claim the new coin, proportional to how much they deposited.
This is the cleanest, fairest way for existing projects to make their appcoins $CLANKER-aligned. It also paves the way for onchain M&A: if you have multiple coins live, you can now consolidate them into a single coin. Our company has launched several coins already and will be consolidating them all into a single coin paired with $CLANKER.
Stay tuned - more info soon!
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