TateCoin ASA:
The Question of Virality in the Algorand Ecosystem
Introduction
The question: “how does a blockchain gather and retain users?” has been discussed and debated heavily since the first competitors to Bitcoin were introduced more than a decade ago. The question though, is less crypto related than it is one of marketing.
Since the creation of Bitcoin, the geography of marketing itself has shifted enormously. We now exist in a world where information and its distribution, is digital, and for the most part democratic. The term democracy is deceptive however. It seems like a virtuous step towards a world without gatekeepers, a world where there are no barriers to entry preventing anyone having a voice. But, the decentralised cloud-like entity that has supplanted the old-media, has inadvertently ushered in free-speech anarchy. Where only the loudest and most polarising voices are heard, because they garner the most attention, in a world of diminishing attention spans.
Virality, and the components that are alchemised in its inception, are effective only in getting attention in the short term. It ‘gets people through the door’ as it were. A continual stream of virality could constitute value from an entertainment or advertising standpoint. But no amount of good advertising will get a customer in a free economy, to repeat purchase a low quality product, when there are alternatives.
But the problem is just that. The crypto economy isn’t truly free. Institutional interests continually gate-keep Algorand despite a tidal wave of partnerships, and the best tech in the space. Many people simply don’t know there is an alternative. Sadly, the alternatives to Algorand are predominantly centralised entities masquerading as decentralised ones.
So Why Tate Coin?
1. The Algorand ecosystem lacks the virality of many of its inferior competitors, when comparing search data and social media prominence.
The Tezos founders are Verified on Twitter despite having collectively fewer followers than Silvio Micali, and Tezos being a similarly popular platform to Algorand in terms of search data.
Silvio Micali is the most prominent crypto founder I’m aware of, not to be verified on Twitter.
Algorand currently has the lowest following of its’ closest competitors’ official Twitter profiles.
2. Crypto in general is receiving diminishing attention, so in order to stay at current valuation levels we need to acquire users from competing blockchains. Silvio Micali has set out a vision of a decentralised future. It’s now for us, the community, to ‘go forth and be fruitful’. We want to be part of the virality that gets new people through the door.
3. Crypto attention may be diminishing, but Andrew Tate’s stock just keeps rising. Our aim is to capitalise on the rising tide of clicks to redirect traffic, capital, and attention towards the Algorand ecosystem. Searches for the obscure term “TopG” nearly matched Algorand searches during the second week of August.
4. Meme tokens have generated billions of dollars in exchange and transaction volumes and therefore considerable fees to their respective chains and exchanges. TateCoin aims to redirect a portion of that attention and capital to the Algorand ecosystem. Once those users are here, they will see for themselves the benefits of the product. It will also be a nice change for many of them to free-claim a coin that can’t rug-pull them.
This is after a drop from ATH of ~85%. Hundreds of millions of dollars in daily volume, even during a bear market.
5. Something free is a positive psychological experience from a buyers perspective. We hope to use the airdrop, and the community surrounding us, to frame the wider Algorand community in a good light. TateCoin isn’t just a meme token for meme tokens’ sake.
6. We want the meme to have utility.
We have already begun to grow a community from the existing Algorand community. But our aim is to onboard users from other chains who have yet to experience what the Algorand ecosystem has to offer. We want to force these users to interact with as many aspects of the ecosystem as possible when interacting with the TOPG token and the TateCoin ASA project. Such as:
- Setting up their own self-custody wallet.
- Transferring ALGO or USDCa from an exchange, or depositing directly into their wallet.
- Adding assets to their wallet
- Using a DEX to trade assets
- Providing liquidity
- Staking, or
- Being introduced to Algo NFTs
We plan to incorporate many of the existing tools and platforms from the ecosystem into our project. Forming both the back bones, and part of our users’ journey.
The aim is to give exposure to the projects that add unique value to adoptees. Also helping equip our users, who will predominantly be new to the community, with the tools to navigate the ecosystem.
Roadmap:
- Mint Tokens
- Establish Distribution Ratio
- Create Twitter, Reddit, & Discord
- Launch Giveaway & Sacrifice Phase
- Create Liquidity Pools for ALGO & USDC pairs
- Giveaway Competition
- Whitepaper
- Add Liquidity
- Lock Liquidity in a Smart Contract (subject to community vote)
- Airdrop TateCoin ASA: Sacrifice Wallets, Prize Winners, then Freeclaims
- Website
- Verify TOPG with Algo Explorer, Pera Wallet, and the Algorand Foundation.
*Update: Verification will require upgrading $TOPG to version 2 to include our website URL (http://www.tateco.in) in the asset parameters. We also plan to add decimalisation to help make price action smoother.
- Launch LP Rewards/Staking
- Add our logo to Tinyman & update our logo on AlgoExplorer
- Release our innovative NFT Project
- Dual Token Deflation
- Verify our NFT collection
- Merchandise shop
The Sacrifice Phase:
The purpose of the sacrifice phase is to raise funds for initial liquidity. This is essential to allow smooth buying and selling at launch. It also allows the community to secure their pro-rata share of the sacrifice pool before launch, insulating them from the slippage that may result from buying during the high volatility at IDO. Having a larger sacrifice pool of USDCa will also help to protect the supply from liquidity snipers.
Sacrificing addresses will be airdropped their TOPG tokens first. They will also get exclusive early-bird access to upcoming NFT features and airdrops! Sacrifices will be credited chronologically, immediately after liquidity has been added. The majority of tokens will be credited at launch, but a proportion (including the TATE token airdrop) will be credited shortly afterwards.
Some sacrifice credits will be partially vested for 30 days or less (dependant on market conditions), at a flat rate of ~11.111% for all wallets. This is to protect the pool from a reverse bot attack at launch.
Sacrifice Rules:
1. Must be a self-custody wallet to receive TOPG tokens at launch
2. USDCa sacrifices only (Don’t send ALGO to the sacrifice address!)
3. Sacrifices must be greater than $1 USDC
4. Any non-integer sacrifice will be rounded down e.g. $99.75 will be credited as $99
5. Any sacrifice made after the closing date will not be credited, and funds will be irrecoverable except in exceptional circumstances.
6. Closing date is 11th September at 23:59 UTC
7: Sacrifice address is:
QWNFJNA6JHN6TQFBIYF666LXOHG52FJ3ES67L7GL5FLKBMYPKO6PXJ7I5U
Always double check the address corresponds with with https://algoexplorer.io/asset/835509686
Tokenomics:
Ticker: TOPG
Asset ID: 835509686
The TOPG token has no clawback or freeze.
Max Supply: 26,626,262
Free-claim Airdrop: 1,000,000 (~3.76%)
Due to a high volume of bot and non-qualifying entries, we have retained an additional ~1.6m tokens from the original allotment of 2.6m which will be added to the Staking Rewards Pool.
Sacrifice Airdrop: 10,250,000 (~38.5%)
Initial Liquidity: 10,250,000 (~38.5%) – Locked into a smart contract (subject to community vote)
Future LP/Staking Rewards Pool: 4,600,000 (~17.3%)
Future Giveaways: 126,262 (~0.5%)
Founder Stake: 400,000 (~1.5%)
Effective future inflation is limited to below 17.5%. Which comes from the LP/staking rewards pool, and the future giveaways pool. The rest of the supply will be distributed at launch, or added to the initial liquidity pools.
Initial Liquidity of 10,250,000 TOPG will be split 9/1 between the two primary pools: TOPG/USDC + TOPG/ALGO, and a secondary pair with a second asset: TOPG/TATE.
The 9,225,000 primary pool allocation will then be split 9/1 again, weighted towards the USDCa pair. This is designed with the intent to protect from adverse price action of the native asset (ALGO).
Resulting TOPG supply allocation is as follows:
TOPG/USDC: 8,302,500
TOPG/ALGO: 922,500
TOPG/TATE: 1,025,000
Update* We have been forced to abandon the USDC pool after arbitrage bots took advantage of price differentials from the small ALGO pool. We have now merged the two pools into one. We may opt to equally rebalance these pools once liquidity is great enough to prevent exhaustive arbitrage
Why add a second token?
The dual-token mechanic will serve as a unique auction and pricing method for our NFT collection. It will also allow the introduction of a deflationary mechanism to the TOPG token.
How will the dual-token auction work?
Once the NFT collection is ready, they will be listed for sale on our website using Headline INC’s AlgoPay widget. They will each be priced (in TATE) using the function:
P = (Max Supply / Number of NFTs)
Once the listings are live on our website, and after a sufficient promotion period, we will add liquidity and the auction will begin. Bidders will compete to acquire a set percentage of the TATE supply, before heading over to the website to purchase their NFT on a first come, first serve basis.
We will airdrop 5% of the TATE supply to sacrificing addresses, just prior to liquidity being added. TATE airdrops won’t be sufficient to purchase an NFT, so while the free tokens may provide a discount to sacrificing wallets, it won’t give them any time advantage at auction launch. The remaining 95% of supply will be added to the TOPG/TATE LP, along with the 1,025,000 TOPG allocated.
The only way to acquire TATE to purchase NFTs with, is by taking part in the TateCoin (TOPG) sacrifice, or swapping TOPG you’ve bought or free-claimed, for TATE. The net effect, is that any demand for TATE will remove TOPG from circulation too.
Because the pricing function divides the TATE supply by the number of NFTs, and 100% of supply will be circulating at launch. If all of the NFTs sell, 100% of the TATE supply will have returned to the contract address. While the corresponding quantity of TOPG, will remain in the TOPG/TATE liquidity pool. The additional TOPG (above 1,025,000) will have been removed from circulation i.e. deflation.
We can then use this TOPG to fund future rewards, or leave it uncirculated, depending on community sentiment. Also, because TATE’s sole purpose is to purchase NFTs, we can remove liquidity and rebalance the pool as we see fit once the supply is returned to the contract address. Meaning we can reprice TATE in TOPG, releasing less TOPG into the LP in successive auctions, still with the full supply of TATE. The more popular the auction, the more TOPG is removed from circulation.
As people swap TOPG for TATE, the price of TATE will rise (in TOPG). This will be exacerbated by the fact that NFT buyers will need to purchase a set percentage from an ever-shrinking pool to buy the NFT. This should incentivize people to buy TOPG and swap it early, to get the best possible price.
Listings:
We haven’t finished creating the NFTs yet. So we don’t know exactly how many pieces there will be in our collection. But we are planning several successive drops, with two tiers of rarity.
Tier 1 – Limited Edition – Mint Quantity: 1/1
Tier 2 – TOPG Edition – Mint Quantity: 1/1 – Redeemable
TOPG Edition NFTs will be redeemable for physical versions of the art and/or other products/merchandise that we plan to make available from our store.
A Final Word
Thank you for taking the time to read the TateCoin Whitepaper. Any questions can be directed to @TateCoinASA on Twitter.
Disclaimer: TateCoin ASA is intended as a promotional tool and community reward/meme token. Information and opinions expressed within this document, and by entities connected to the TateCoin ASA project, are not intended as financial or investment advise.