Utility For The Frogs = $FRG
“I’m sure that in 20 years there will either be very large transaction volume or no volume.” — Satoshi Nakamoto
- Frogs are awesome
- We are building our infrastructure for the long term
- Staking begins soon
- $FRG will have a finite supply and will be the mechanism we use to bring utility back to the frogs.
An Update on The Plague of Frogs
It has been almost two months since our Army mint! Since that time the Frogs have been making it happen growing our brand in the NFT space, and the team has been hard at work building the infrastructure of our business.
- Voting Mechanism — Testing, but almost ready
- WAGMI report — Testing phase starting this weekend
- Frog Tank — Many submissions. Just starting to vet them
- Partnerships & Collabs being formed in the background
All of these things tie into our long term plans with project Goliath. The next step is the launch of the $FRG coin. That starts with staking your frogs.
Time based staking rewards:
- $FRG awarded every 30 days
- First 90 days = 100 $FRG per 30 day increment
- 91–180 days = 200 $FRG per 30 day increment
- Starting at 181 days = 300 $FRG per 30 day increment
Time resets if your frog is un-staked. After 180 days you are earning 300 $FRG per month. So if you un-stake your frog after 180 days and then re-stake later, you will start back at 100 $FRG per 30 day increment.
In short, the time of staking is unique per frog. The time starts for each frog when staked.
Staked Frog NFT
When you stake your Frog, you will get a “Staked Frog” in your wallet. It will be the same frog picture and will generate a NFT token that can be used to verify frog ownership. Staked frogs are not transferrable or saleable. They will have a separate OpenSea page, but do not buy or try and sell.
Details on $FRG
Token — Basic token, ERC20
Token Name: Frog Coin
Token Supply Details
- Final supply: 300 Million
- Tokens allocated for rewards to Staked Frogs : 100 Million
- Tokens allocated for, Engagement rewards, LP rewards, and potential fundraising events: 99 Million
- Tokens allocated to distribute for OG Snapshot rewards: 500,000
- Tokens allocated for future snapshot rewards: 500,000
- Tokens Reserved for contingency purposes: 100 Million
- Tokens allocated to the Team: 0
- Liquidity Pool: Targeted for Q3
- Exchange Listing: Targeted for Q3
Why Staking? What Utility Does $FRG Provide?
First, it is important to understand that we are limited in what details we can provide right now about the utility provided by the $FRG token.
Why? Two reasons.
- Legal reasons
- And because we are running a business
We use loose language above and below because we are in an unknown regulatory environment and we need to be able to adapt should anything change within industry as it relates to tax, regulation, or just general industry dynamics.
We are running a business:
Much of the utility and the use cases for the coin are tied to confidential business information. Why is it confidential? Because we don’t want to signal the details of our plans to current or future competitors. Remember, We are NOT all going to make it. Our job is to ensure the Frogs do make it.
All that being said, we will give a high level overview of our utility plans when in our Medium article highlighting Goliath (coming soon). Until then. Here are some confirmed use cases and some teasers.
- Confirmed: $FRG can be used to acquire free NFTs from Frog Tank Projects
- Confirmed: $FRG will be used in a game
- Teaser: $FRG might be interoperable with other metaverses
- Teaser: We might buy $FRG with USD profits made in commercial activities.
- Teaser: $FRG might help us solve the age old question of “how do you deliver enough utility so that holders want to continue to hold?”
In short. Don’t forget this graphic.
The Boring Stuff
- Contingency tokens are just that. For contingency purposes. They could be burned and eliminated or they could be introduced into the market. If they are introduced in the market, it will be at a rate of less than 10% of the total circulating supply.
- The goal is to ensure that tokens put in circulation will be done so using the “fair launch” methodology. Either through frog staking or through open auction. This includes the contingency supply.
Burn mechanism: this will make the coin deflationary, anyone will be able to burn tokens they hold. We will burn $FRG when and if we deem appropriate.
Variable transfer tax: Set at 0% until further notice. Parameters are set that allow us to exempt frogs from this tax. Our intention is to use this on 3rd party transactions that may or may not occur with different revenue opportunities we are working on. The plan would be that $FRG quantities derived from the tax would be burned or redistributed to the Frogs.
Example 1 : “Business A” requires $FRG to be used for a service that it is offering to “Business B”. The current tax on $FRG is 3%. If “Business A” charges 100 $FRG then it will receive 97 $FRG.
Example 2: $FRG is used in a game. The current tax on $FRG is 3%. Consumer X buys $100 worth of $FRG, but only gets $97 worth of $FRG for use within the game. A Frog Holder also buys $100 worth of $FRG. They get the full $100 because they have been exempted from the tax.
Why at tax?
It should be noted that we may never use this tax. But because we have a finite supply of $FRG, and because the contract is immutable, we need mechanisms like this as a contingency.
For instance, when all of the $FRG is in supply, then Frog holders will no longer be able to earn $FRG rewards via staking. Maybe we can give other kinds of staking rewards (i.e. $ETH), but maybe we cannot. We have no idea what the regulatory environment will look like. Having the ability to tax $FRG in the marketplace allows us to easily continue to distribute rewards.
The truth is, if we do have to implement the $FRG tax, it will be because things are going really well for The Plague of Frogs.
So what happens next?
- You stake your frogs
- We build our brand inside and outside the NFT space. The key word here is WE. The Froooogs keep spreading The Plague while also building their own individual brands. The “devs” deliver utility to the frogs and build the brand outside the NFT space.
- Goliath is unveiled
- We create an alliance within the NFT space to decentralize influence and get rid of scammers
- The Plague establishes itself as a top tier Web3 brand and we position ourselves for success when the market turns bullish again
- The frogs continue our mission of decentralizing opportunity for as many people as possible.
Another word on “Why Token?”
A note from “WhatsHisFace” our PMO who is helping us make things happen in the background. He also helps with these Medium articles by driving me nuts and critiquing them. In all honesty, it makes them better for you.
Not every project needs a coin/token. If the end goal of the project was to sell frog pictures, we could live in Ethereum. But, our goals are much larger. We want to use the $FRG token to allow the transfer of utility in small and large pieces, inside and outside of our community. We want the ability to transact off chain (if needed) and later update the network for lower fees. We want to use the token for branding purposes. The $FRG token provides us maximum flexibility to engage into nearly all types of business opportunities.
A Non-fungible Token (NFT) is useful to prove ownership on an item. In most cases, however, the utility of the NFT is all or nothing. You either own the full utility of the item or you do not. But, perhaps you only want pieces of the utility that is provided with the NFT. We are leveraging a token to allow the utility to be divided and then traded, sold, or burned in secondary markets. Maximing the value of your utility should not require you to sell your Frog.
Important! Please read them.
1. Why only 300 $FRG per month? Some projects reward thousands of coins per month.
Many projects reward thousands of coins per month because they have a infinite supply, or a very large supply (billions of coins). In the crypto world a 300 million coin supply is relatively low.
If a coin with an infinite supply brings you 1 Billion units of potential utility, and there are 1 billion coins in circulation. Then each coin is equal to 1 unit of utility. But, if the supply is infinite then that 1 unit of utility is reduced every time a new coin is put into circulation. This is why coins with infinite supply need burn mechanisms or “token sinks”. But even when they have them, in most cases the coin remains inflationary forever.
With a maximum potential circulation of 300,000 million tokens, that same number of 1 Billion units worth of potential utility is equal to 3.33 units of utility per token.
In short, the more tokens you have in circulation, the less units of utility per token you receive.
2. When will all coins be in circulation?
There are too many variables to answer this question definitively. But our goal is to balance the circulating supply with the potential market utility.
Let’s start with the Staking Rewards:
If every Frog was staked today then all of the initial staking rewards would be in circulation within approximately 35 months.
But, every frog won’t be staked right away. And since staking rewards are time based and we do not know when frogs will be staked in the future, it is impossible to know when all staking rewards will be in the market.
Next: The 100 Million Tokens allocated for Engagement rewards, LP rewards, and potential fundraising events.
50 Million of those are allocated to reward engagement, and scam busting efforts. We expect those coins to be released into circulation at a maximum of 10 million per year over the next 5 years. We are in the process of building the tools to measure these efforts and creating the budgets for disbursement.
49 Million will be allocated towards coin staking rewards at a future date. More information on this will be released at a later date.
The remaining 1 Million is broken up into two 500,000 increments. The first 500,000 coins are going to those OG’s who made it through the first 3 snapshots. The second 500,000 will be distributed to those who made it on the snapshot taken 5/13/2022 and remain holders through the next 2 snapshots. We will not tell you ahead of time when those snapshots will take place.
Finally: The Last 100 Million Tokens. The Contingency
These coins will only be used if and when the demand for $FRG is so much that 200,000 million in supply is not sufficient.
As you can see, it would be impossible to tell you when all coins will be in circulation.
Buy a frog. Stake your frog. Spread the Plague.