Charity Token Wallet Management
Hey everyone! Are you a surfer yet? If you found yourself here you are likely a holder of WAIV token, or someone that is trying to find out a little more about WAIV and how it works. As we know by the tokenomics of the project, there is a fee of 0.6% of each transaction that goes into a separate wallet. At the time of this medium post creation, there is over $10,000 in the charity wallet! What a lot of people don’t understand is how that money is used to help out the cause of providing natural disaster relief supplies. The charity wallet BSC Scan link can be found below:
https://bscscan.com/address/0x41257b4af526211d10ed753819ea6cf02e00a127
So….how do we use these tokens to benefit the cause and get natural disaster relief supplies? Well, we have to convert them to fiat, meaning USD. This may sound like it could really impact the price of the token, but the way that the system works it will not. We take the average token volume incoming to the charity wallet for a 9 day period, divide that by 9, and then randomly throughout the day we sell these off in small amounts. We DO NOT just empty the charity wallet. Let’s take a closer look.
First, we will be sending a 0.1% of the 0.6% cut (so 16.67% of the volume that goes into the charity wallet) into a separate wallet, excluded from reflection, that will be utilized as potential burned tokens. This will help regulate the supply of the tokens by managing a controlled burn, up to 10% of remaining supply per year. We will utilize burn depending on the needs of the token.
To make things easier, let’s use some arbitrary numbers for value. For this example, we will assign the value of 0.002 which is approximately the value of WAIV token right now. We know that the tokens entering the charity wallet are only a tiny fraction of the daily volume, 0.5% (remember we lost 0.1% up above). So let’s say that the token volume for the day is 10 million tokens. Out of those 10 million tokens, only 50 thousand tokens will enter the charity wallet. The total value of the volume for the day would be $20,000 USD, while the amount going into the charity wallet is $100. Now we have that information, what is the next step?
Let’s say that every day the token volume remained the same for 8 more days. The average daily volume over that period would be 10 million tokens, and 50,000 going into the charity wallet each day. Over the course of the next 24 hours, those 50,000 tokens would be sold using random intervals throughout the day in small amounts to reduce price impact. Selling 2,000 tokens 25, 30 or 40 times over the course of the day is not going to have large price impacts at one time, reducing any sharp price changes. We will then use that and convert it to fiat where we will work with our supplies distributors to begin the supply procurement and distribution process.
Now that we have explained how that works, we can explain the easy way! Didn’t think I would let you get off that easy do you? We can just monitor the incoming token volume to the charity wallet and use that with our 9 day average like we explained before. That is a little bit easier isn’t it?
One thing we were not expecting though was how successful the launch was going to be! We have everyone out there to thank for it! Thank you SO much! One interesting thing that this caused though, was a massive volume in the first few days of the token. Our concern was that with this much volume right at the start would cause a very large impact on the price on the first day that we begin to sell the charity tokens.
To help offset this sudden token pressure, we have made the decision to spread the volume of the first 7 days over the next 30 day period. This being said, we will begin reintroducing tokens into the economy on August 10th at 0:00 UTC, which is day 18. In coming days, another post will be made as to where and how to monitor what we will call the “WAIV Board” that will communicate daily volumes as to incoming token volume, as well as the selling volume for the day.
I hope that this helps explain the process on how we use the charity wallet tokens without excessive impact on the token economy. If by some crazy reason you have not yet joined our Telegram, join at https://t.me/WAIV_United, and follow our Twitter at https://twitter.com/waivunited. We will be having community events and involvement VERY often, so please get involved and help us impact those impacted by events that are outside their control. Thank you again, and watch out for those WAIVs surfers!
