No worries Blizzy, those aren’t taken as such, they’re fair questions!
We launched FRKT back in October 2021, back when we had very different tokenomics for our first fractionalisation product (under FRAKT). Later on, we pivoted to our lending product, together with a new branding (Banx) and new tokenomics but we didn’t want our early supporters to be left behind so we made sure they could migrate to $BANX with 0 dilution.
We never diluted any of our early supporters through our history, which is quite unique in this industry!
If it’s already great, and they have a token in use, why launch a new token?
The whole ‘idea’ around the LFG platform is for ‘new projects’ and ‘fair launch’. Having an existing token that can be manipulated for their claim is already skirting around the idea of the LFG platform, so I don’t think this token is a good fit for an LFG Launch.
Our pre-IDO token $FRKT was distributed 2 years ago to Frakt holders and users for free, way before we decided to pivot/rebrand from Frakt to Banx and launch the Banx protocol
$FRKT was distributed with no benefit to the core team (team hasn’t sold any therefore raised $0 with it).
Since then it was intentionally kept illiquid (very low liquidity in liquidity pools) so that, when ready, we could migrate it to our new protocol-related IDO token ($BANX)
We made sure to keep $FRKT holders onboard by allocating them a proportional amount of $BANX, as we never let our (early) supporters down
In some (but not all) aspects the relationship between $FRKT (pre-IDO token) and $BANX (IDO token) is similar to $MER token from Jupiter team (launched in 2021) and $JUP & $MET tokens. And also similar to other pre-existing tokens from other teams in the LFG candidates list.
I have nothing but love for Banx! This project got me using the Solana chain instead of just holding the token. Super easy to use and generates lots of value. Very active and great team and community. LETS BANX!
I have followed this project (and owned both Frakt and Gnomies) since the Fall of 2021. In my experience, this team’s expertise and professionalism are exemplary in this space. They are a trustworthy and proven entity who have provided innovative ideas and ground-breaking products to the ecosystem and successfully navigated the market during one of the most challenging times. This team is flexible and responsive. They plan, evaluate, execute, consolidate, and deliver value with deftness and capability. Their experience and expertise has contributed much to the Solana ecosystem already. For Solana to continue to grow and provide new opportunities to the global community, we need to support knowledgeable and visionary leaders like the Banx team. Their approach to responsible tokenomics, NFT liquidity, and infrastructure development should be amplified and elevated - they are an excellent candidate for the LFG program! LFG!!
I remember when fractionalized NFTs were first tested on frakt using $JRDN. It was an interesting technology that wasn’t pursued then, people would rather buy fractions on better known collections.
Happy to see what frakt has developed into, love the tokenomics too.
I like how people are amazed by the writting and professionalizm in this proposal.
But in fact if you are OG and know Frakt team, you are not expecting anything less than top of the game!
I like the fact the circular nature of the business model. How you are doing another take on nft liquidity.
I don’t know if I totally agree with the “fundamentally change - web3”. I don’t know if any of the projects I’ve read ab so far will actually fundamentally change anything. (And that’s probably ok!).
Really solid project and a different outlook of how to use NFTs within the DeFi space. Liquid Staking method is something that stood out to me love that incorporation. Nice to see you apart of the Drip collections as well.
