Introducing Dwarf : Join the Dwarf Union and try becoming a miner

Jupiter DAO LFG Introductions
1

How did you get to today, and what do you want to do next?

FoxPool initiated the project to integrate the mining pool industry with Web3. It is true that the mining industry and the Web3 industry have developed separately until now, and participants in each industry are not well-acquainted with each other. We will bring them together.

Describe your project in 5 sentences.

Our main business activity currently involves providing mining pool services for BTC, BCH, LTC, DOGE, KAS, ETC, and ETHW to miners worldwide. What sets us apart from existing mining pools is our exclusive quad mining technology, which other mining pools have not attempted before. In simple terms, BTC miners on FoxPool can mine three or more other coins simultaneously without affecting their BTC hash rate, maximizing profitability. This means that miners can build a more robust blockchain network.

Also we aim for ecosystem expansion and prosperity by sharing 70% of mining pool profits with the community. Our platform coin, Fox2 stakers, receive 50% of the profits, while Dwarf Coin stakers receive 20%. Stakers will also benefit from all future PoW coins supported by FoxPool, including BTC, BCH, LTC, DOGE, KAS, ETC, and ETHW. In other words, FoxPool miners can significantly increase their profitability and contribute to network stability, while even those without mining equipment can indirectly become miners on the platform.

Tell us about your team

We are FoxPool team from Canada and Korea, which previously operated FlexPool, the world’s 4th largest PoW Ethereum mining pool. When Ethereum transitioned to PoS, we had to shut down FlexPool. However, we have now developed and launched a comprehensive mining pool that combines a governance coin with a traditional mining pool for the first time in history. The service began on March 15, 2024.

  • Team member
    We are a project team composed of members from Canada and Korea.

  • Social Handles & Discord handles
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  • Background information in the ecosystem - previous projects or web3 experience

During our operation as FlexPool, an Ethereum PoW mining pool, we provided liquidity to the market along with over 6,000 Ethereum miners worldwide, earning much trust and love from the mining community. You can check our community’s reputation and blockchain records on Arkham Intelligence through the reference link below.

Through solidarity between the Jupiter and FoxPool communities, we aim to merge the mining industry with Web3 and popularize it. Anyone holding our platform coin can participate in mining, generating significant added value in the process.

** Jupiter Ecosystem and you**

  • Main pitch on how the product collaborates with the Jupiter & Solana ecosystem

During our operation of the Ethereum PoW mining pool, FoxPool provided liquidity to the market along with over 6,000 Ethereum miners worldwide. You can verify our blockchain records on Arcane Intelligence through the reference link below.

Through solidarity between the Jupiter and FoxPool communities, we aim to merge the mining industry with Web3 and popularize it. Anyone holding our platform coin can participate in mining, generating significant added value in the process.

  • Describe partners, supporters, or collaborative efforts

FoxPool always appreciates the efforts of all participants and the community, and in return, shares all profits with them.

  • Potential synergies between you and Jupiter users, DAO, holders, etc.

Based on our mining pool platform, we can bring significant liquidity and profitability to the Jupiter ecosystem and community, enabling infinite expansion of the ecosystem.

** Vision Category:**

  • If your project were to succeed, how would it fundamentally change the web3 space?

By applying blockchain technology and smart contracts to the mining industry, we will establish transparency and efficiency, enabling general participants without mining rigs to actively participate in the mining industry. This will help popularize the fundamental mining industry of Web3.

  • What would you say is your biggest challenges or obstacles as a project?

We have significant experience in the mining industry, making us experts in this field. However, we may lack proficiency in integrating numerous general participants into the mining industry. Therefore, we want to collaborate with Jupiter, the most powerful and active community in Solana.

  • What advice would you give to another team launching a token in web3?

Launching a token in Web3 is easy, but building a community is very challenging. This is because trust and bonds with them are not built overnight. Therefore, in the Web3 business, the community is more important than anything else. Do your best to win their hearts.

  • What is something most tokens get wrong, and what steps are you taking to ensure that you won’t experience these pitfalls?

Most tokens rely on marketing and operate using a pump-and-dump model. Because they lack their own revenue base, they run their business by selling tokens or seeking investments. In contrast, FoxPool has a stable revenue base by earning fees from miners through its mining pool services, which it shares with the community. This allows us to maintain and steadily grow the token’s value. In other words, symbiosis with the community is the most important aspect.

Token Economy

Fox2
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For example, if FoxPool’s mining pool fee generates 1 BTC, 0.3 BTC is used for FoxPool’s operational expenses, 0.5 BTC is distributed to Fox2 token stakers, and 0.2 BTC is distributed to Dwarf Coin stakers.

We are developing the CANDY NFT marketplace, and Dwarf Coin holds the exclusive rights to mint Dwarf NFTs. Additionally, Dwarf NFTs share in the profits of the CANDY NFT marketplace.

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Good project
Let’go to the moon.

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amazing project, l like it,
With the huge support of the Jupiverse community you will succeed sooner

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Dear friend, now Dual Mining Bitcoin /Fox2 is exist?

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To what extent do you expect Fox Pool to grow in a year? Please tell me based on the world’s mining pool rankings.

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Interesting project. I think more information on what jupiter receives and if/how mining revenue is passed through to jup holders would help. If jupiter holders get fox2 tokens, @buddlestraws should weigh in on tokenomics. This proposal seems more related to expected revenue than the other proposals so the value proposition for jupiter should be fairly predictable (even if it needs to be denominated in the tokens being mined). This should be a straightforward proposition : how much do you expect to make, how much does jupiter receive, how is this distributed.

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FoxPool offers dual mining to miners. Traditional mining pools typically allow mining of only a single coin per pool. Through FoxPool’s dual mining feature, miners can enhance their profitability. Based on this capability, FoxPool aims to build an impressive ecosystem moving forward.

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Our team was ranked 4th in the world when we operated an Ethereum mining pool. However, we had to shut down our operations due to Eth’s transition to PoS merging. FoxPool is a comprehensive mining pool service. Currently, we offer mining pools for a total of 7 different coins such as BTC, DOGE, LTC, BCH, ETC, ETHW, KAS and we plan to add more in the future.

To get to the point, excluding other coin mining pools, the current Bitcoin mining pool industry is dominated by the top 5 pools, which control approximately 81% of the market. Our goal is to become the 5th largest Bitcoin mining pool within one year. If we include other mining pools, our goal is to become the 3rd largest overall. Additionally, it is ironic that Bitcoin, a symbol of decentralization, has had its mining pools monopolized for a long time. Therefore, we aim to break the monopoly in the mining pool industry.

Achieving this goal will result in significant profits, and our plan is to share these profits with the community.

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I provide additional explanation to your question.

Currently, Fox2 tokens are mined in proportion to the hashrate contributed by miners using FoxPool, and they are obtainable only through CEXs.

Furthermore, FoxPool plans to distribute Dwarf tokens to the Jupiter community. While the exact distribution ratio is yet to be determined, it is clear that Dwarf token holders will receive 20% of FoxPool’s income.

Moreover, Dwarf tokens will be allocated 100% to the community without any pre-sale or allocation to VCs. This underscores that Dwarf is a sub-project of FoxPool designed and planned exclusively for the community’s benefit.

Additionally, as more utility for Dwarf tokens is confirmed, FoxPool will inform the community. The strong utility of Dwarf tokens extends beyond what has been discussed so far.

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This is a crucial question. In fact, I have been waiting for this question since our proposal was posted.

Although we are a comprehensive mining pool, I will use the Bitcoin mining industry, which is representative of the cryptocurrency market, as an example to explain.

The following data is quoted from Fox Pool’s pitch deck and is based on market research. Please see the chart below for the block rewards of Bitcoin according to each halving event.

halving
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  • The total number of Bitcoins that can be mined until the next halving is 656,250 BTC. Each mining pool is in an intense competition to mine these 656,250 Bitcoins. Additionally, mining pools charge miners a fee of approximately 1-3% as compensation for using their mining pools.

hash rank
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  • As you can see from the chart above, the top 5 mining pools dominate 81% of the hashrate.

mining
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  • Based on the current hashrate, here are the estimated BTC mining volumes for the top 10 pools and the remaining pools

fee
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  • The chart represents the estimated earnings for the top 10 mining pools based on the assumptions of mining 656,250 Bitcoins until the next halving, a 3% mining pool fee, and an average Bitcoin price of $70,000.

ordi
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  • The chart above illustrates the size of the Ordinals market that emerged in 2023 due to Bitcoin’s Taproot hard fork. Bitcoin miners’ earnings primarily come from three sources: block rewards, transaction verification fees, and fees from Audienz market activities.

Here is the summary of what I understand from your points:

  1. Since the emergence of Bitcoin, the mining pool industry has maintained a monopolistic structure.
  2. Mining pools and miners are primarily focused on increasing profitability through reduced energy costs, without significant emphasis on technological advancement or innovation.
  3. Compared to Web3 technologies, the mining pool industry lacks transparency and innovation.

FoxPool will lead the advancement and innovation of the mining pool industry. Additionally, FoxPool aims to integrate the mining industry with Web3 and open up the mining industry to blockchain users. Here’s how we plan to achieve this:

  1. FoxPool’s governance coin, Fox2, functions like mining rigs. Bitcoin miners mine both BTC and Fox2, providing liquidity to the market.
  2. Holders of Fox2 can stake their tokens to receive 50% of Fox Pool’s fee income. Rewards can be in physical PoW coins such as BTC, BCH, KAS, DOGE, LTC, ETHW, ETC, and also in Fox Pool’s sub-project token, Dwarf.
  3. Holders of Dwarf tokens can stake them to receive 20% of Fox Pool’s fee income, with rewards in the aforementioned PoW coins.
  4. Fox Pool also plans to launch a Launchpad. Participants in the Fox Pool ecosystem will receive rewards proportional to their stake.

Finally, Fox Pool needs the interest and support of the community to grow. By achieving our goal of becoming one of the top 3 comprehensive mining pools as planned, we can generate significant wealth for the community as well. If you have any questions, feel free to ask anytime.

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This is… wonderful… so thoughtful, @FoxPool_HyperMental

I feel like someone needs to ask since this is the jupiverse… is there a way to add a solana validator to this? I could imagine there are a lot of synergies considering jupiter’s community.

It seems like youve already done a lot of the projections, so i think people would be interested to see your projected returns. This project is the only one ive seen on lfg that can actually model a return. …Really impressive…

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Just a thought… would governance tokens allow people to vote on which tokens to mine (limited maybe to one “voted” token and from a pre-selected group, of course)

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Yes, you’re exactly right. Our project makes money from the mining industry, so it’s different from projects that pay rewards to the community through inflation. If our project grows to rank 3-5 as planned, our community will become wealthy.

I have communicated with many people in the crypto space so far, but miners, especially those in the mining industry, don’t know much about Web3. On the other hand, participants in the Web3 ecosystem don’t know much about the mining industry.

Mining is the most essential and fundamental part of crypto. Our goal is to integrate the mining industry with the Web3 ecosystem and make the mining industry accessible to everyone. This will create tremendous synergy.

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@buddlestraws this proposal deserves a critical eye. Its pretty novel in the current landscape of pump and dumpy projects throughout defi. It’s a really different kind of proposal and would add a lot of diversity to jupiter. Would love to hear your thoughts.

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Who is @buddlestraws?

BTW, You seem to be increasingly interested in our project. Please post more questions and discussion topics, as I have a lot to say. We are a maverick in the mining industry. In fact, we have been continuously receiving DDOS and cyber attacks from competitors for over two months. Why? Because we are trying to break the monopoly and do what no one else has attempted. They also need innovation and competition.

As you mentioned, the existing ecosystem has rewarded participants by issuing more coins or additional coins. As a result, when the bull market ends, we always see a drop of 90-95%.

Our project token has a limited issuance and supply, and we reward participants with the mining pool’s income in BTC, ETC, BCH, DOGE, LTC, ETHW, KAS, etc. We are also planning a Fox Launch Pool. Isn’t that awesome?

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How do the 2 tokens get their value? is it a buyback system with the BTC profits. Where is the liquidity for this? What is the added value for the NFT collection

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1. How do the 2 tokens get their value?

Fox2 and Dwarf are token-based miners. By owning these, you can obtain BTC, ETC, BCH, KAS, DOGE, LTC, ETHW, and more. The value of Fox2 and Dwarf depends on how many miners and how much hashrate Foxpool can gather. Our team previously operated the 4th largest Ethereum mining pool in the world. We have unparalleled technology and business experience in the mining industry. Imagine if you held just a 0.1% stake and coins worth $1,000,000 were distributed monthly, you would receive about $1,000. Keep in mind, we did not start this business to make only $1,000,000 per month.

2. Is it a buyback system with the BTC profits?

According to our initial tokenomics, we planned to burn 30% of the revenue in tokens. Thus, with the revenue from Foxpool, we have burned about 4.2 million tokens out of the approximately 380 million in circulation so far. This was just a test. Regarding the choice between burning or distributing more, we concluded that distributing more is better.

3. Where is the liquidity for this?

Our project started on the MAP Protocol. However, low liquidity and an inactive community posed significant obstacles to expanding the ecosystem and business. Therefore, we developed our own bridge solution and are preparing to migrate to Solana, which will be executed soon.

Additionally, Fox2’s DEX liquidity has been removed, and it is currently being traded on the LBank exchange. After migrating to Solana, we will aim for a listing on major exchanges.

4. What is the added value for the NFT collection?

Once Foxpool’s business is established, we will immediately resume the development of the NFT marketplace and subsequent projects. Since the official launch of Foxpool, we have been facing DDoS and cyber attacks from competing pools, and all team members are working to counter these threats.

Our NFT collection will be designed for revenue sharing, symbolizing mutual prosperity with the community. We will share more details once the roadmap and whitepaper are completed.

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