How To Get $SWORLD By Burning $SNFTS
How To Get $SWORLD By Burning $SNFTS
Detailed instructions on the burn mechanism & early bonus.
Hey everyone!
Welcome to the first chapter in our series, ‘How To Obtain $SWORLD.’
Seedworld’s inception was made possible through the successes achieved by Seedify as the leading Web3 gaming incubator. As such, part of the $SWORLD supply is allocated to early Seedworld supporters.
We have allocated 18% of the total $SWORLD supply to $SNFTS holders, a token airdropped to $SFUND holders in late 2022. These holders can now burn their $SNFTS tokens and become early holders of the $SWORLD token.
In this update, we will dive into what the $SNFTS burn means and when you will receive the first $SWORLD tokens.
$SWORLD Token
Our new token, $SWORLD, will have a total supply of 20,000,000,000, equal to the total supply of $SNFTS.
This means that you can burn at a 1:1 exchange rate, receiving one $SWORLD for every single $SNFTS token burned.
To ensure widely appreciated tokenomics, the $SWORLD allocation for $SNFTS burns is subject to a vesting period.
At TGE, 25% of the $SWORLD obtained through burning is unlocked and available for claim. After a one-month cliff, the remaining tokens will be released following a real-time linear vesting schedule over four (4) months.
Bonus Burn Pool
In addition to the regular burn pool (1:1 exchange), a bonus burn pool has been allocated to those who burn their $SNFTS during the first 14 days after the burn dashboard launch.
The allocation size is 1% of the total $SWORLD supply without a vesting schedule after TGE. This means that 100% is released to the early burners at TGE.
The amount of $SWORLD earned through the bonus burn pool depends on the total amount of $SNFTS burned during this period.
Assume as an example (hypothetically) that the total amount of $SNFTS burned during the bonus burn period by everyone is 1,000,000,000 $SNFTS tokens, and you burned 1,000,000 $SNFTS. In this case, you will receive 0.1% (1,000,000 / 1,000,000,000) of the total $SWORLD bonus pool of 200,000 $SWORLD (0.1% x 200,000,000) tokens.
Again this is the early burn pool, which is extra free tokens, on top of the 1:1 that you will be getting by burning SNFTS.
Burn Dashboard
The $SNFTS burn happens through our dedicated ‘Burn Dashboard.’ Here, you can see the $SNFTS tokens you hold and the maximum amount you can burn.
The burn process is straightforward: provide the number of $SNFTS you wish to burn and click ‘Burn.’ This will initiate an on-chain transaction. Confirm the transaction and the $SNFTS will be sent to a burn (dead) wallet address immediately, removing the tokens from the total (and circulating) supply.
After you burn your $SNFTS tokens, you will see the following changes:
The percentage of your allocation;
Your claimable $SWORLD;
Your total $SNFTS burnt;
Total burnt $SNFTS.
Your claimable regular $SWORLD is the part you received through the 1:1 burn ratio. As explained here, these $SWORLD tokens are subject to a vesting schedule with a 25% release on TGE.
The percentage of your allocation in the top left of the burn dashboard displays your share in the bonus burn pool, which is expressed as a percentage in relation to all burners. This percentage is used to calculate your bonus $SWORLD pool share. The total $SWORLD bonus pool share for all burners is 200,000,000 $SWORLD.
So if you are early burning (in the first 2 weeks) you will get both the regular $SWORLD at 1:1 (with a 25% TGE) plus the early burn free bonus (with a 100% TGE).
After confirming the $SNFTS burn through your wallet, the amount you burned updates and is visible through ‘your total $SNFTS burnt.’
The ‘total burnt $SNFTS’ represents all the tokens burnt by everyone during the regular and bonus burn period.
So be early!
$SWORLD TGE and Claim
On $SWORLD TGE day all $SNFTS burners can claim their bonus and regular burn pool allocation through our claim dashboard.
Continue reading our latest articles about our upcoming game launch, NFT staking, and more.
let's burn them all