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.
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