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Sers, wen token?
Farmer Frank intends to release a $FRANK governance token in the near future. At launch, our main goal is to accumulate JOE and optimize Trader Joe's farms. Whoever helps us by providing liquidity (JOE) will be compensated with bonds which perpetually issue token rewards and accrue in value. This is why we believe that at launch, having a governance token would not be advantageous.
The cornerstone of Frank's thesis is that we believe many project focus too much on their token rather than the actual idea behind the project itself. Having to focus on providing liquidity, distributing the token, incentivizing LPs, ... a project inevitably dedicates less resources towards their actual goal as a protocol.
This is why we decided to try and flip things around. By initially capturing liquidity with bonds, we basically avoid all hindrances which come with the release of a governance token. Bond holders will be rewarded by receiving tokens earned by Farmer Frank. In addition to the rewards, bonds appreciate through time, as the protocol's reinvested revenue accrues. This total dedication towards
veJOE accumulation will hopefully enable Frank to capture veJOE dominance fast and efficiently. Once we reach a solid amount of assets within our treasury, the $FRANK governance token will be released. This ensures that we'll have enough liquidity to sustain the token, making it a sustainable asset.
Last modified 10mo ago