Simply Explained: DeGods
Minted on October 8th 2021, DeGods is the first Solana Deflationary collection, comprising 10,000 degenerates, punks, and misfits. DeGods aims to provide different experiments with mechanisms that can give the holders long-term value. The recent increase in price, which comes with high demand, has been shown through the weeks. DeGods has set a high standard and a healthy presence within the Solana NFT space, which has drawn me to write a piece on it. Let’s explore why!
What is the famous Paperhand Bitch Tax (PHBT)?
The overall goal of DeGods was to create a project that would solve the issues of Paper Hands. In simple terms, Paper Hands NFT holders were selling too early, subsequently decreasing the value of many other projects. The DeGods team wanted to solve this issue by introducing the PHBT - where a 33.3% tax is applied to holders who list their DeGods on secondary markets at a value lower than the floor price.Periodically, the team would use the funds collected to sweep the floor and burn DeGods. The supply would reduce, therefore making the project deflationary.
Why was PHBT removed?
On January 1st 2022, DeGods announced that PHBT was removed, as the team realised that this experiment wasn't working as intended. They felt that this tax was holding them back and that they weren’t achieving the growth they had expected. The fee has since been changed to the standard 9.99% royalty fee.Out of this fee, 6.66% is allocated to the DeDAO, and the remaining 3.33% goes to the DeGod's core team. The DeDAO intends to put these funds towards development, including the funding of liquidity pools on decentralised exchanges, supporting the community and purchasing NFTs for raffles and auctions.
“But for DeGods, (33.3%) represents the willingness to fail & try again until it works. Over & over again until it works. And when it works, there isn't a single better fucking feeling in the world.” - Frank.
Who's behind the project?
Frank is the leading public figure behind this project; he and the DeGods team have been developing this project since March 2021. Frank's name has generated a lot of heavy movement and is now synonymous with the DeGods community.
How does the burn mechanism work?
Once swept from the floor, the DeGods are placed in the Burn Queue; from which they cannot be taken out. The smart contract organises the queue in such a way that the most common DeGod is burnt first, and only 1 DeGod can be burnt a day; making more common DeGods rarer.
If you want to burn your DeGod, you can send it to the burn wallet, and you’ll receive some DUST tokens in return. Currently, 535 DeGods have been burned. The formula to calculate the amount of $DUST each DeGod can claim through burning is as follows:
$DUST Quantity = 1000 + (# of Remaining DeGods - Rarity Ranking)
What is the $DUST Protocol?
After removing PHBT, the team wanted to try out another experiment, $DUST. Revealed on January 1st 2022, DUST is the fuel that powers the entire DeGods ecosystem. The maximum supply of 33,300,000 $DUST can be mined through staking. There will also be three halving periods, and each halving will reduce the $DUST staking rewards by 50% once it has hit the following targets:1. 16,650,000 $DUST tokens mined.
2. 24,975,000 $DUST tokens mined.
3. 29,137,500 $DUST tokens mined.
Staking went live on 31/01/22, and 50% of DeGods were staked within 24 hours. Every DeGod holder can stake their DeGod in return for 15 $DUST per day; this is the only way a DeGod can mine $DUST.The $DUST token has many uses cases. For example, there is a DUST store where the DeDAO hosts auctions and raffles for NFTs, whitelist spots and more. They also intend to acquire DeGods and list them for $DUST on the DUST store.
DUST Diagram explaining how the DeDAO rewards community members.
What is a DeadGod?
On January 26th 2021, DeadGods was announced and was officially mintable on March 31st.These are the first Gen 2 NFT collection with the original 153 attributes re-illustrated with the Dead art style in mind. It's new art, but it is not a new NFT, as it will carry the same metadata. In other words, the NFT will be able to hold two pieces of art, so you can change the art style from a DeadGod back to a DeGod and vice versa.
To upgrade your DeGod to a DeadGod, you must have 1000 $DUST.
A DeGod can mine 5 $DUST per day, whereas a DeadGod can mine 3x more ( i.e. 15 $DUST per day).
The team wanted to elevate DeGods projects and provide the holders with the best art, most utility, and a fantastic social avatar. They took a different approach to minting, as usually, you would see a separate collection being minted using Solana. But this project used DUST instead, making sure holders are the priority.If someone wants to sell their DeadGod, the buyer can get both versions. This would still make this collection deflationary.
Future of DeGods
DeGods has maintained a powerful community space within Solana. Frank and the team have shown that listening to their community and engaging with other successful Solana projects has benefited the overall goal. They understand where and how they can bring additional value to the community and effectively build up the brand.
Even though the project is now a success, the team is constantly expanding on new and innovative ideas that provide additional value to NFT holders. Here are a few examples:
- y00ts NFT - for users that hold a DeadGod are able to have WL (Whitelist) access to mint one.
- Development of DYOR app which makes it easy for DeGod Holders to track their NFT data. This is currently for beta and can only be accessed by DeGod holders as of right now.
- Building the DeGod brand through merchandise, viral stunts, IRL events and NFT conferences.
- Integration of DUST to be used on MagicEden (a secondary market on Solana).
- Helping holders learn more about useful Solana resources.
- They have also released a new Roadmap for 2022 which is quite ambiguous. The community is slowly uncovering the secrets within, as they are revealed through the drawing created below.
Are you interested in DeGods? Would you be willing to buy one? Let us know in the comments below!
Want to read more content similar to this? Click here to learn about CryptoPunks and how it created an NFT evolution.
Disclaimer: NOT FINANCIAL NOR INVESTMENT ADVICE. Only you are responsible for any capital-related decisions you make, and only you are accountable for the results.
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