Hopefully this thread leads to the development of a wrapped ubi token that burns a % of all transactions.
Moving as much ubi onto polygon as possible seems essential for utilities sake.
figuring out a long term strategy to incentivize that move, and subsidize/reduce gas cost for the average human is necessary.
making a burn token in parallel to UBI on polygon can create a opt in tipping culture that is very in line with UBIs goals IMO.
my questions/concerns…
is a burn mechanism the only necessary change for $WAGMI should some burned tokens instead go to subsidize gas for Humans who wish to get ubi onto polygon? any other features? (or “keep it simple stupid”?)
can humans stream ubi into a pool that reduces gas cost for the individual to transfer to L2?
what is the best use of UBI liquidity on polygon to help this process?
I see this token starting as a p2p network for those ubi holders that gas is not a concern, but growing through creative incentivization to the preferred place to park/spend UBI
$WAGMI would make the act of spending philanthropical, convincing people to spend may be easier than convincing them to donate. If an NFT where to be sold for $WAGMI it would be celebrated by humanity, not just a niche audience. An ecosystem in which spenders become philanthropists and gain reputation through their transactions, and in doing so become the evangelists of UBI/POH.
$WAGMI is financial fashion, reputation based on giving back. monetizing consumer behavior for the good of UBI is the goal. The outlier case to Sybil resistant technology, because who cares if the same person burns ubi on several accounts, the end result is the same and they can distribute that reputation however they want. That being said, verified humans who spend $WAGMI and burn ubi deserve special recognition IMO.
So ill get working on a simple wrapped token that burns 5% with every transaction, should be simple but I’m a noob so it may take me a sec. I promise to not post again until i’ve made actual progress lol.
But ya any input is welcome and I know the real challenge of something like this is the social element and onboarding.
But I do see this as being a useful marketing tool for ubi/poh. For example imagine if the only crypto punk for sale was asking for $wagmi, could bring attention to UBI which is the ultimate goal.
we could reward (nfts) to
-largest spenders over a time period
-accounts that spend a certain amount in the network
-collectors that successfully sell or accept offers in terms of $wagmi (while not directly burning still adding value)
I think this sounds great as far as enabling a wrapped $UBI that burns a percentage with each transaction, but also, I think it would be helpful to explain what WAGMI is instead of just using the term like everyone here knows what it means.
It’s a very popular expression on crypto twitter and forums, and it’s used to show optimism with the future because prices are going up, enough for all us to be happy with our gains.
I like it because it’s less individualistic than other expressions in the crypto world (HFSP - Have Fun Staying Poor comes to mind), it shows we enjoy seeing our friends and family making it.
Using it for $UBI puts a twist in its meaning and usage, and it makes it more about we all being able to prosper.
A derivative expression I like is “WAGMI machine”, since we talk a lot about creating mechanisms and incentives that output the desired goal. It makes it easy to understand what UBI is all about, and it’s also catchy.
For me, it’s critical that we make $UBI (and PoH) cool, hip, current, and I know that for a lot of people it isn’t. It has a baggage and it’s a concept that can generate very polarized opinions. Also talking about it as “charity/donation/handouts” elicit a very different attitude towards it than the “innovative tool of coordination, decentralized distribution of value, futuristic, automatic machine of making people not poor” that it is. (Not that there’s a problem with charity, of course)
Marketing is a big part of crypto, undeniably, and leveraging memes for $UBI should be a big part of that.
Hopefully we can create more around this concept, and also attract more people like Grimes to speak about it to their audience.
I wouldnt make it an HIP or tie it to the protocol.
Anyway, wrappers can be done without an HIP. After thatk, it’s just a matter of having a community that supports it and uses it
