The Evolution of Direwolf Token: Part I
✅ Direplay Token, New Token, and Winterfell Innovations BV
✅ Operational Changes Moving Forward
This Direwolf token (“Direwolf”) article (“article”) is for informational purposes only and is subject to change without prior notice. The article is intended to provide the reader with the necessary information to use their own judgement when purchasing Direwolf token (“token”) and using the Direwolf ecosystem (“ecosystem”). This article does not represent a commitment to you, the reader, of any current or future plans, functionality, or designs of the direwolf token. This article is not a solicitation to purchase Direwolf tokens. The reader should understand that purchasing the Direwolf token involves significant risk. The token designs, initiatives, plans, and goals may not succeed causing the token to become worthless. Do not purchase the Direwolf token without consulting a professional financial, tax, and legal advisor. Do not purchase Direwolf token with money you cannot afford to lose. This document is not a representation, warranty or guarantee that the utility of Direwolf token will meet your needs or expectations.
Any person or entity who purchases tokens is inherently assuming the risk of its loss of value from the time the purchase takes place. It should be understood before purchasing the token that the tokens’ present functionality could be all they are ever capable of doing. Anyone who purchases the Direwolf token agrees that they have no resource and they will not assert any claim, action, judgement or redress against Direwolf, its partners, sponsors, its successors and/or assigns as their interests may appear if the token loses value, the Direwolf token or ecosystem ceases to function, or if any of its projects, partnerships, and ecosystem do not ultimately meet expectations.
In light of these disclaimers or legal notices contained here within, or if there is a concern about the loss of any money you use to purchase Direwolf tokens, we strongly recommend that you not purchase any Direwolf tokens. We cannot provide you any advice regarding purchasing Direwolf tokens. Furthermore, you are strongly advised to seek legal advice in respect to the laws of your jurisdiction before interacting with or purchasing of Direwolf tokens.
Direwolf tokens are not shares or securities of any type. Ownership of direwolf tokens does not imply any kind of ownership or other interest in Winterfell Innovations BV, Catalyst Capital Holdings ™ , Untamed Isles, or Phat Loot game studios.
The purpose of the Direwolf token is to facilitate the use of future planned products and platforms. Direwolf makes no promise that the token will increase in value and the value is limited to its designated use within the future Direwolf ecosystem, suite of products, or platforms.
This article is meant to cover the first of a series of important announcements for September 28th, 29th, and 30th. With a fully revised whitepaper being released on Friday, October 1st.
The past couple of months have been a very busy time for the team and some pivotal decisions were made by the core team over the past few weeks that will heavily impact the project moving forward.
As everyone was aware there has been a great deal of problems caused by the Direwolf Token’s tokenomics. It was designed as a meme token, but has since shifted into a utility token. The poor tokenomics have not only been unpopular with the community and holders, but was also crippling the team’s ability to do just about well…everything. After exhausting every potential solution the team feels that drastic measures are needed to consolidate this project and allow us to be more efficient by removing the project’s largest handicap once and for all.
The provisional plan is to replace Direwolf Token (DWT) with another token with the same name which will have different tokenomics but will still be traded on the Ethereum(ETH) blockchain.
A re-launch involves taking the current holders of a token and using those holders to populate the immediate holder base of a new token of the same name, or similar name. In the case of Direwolf Token, our new token shares the same name, values, and core team members of the old token.
We did not take this decision lightly. It became abundantly clear within weeks of launching the original Direwolf Token that our intrinsically meme-like tokenomics were going to be a barrier to our long-term success and viability. At the time of the token’s launch, the meme market along with the cryptocurrency market began a correction phase that significantly impacted the early momentum gained by the project. Since then we have seen a decrease in popularity among meme token projects, especially among seasoned cryptocurrency enthusiasts.
While we are at it we are going to provide the liquidity for the new token on Uniswap v3 instead of v2 where the old token resides. It is beyond the scope of this article to fully discuss the benefits of being on v3 compared to v2, but it is primarily a future proofing move to keep us up to date. There is a minimal amount of savings that will be realized with the switch in terms of gas and fees. The primary benefits will come from the unlocked liquidity that is discussed below. By enabling the ability for people to provide liquidity to our token we make the project more attractive overall and can at a later time provide additional benefits to liquidity providers and couple them with the future release of Direswap.
Why did Direwolf Token need this token relaunch?
Direwolf Token as a project has long-term goals. The main component of these long-term goals and objectives is centered on establishing and maintaining utility for the token. Utility can take many forms in terms of a cryptocurrency, but generally speaking it has to have some form of use case. When taking a serious look at use cases for a token that has such a massive circulating supply like our initial token had, or the deflationary mechanics of it, many of the proposed use cases faced tremendous obstacles in being implemented.
When a relaunch is performed, it can be done in a way that is fair and adds demand to holders of the original token. Direwolf Token would not conduct this relaunch if we could have it any other way, but keeping the community’s greater interests in mind, the change had to be made. This change will make our token more attractive to seasoned, mainstream cryptocurrency holders by establishing a clear path to a wide array of utilities.
You may be asking yourself, what do I need to do to prepare for this?
Essentially, you do not need to do anything. If you are a holder of Direwolf Token on the day and time the snapshot is taken, you will automatically receive the requisite number of tokens relative to the new circulating supply. The value of your Direwolf Token at the time you receive them will be the same percentage control of the total circulating supply of your old tokens at the time the snapshot was taken.
PLEASE KEEP IN MIND THAT WE ARE NOT DISCLOSING THE TIME FOR ANY OF THE FOLLOWING PUBLICLY:
- DATE OF SNAPSHOT
- TIME OF NEW TOKEN AIRDROP
- LIQUIDITY POOL FOR NEW TOKEN
We only felt it was fair to warn the community that it was coming for them to make their own decisions, instead of just doing it secretly. Other projects have opted to do something similar without warning, but we felt that was not transparent for our holders.
What has not changed is a lot of what makes Direwolf Token great, the reason why our community of loyal and supportive members have stuck around. Our vision and ethos, the team who supports and innovates on behalf of token holders has not changed. The Token name remains the same and we will continue to be wolves well into the future. Fundamentally, the only real change is the token mechanics.
The new Direwolf Token is a fixed supply ERC20 token that runs on the Ethereum Blockchain. Its token address WILL BE ANNOUNCED IN THE NEAR FUTURE. Direwolf Token was previously launched with 1 Quintillion tokens, it is being relaunched as a new token with a smaller supply being airdropped to the current holders. Prior to relaunch, 10 Billion (10,000,000,000) Direwolf Tokens under a new contract will be minted. A snapshot of the holders of the old token will be taken on an UNDISCLOSED DATE IN THE NEXT 30 DAYS. The following burn addresses were excluded from all calculations to avoid diluting holders:
0x000000000000000000000000000000000000dead (dead/burn address)
0xc77aab3c6d7dab46248f3cc3033c856171878bd5 (lock address)
These burn addresses account for roughly 96.5% of the initial total supply of 1
Quintillion of the old Direwolf Token. Meaning that at the time of the calculation, only approximately 34.5 Quadrillion is circulating.
The only other group which will be excluded from the drop are wallets containing below 1 Billion Direwolf as the team deems those to be dead wallets only containing dust.
Groups that will receive the AirDrop of Direwolf directly into their wallets a proportional number of tokens, excluding the two burn addresses mentioned previously, were sent to holders of the original Direwolf token.
This includes the following groups:
Uniswap Liquidity (0xd57717362ea0be73e516e5c1b12849db01b9243f)
(Note: Tokens will not be airdropped to the current Uniswap Liquidity pool since it is locked, instead a new pool will be created and the proportional amount will be sent to that new pool)
Marketing Wallet (0x3afe74e73f14d096884a983ca97f0ec3838c635d)
(Linked to the ENS name: marketing.Direwolf.eth)
All other holders listed on Etherscan
There are some major tokenomic differences which should be noted with the relaunch of the token:
No Transaction Fee
Previously there was a 2% fee on all Direwolf Token transactions.
1.965%(Roughly) of that 2% transaction fee was being sent to the two burn addresses mentioned above causing deflationary mechanics by removing those tokens out of the circulating supply.
THIS NO LONGER EXISTS
The remaining 0.035% of that 2% transaction fee was being redistributed and split amongst the holders proportionately to how many tokens they held.
THIS NO LONGER EXISTS
No longer a deflationary supply.
The token is no longer elastic as a result of the removal of the redistribution, this function no longer exists in the smart contract.
More practical supply
The enormous reduction in zero’s makes it practical to use the currency without continually counting an obnoxiously large number of zeros to make sure you are sending the correct amount. This will enable a more frictionless experience as Direwolf Token branches out into other areas where the token will be required as a means of transacting with the decentralized applications and services our project builds out.
No more burn addresses
The roughly 96.5% burned tokens that lived in the two (2) burn addresses caused enormous confusion about the correct market cap of the project for new holders. This will consistently allow the correct market cap to be reflected everywhere so new holders do not feel like they are too late to buy into the token.
Lower Gas Fees
As the New Direwolf Token contract will be far simpler with no 2% transaction fees or redistributions, less gas will be used in transactions resulting in lower gas fees compared to the old Token.
Ownership WILL NOT be immediately renounced & Liquidity WILL NOT be immediately locked
In the short term, a multi-signatory protection will be added to replace the locked liquidity and renounced ownership, so that 3 of 5 team members will need to sign transactions that are related to ownership and liquidity related changes. The new and improved voting system is being implemented where votes will be proportional to your token holdings and verifying token ownership will be mandatory to participate in votes.
There will be an announcement Friday, October 1st that will further explain why the ownership is not being renounced and the liquidity is not being immediately locked. This relates to something the community has been asking about for a few months.
ALL TOKENS MUST BE REMOVED FROM GOLD FARM TO BE ELIGIBLE FOR THE NEW TOKEN AIRDROP. WE RECOMMEND MOVING YOUR FUNDS OUT OF GOLD FARM AS SOON AS POSSIBLE TO AVOID LOSING YOUR FUNDS.
As a result of not only the new token but other initiatives which are being announced this week, Direplay Token will no longer be created.
You will not be able to stake your Direwolf for the new Direplay token. The team has strategically been able to incorporate all the reasons for the Direplay Token to exist into the new Direwolf token.
After the tokenomics were fixed the last purpose for Direplay token was to solve the problem of recycling tokens. Direwolf tokens could not be used in place of Direplay tokens because we just did not have enough Direwolf tokens on hand to use strategically for future negotiations with other game developers to use it for in game mechanics.
The team now feels it has created a robust long term vision that will allow for Direwolf tokens to be collected through initiatives being announced this week so that a 2nd token would not be required. Instead, all of the benefits Direplay tokens would receive from the marketplace partnerships would now go directly to the new Direwolf token.
Additionally, the initiatives will not only collect Direwolf tokens, but collect funds in ETH for a treasury that can be used to fund/incubate other initiatives to add demand/utility for Direwolf thereby continually growing the number of Direwolf tokens being collected for recycling.
Does this mean staking is not happening now?
Our plans to launch a staking platform have been put on hold indefinitely as of now. This is a result of no longer minting Direplay Token, and therefore not having an immediate reward for staking. As our treasury builds up and we have the opportunity to vote on buy-backs of Direwolf token, we can use that to reward future staking.
Winterfell Innovations BV
Out of an abundance of caution we are restructuring the relationship between Direwolf Token and the marketplace. Moving forward a company known as Winterfell Innovations BV will be the “owner” of the Direplay marketplace. All contracts, MOU’s, and formal partnerships between Untamed Isles will be with this legal entity. The name of the gaming NFT marketplace will remain as Direplay Marketplace and will serve as, in part, a basis for the MOU between Direwolf Token and Winterfell Innovations BV.
Holding Direwolf Token will in no way imply any of the following:
-Ownership Winterfell Innovations BV
-Voting Power or decision making power over Winterfell Innovations BV
-Control in any aspect of Winterfell Innovations BV
Winterfell Innovations BV will formally partner with Direwolf Token on a number of initiatives, including but not limited to the Direplay marketplace.
There will be a memorandum of understanding (MOU) used temporarily to begin formalizing an official agreement between Direwolf Token and Winterfell Innovations BV for its partnership, including any consideration being paid by either party, including but not limited to payment or revenue sharing.
Over the coming months, we hope to be able to provide a more detailed breakdown of the relationship and specifics on what each side will provide in any arrangements.
It should be noted that the team has spent less than 5% or roughly .5 ETH of the total marketing budget because of the anticipated changes with the token relaunch. We felt it was prudent to save those funds and use them after the relaunch was completed instead of taking on a large number of new holders by spending a lot of money on marketing.
Many community members had pointed out that the marketing had almost stopped or become stagnant over the past few weeks and this was primarily in an effort to conserve funds for a push after the relaunch of the token.
There has recently been confusion about the core team of Direwolf. Since the launch of this token the core team has changed over time. Anyone who is not included on the list below should be considered either a “consultant” or a “community member”. A consultant is someone who is not involved in daily, weekly, or monthly operations. Instead they contribute in the background with varying levels of participation. We are working on taking a headcount of these “consultants” to more clearly define their participation in the project moving forward:
Mo- Founder & Developer
Matthew- Organizational & Operations
Ashish- Strategy & Innovation
Operational Changes Moving Forward
As we relaunch Direwolf token there will be many changes implemented that take us away from our meme coin roots. Our announced and unannounced partnerships require a great deal of care with what can and cannot be publicly disclosed. As a result we will take great care when answering questions and in many situations not all detailed information will be available for us to disclose to the community. This will slowly become apparent as our tone as well as delivery changes to a more polished businesslike interaction with the community. One of the first major initiatives that we will begin implementing in the weeks following the new token launch will be a shift away from Telegram to Discord. We will not just suddenly shut down Telegram instead there will be a slow phased migration of our users to Discord. It should be noted that at some point Telegram will likely mirror announcements and simply point people to our Discord. This will happen after we feel that the community has had sufficient time to familiarize themselves with Discord.
Coordinating activities like trending on Dextools, registering for websites like coinmooner or similar will stop moving forward. There will still be marketing, seeking strategically important partnerships, and other forms of raising awareness about our project, but the community will notice a difference between how things were previously done.
As a result of the token relaunch we have already started delisting Direwolf from many websites like coinmooner to avoid confusion when the new token goes live.
In the near future we will remove the contract address and other information on Coin Market Cap(CMC) & Coin Gecko(CG) to avoid similar confusion. After information about Direwolf token is removed, it will be updated to include the new tokenomics and token address. This essentially means that we may be missing from both of those websites for a couple weeks during the transition. Our intention is to do our best to prevent people from buying the old token after we migrate to the new token. Since CMC and CG can take a week or two to update, we felt it was better to be overly cautious and begin removing ourselves sooner rather than later.
Official Direwolf Links:
🌎 Website: https://www.direwolftoken.com/
🔊 Discord: https://discord.gg/x9SMH4J8Qk
🗣 Telegram: https://t.me/direwolftoken
🐦 Twitter: https://twitter.com/direwolftoken