Today brings good news for fans of Ethereum and warm, fashionable feet. Ethersocks are here!
What are Ethersocks?
Ethersocks ($SOX) have been created to celebrate the launch of Eth2, its transition to Proof-of-Stake, and the work of countless industry insiders who are working tirelessly to bring crypto to the masses.
Ethersocks are a limited-edition, tokenized asset with a fixed supply of 3200.*
Owning a pair of Ethersocks means possessing a piece of history both on the blockchain and in your sock drawer.
The purchase of the Ethersocks token entitles you to one pair of real-life socks redeemed through our website, a redemption that will also generate an exclusive NFT that will be yours for as long as you hodl. Featuring the Etherhino, the design marks the transition to the next iteration of Ethereum, complimented by the ETH diamond and the carefree colors of the Ethereum lifestyle.
How Does SOX Redemption Work?
The SOX token entitles the holder to one (1) real pair of limited-edition ethersocks, shipped to any address in the world. To get your hands (or feet?) on the physical pair, simply redeem your SOX token at ethersocks.io. As an additional bonus, every redeem transaction will also deliver a unique NFT to the wallet used that can be held or traded on token marketplaces.
[WARNING: Due to the nature of the planned NFT, SOX redemption might not be immediately available at launch! Please also note that we will be seeking community feedback before implementation as we value your input]
Alternatively, you could play the market and speculate on the value of the SOX token itself by trading SOX on any compatible DEX.
SOX Token Launch
Our goal is to establish a broad and equal distribution of the SOX token. The launch will be achieved first through a DODO crowdpooling campaign, during which 1280 SOX will be sold for a fixed price of 0.032 ETH per token.
Following this, a further 1280 SOX will be pooled with the ETH proceeds from the fixed price sale and provided as liquidity for at least a 90 day period in order to ensure that the token has a sufficiently deep market to allow token trading and price discovery to ascertain the value of the original Ethersocks.
Of the remaining 640 SOX tokens, 320 will be given away to the unsung heroes of Ethereum — the infrastructure maintainers and Buidlers. This will happen during the 90-day launch period, while the remaining 320 will be retained to use at the teams discretion.
At the end of the 90 day period the community will decide how to next move forward.
- Why use this launch method?
The advantage of the DODO Crowdpooling service is that every early supporter in the three day crowdpool campaign gets the chance to acquire SOX for an equal price while also having the benefits of trading it immediately afterwards on an AMM pool with sufficient liquidity.
What happens if there is not enough SOX for everybody in the fixed price phase?
The Crowdpooling mechanism is set up in such a way that the initial 1280 tokens will be distributed equally to all participants in the fund raise. As such, anyone who submits ETH to the pool will receive a proportion of SOX tokens equal to their share of the total amount. A 10 SOX (or 0.32ETH) cap has been put in place to prevent whales buying up an overabundance of supply. If the pool is oversubscribed, however, those who purchased one SOX token may need to supplement the amount purchased in order to complete redemption.
The advantage of the DODO Crowdpooling service is that it automates the distribution of the SOX token in such a way that grants everyone the opportunity to acquire an original piece of tokenized apparel before then befitting from the merits of an automated market maker.
Details of the Project
Total supply: 3200
* 3200 was chosen as a homage to the 32 ETH required to become a validator in Ethereum Proof-of-Stake.