$GUM Token
Last updated
Last updated
$GUM is our ecosystem's token, inspired by the unofficial ERC404 token standard. It was launched on Uniswap V3, and has a 1% pool fee that drives rewards and supports growth for the project. You can acknowledge this token as a normal tradeable ERC20 token. You can buy and sell on Uniswap, keep your slippage near 0% or auto. (Decreases frontrun risk)
Note: The $GUM Project works differently compared to other 404 utility projects, with a mixture of onchain and offchain functionality.
When you acquire at least 1 $GUM token, you will be given a blank gumball NFT. This NFT is minted directly to your wallet when you reach the 1 Gumball threshold, and every 1 $GUM thereafter. To use the gumball on our application, you must reveal its traits. To get started, visit gumball.gg and navigate to the "Gumball Machine" tab.
The price to mint a gumball will always be 1 $GUM token.
When you roll for your gumball's traits on our application, it permanently locks in the visual appearance, similar to an NFT reveal. This 2 step process to reveal each gumball is necessary.
When you sell the ERC20 $GUM, it burns any NFT associated with that token. If you sell the NFT on Opensea, the NFT and the associated $GUM token will be transferred to the new owner. Each singular $GUM token is tethered to an NFT, and vise versa.
Users open gumballs anticipating a number of things in return. In the future, utility for Gumballs will continue to expand to suit the needs of a growing player base. During season one, the Gumball Machine uses collected $GUM from players and collected ETH from UNI-V3 Pool Fees to simply payout rewards for interacting with the ecosystem. The Uniswap Pool fee is 1%, so about 1% on every transaction is converted to ETH and sent to our treasury wallet. It then is manually split into a house wallet and a revenue wallet. This season, only ETH payouts from the house wallet will be available to win through opening gumballs. In the future, we plan on creating a full gamified ecosystem with many items and rewards that can come from Gumballs. The utility for $GUM will expand over time!
