$POOP - Not a shitcoin!
Driven by the will to give users the power to influence decisions, exercise control over usage, and incentivize participation, the $POOP token is a fully transferrable utility-rich governance token that supports cross-chain communication in Polkadot.
Before we delve into $POOP and its utility, let’s discuss the overall ecosystem.
Moonsama
Initially built on the Moonriver network, Moonsama is a leading NFT project within the Dotsama ecosystem aimed at creating composable NFT ecosystems.
Projects like @PondsamaNFT, @RareSamaNFT, and @ExosamaNFT are creating composable NFTs on @MoonbeamNetwork to create interconnected NFT communities on #DotSama.
The future is multi-chain, and Moonsama’s 2.0 edition allows for cross-chain composability and utility. It features a Multiverse Bridge, which is key to unlocking NFT interoperability. Moonsama can integrate different NFT standards (e.g., ERC1155/ERC721/RMRK) and utilize NFT assets from multiple blockchains (Moonriver, Moonbeam, Ethereum). Furthermore, it supports the bi-directional bridging of on-chain digital assets and off-chain applications, ensuring full compatibility between the two worlds.
The bridge is chain and Metaverse agnostic to build a limitless ecosystem.
What started as a collection became a project and is now an entire ecosystem consisting of Pondsama (5v5 fish battle game and open Metaverse), Exosama, Gromlins, Minecraft Carnage, and more.
Raresama
Created by Moonsama, Raresama is an artist and community-focused NFT marketplace. It is a decentralized platform governed and curated by the Moonsama and Exosama communities. Unlike other NFT marketplaces, Raresama strives to be 100% in the hands of the community. All NFTs added to the platform must be voted in by the community members. Completely decentralized and free from VC reliance, Raresama is focused on the art and its artists.
$POOP
The Raresama NFT marketplace is curated and governed by the community through $POOP. $POOP is a fully transferable governance token that underpins the functionalities of the complete marketplace.
Apart from decisions on NFT voting, $POOP holders will be involved in all decisions pertaining to the development and direction of the platform, including profile customization, drop announcements, referral share, etc.
The $POOP token was deployed as an XC-20 asset on the Moonbeam network in the month of September. Its launch was met with an overwhelming response of over $1 Million in trading volume on Beamswap.
$POOP token utilities
$POOP token has several uses intended to benefit its holders. Decentralization has been at the center of the Moonsama ideology, and the aim is to build a fully functional decentralized NFT marketplace, curated by the community for the community.
Governance and Voting
Besides being a pre-requisite for minting NFTs, POOP holders will partake in all decisions on Raresama. It will also be used on Pondsama (and most likely upcoming projects) for governance.
$POOP is a cross-chain (xc) token that allows the transfer of value across different dApps, eliminating the need for any asset bridge. Additionally, the upcoming Metaverse on Moonbeam will boast on-chain governance backed by $POOP.
L1 and L2 production
Staying true to its goal of building blockchain infrastructure for the future of NFT, Moonsama plans to launch L1 and L2 chains on top of Polkadot. This move results from the desire to tackle the most limiting factors, governance, and speed. Current blockchains cannot cater to the world of gaming and NFTs. NFT transactions can be complex, and currently, the space offers no solution for mass adoption.
Moonsama’s original plan was to build a Layer-1 chain with Proof of Authority NFT-based governance to address the problem of low participation and favoring of wealthy players. They also wanted to open up the governance system and the NFT 2.0 technology for other projects to plug in easily.
However, a launch period of 3-5 months was estimated too long for the launch by @DonnieBigBags and the team. So they decided to launch an L2 EVM chain simultaneously while working on the L1 and $POOP as its main token. Currently called Exosama, this would be the first multi-chain rollup in history.
With Exosama, Moonsama hopes to reel in users from the Ethereum network (Opensea). The hope is users will migrate to Moonbeam/Moonriver if they want to unlock all the benefits of NFT 2.0 technology.
Moreover, the team estimates the launch to be in the next few days. Move fast, expect chaos.
Moonsama is on the path to connecting any chain to any metaverse, aka multi-chain and multi-verse.
Moonsama Community Fund
The Moonsama community (the largest group of POOP holders) controls the utility and growth of POOP across the entire ecosystem.
They can vote on proposals like using the MCF (Moonsama Community Fund) to buy back $POOP from the market. They can even introduce deflationary mechanisms to the token model to protect its value.
How to buy $POOP
If you’re wondering how to get yourself a bag of THIS SHIT! ($POOP), then look no far.
It’s listed on CoinMarketCap, and Coingecko and can be purchased via the below-mentioned Moonbeam DEXs. $POOP has millions of dollars in liquidity and volume since its launch (this is despite the current bear market sentiment).
- Stellaswap
- Moonswap
- Beamswap
Beamswap also offers yield opportunities that reward with POOP
- $POOP Syrup Pool
$SHARE token holders can earn $POOP rewards for staking while still making ~23% APR in $GLINT.
- Beamswap Yield Farm
The $POOP - $GLMR staking pair pays out in $POOP, $rTIDE and $GLINT.
Conclusion
There’s a new development every day in this wild ecosystem. With several new initiatives in the foreseeable future, the POOP token utility is bound to expand, providing its holders with greater power.
The one thing that is given is there is a lot of utility for POOP in the pipeline (pun intended).
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The information provided through this work is intended solely for educational purposes and must not be treated as investment advice. Any lapses in presenting any of the information correctly are ours alone. We disclaim any liability associated with the use of this content.