Decentralized News

A big part of our thesis here at Foot Guns is being a part of crypto, knowing the people building, and using their products. This allows us to cut out the noise.

Today, in the spirit of DeFi we are announcing the Foot Guns News crypto token (FGNEWS). With the NFT mania pushing Ethereum gas fees higher, we will seek temporary harbor and launch on Polygon. We chose Polygon for it’s speed, cheap fees, and ample liquidity in AAVE and Sushiswap. As this is an experiment in decentralized finance this token has no use and $0 value. However, we plan to use the token in the following way.

Tokenomics

On 08/29/2021 there were 130 000 FGNEWS tokens minted worth $0.

10 000 tokens will go into the Foot Guns treasury

20 000 tokens will be airdropped to readers (details below)

100 000 tokens have been deposited along with 10 000 USDC into a Sushiswap LP

After the initial deposit the token can be swapped at 1FGNEWS = 0.1 USDC on Sushiswap on Polygon.

At the end of each quarter Foot Guns will use 10% of its quarterly revenue to buy back and burn FGNEWS from the Sushiswap LP. The transaction of the burn will be reported in our newsletter and on our Twitter account.

This will make the first burn date 09/30/2021.

Airdrop

This is the exciting part for you the reader. You can participate directly and become a part of the Foot Guns community.

Update : There was an error in our original post. Thanks Karl!

Any new or existing paid subscriber that responds to this post withing 24 hours will receive 200 FGNEWS tokens . Just reply to this email with a public Metamask address. If you don’t have one already read our guide : How To DeFi - Part 1.

The next 50 paid subscribers who respond will receive 40 FGNEWS tokens each.

The following 500 will receive 20 FGNEWS tokens each.

Any unclaimed tokens will be burned (Sept 30th 11:59PM EDT)

CAUTION - We will never ask for your private keys and we will never ask you for passwords.

It is okay to share your public Metamask address with people you trust.

What Could Happen?

Tomorrow we will publish part four of our How To DeFi Series detailing how to move funds from Ethereum to Polygon for our paid subscribers. However, Ethereum fees are high right now so our airdrop is giving you a chance to play around on Polygon without any risk to your funds or paying high fees. You can perform many 10,000s of transactions on Polygon with just a small amount of MATIC. If you don’t have any funds on Polygon already please include this in your email to us and we will send you 0.1 MATIC so you can swap your FGNEWS tokens for other crypto tokens.

We are literally giving you back the value you invested in us by giving you direct access to play around with crypto for the first time. Avoiding $40-$100 in ETH fees moving funds across the bridge to Polygon.

Okay, enough about us. Lets talk about Foot Guns.

Because Foot Guns is planning to burn 10% of its future quarterly revenues the total number of FGNEWS tokens will be ever decreasing. Foot Guns plans to recapture this value by spending FGNEWS tokens from its treasury to support its growth in Crypto News.

As the tokens appreciate in value they can be traded to journalists, editors, podcast hosts, web developers, etc.. for their labor, who see value in being a part of the Foot Guns community. If needed Foot Guns could sell these tokens into USDC in order to pay salaries or purchase real world goods like podcasting equipment, our own website with tons more content, editing software, etc..

This could all happen faster if the tokens value were to appreciate from users on Polygon swapping USDC for FGNEWS tokens.

We are excited to be a part of this experiment with you. Join us in our Discord to discuss this new experiment in News and DeFi.

Almost forgot! Substack is accepting Bitcoin payments soon.