The world of cryptocurrency has been evolving over time and has ultimately accumulated a total market cap of over $1 Trillion USD in early 2021. In October of 2020, the Fuse Network officially launched to the public, bringing with it the chain-native Fuse ERC-20 token along with the technology suite and integrated infrastructure that has enabled the creation of economies, communities and new exciting currencies.
One of these new currencies on Fuse is GoodDollar, a crypto-UBI experiment backed by both Fuse and investing giant eToro. The Basic Income experiment connected with the GNC team in a way that not many projects had been able to, crypto or not. Initially designed as a Corporate Social Responsibility (CSR) project by eToro, the idea of a global, crypto Basic Income not privy to the whims of changing governments or the inherent inequality in both existing and burgeoning financial markets truly grabbed the attention and focus of GNC's founder. GoodDollar has since grown to become the third most active DeFi app according to dapp.com with roughly 40,000 unique daily users, has expanded its reach by adding an ambassador program and has recently launched a referral program.
The Fuse Network, through its Studio product line, enabled the creation of this coin as a community rewards and market aggregation token, attempting to track price among the most popular native Fuse tokens by being a mintable-burnable asset that is released based on total provided liquidity on FuseSwap. Good$ News Coin is an attempt at creating a true community rewards, tipping, delegation and store-of-value asset that will have an elastic supply available based on community adoption. The way that GNC plans on expanding it's use is by providing incentives to other crypto projects on Fuse to utilize GNC as a reward to community token's content creators, ambassadors and much more for a simple provision of public liquidity on the network.
GNC is a Fuse Community coin, created specifically as a way to track the overall Fuse blockchain, along with providing incentives for other projects on the platform to utilize GNC as their inherent rewards coin. This is how this works in practice. When a community on Fuse wants to either use GNC as their project's incentive rewards or simply wants to grow their stake on the market they can donate to the GNC swap wallet. Right now the returns are as follows:
Currently this Swap Wallet can accept and process the following Fuse Net currencies and tokens. Donation address for GNC Swap Wallet 0x19C574Be67Ae6e005F59142d38411afB03DB3a66
- 1 FUSE donated to the GNC Swap Wallet returns 10 GNC to the donor. That donated Fuse is then added to the GNC Swap Wallet's LP in Fuse/GNC growing liquidity for GNC, value for the token holder by increasing the overall price of GNC, and finally the health of the ecosystem as a whole.
- 1.5 G$ donated to the GNC Swap Wallet returns 1 GNC to the donor.
- 1 ETC donated to the GNC Swap Wallet returns 2 GNC to the donor.
- 50 GNC is returned for each USD in Fuse-backed Stablecoins donated. (USDc, Tether, Dai, fUSD)
- 75 GNC is returned for the following currencies per dollar of value donated. Wrapped BTC, Wrapped ETH, & KNC.
Example: You create a community on Fuse or have an existing community that you want to grow and are looking for a way to provide value to your most active community members, content creators and traders. You have a basket of assorted tokens just collecting dust in your wallet and you decide that you want to increase your value. You decide to donate 60 Fuse, 2000 G$, $13.25 of USDc and 4 KNC. To determine your return and impact we just have to use the formulation above. 60 Fuse returns 600 GNC, 2000 G$ returns 1333.33 GNC. The $13.25 in USDc is prorated and returns 662.5 GNC. KNC at the time of writing this guide has a price of $2.53. So 4 KNC at $2.53 is $10.12 in value donated. Multiply that value donated by the 75 GNC/USD donated and we get 759 GNC.
So your donation would return you 3,354.83 GNC directly into your wallet that you can either use as community rewards, investment, LP for your own project, or as a medium of exchange. On top of the 3354.83 GNC that got sent to you, that amount also gets matched as LP in real time to the current FuseSwap price for GNC. Meaning that in this scenario, your deposited funds get matched by GNC into LP hopefully increasing the price of reserved tokens and buying back a percentage in LP until the target price for GNC is reached, ultimately increasing the value of the entire blockchain, by tying a single currency to the health of the ecosystem.
The team behind GNC is targeting an initial price on FuseSwap of $0.02 USD. How are we going to reach that goal? 25,000,000 GNC tokens were initially minted, with over 1.5 million already distributed to community members, artists and designers, FuseSwap Liquidity, and initial marketing efforts. Because this token is elastic and mintable, once the initial price target is reached, more GNC can be provided based on the current price in comparison to the other tokens on the platform. The idea is that you don't have to play guessing games when deciding which currency to hold on Fuse. You can simply hold GNC because it aggregates all the other token's prices into one coin making it the theoretical hedge against chain price volatility. It's like a community run stable coin, but instead of being tied to the USD or other fiat currency it is tied to the entire collection of coins and tokens that make up the growing total LP on FuseSwap.
We are currently looking for long-term investors, crypto enthusiasts, social media influencers, local community organizers and anyone else who wants to come and join our fantastic, growing community.
If you are interested in joining the GNC and/or Fuse Community, you can join our telegram group here: https://t.me/GNConFuse
Check out Good$ News Coin on FuseSwap: https://info.fuseswap.com/token/0xdc327929b8f366e1ab76060897c684181f9e4047
Use this on FuseSwap to trade or on MetaMask to add a custom token. (Make sure you have MetaMask connected to the Fuse Network, not the Ethereum Mainnet. Here is the Token Address for GNC: 0xdC327929b8f366e1Ab76060897C684181f9e4047
Email about GNC at [email protected]
Donation address for GNC 0x19C574Be67Ae6e005F59142d38411afB03DB3a66
Everything GNC on Fuse: https://linktr.ee/gnconfuse
