Description
Smol is an original Treasure IP behind the popular Smol Brains NFTs, one of the earliest and the most popular PFP collections on Arbitrum. A game based upon Smol IP is currently in development by Darkbright Studios, Treasure’s in-house game studio.
$SMOL is an unofficial community-created meme coin with no stated purpose. Earlier today, $SMOL was embraced by the Smol community for the culture.
Team
The original developer and/or team behind the $SMOL token is currently unknown.
Token
As stated, $SMOL is an unofficial community-created meme coin with no clearly stated purpose and no formal utility within existing or planned game loops or purposes in Smol, Smolverse, or Treasure at this point in time.
$SMOL appears to be a fair launch project distributed to holders of Smol NFTs including Smol Brains, Smol Bodies and Smol Jrs. Ownership of the token smart contract has since been renounced by its original owner and the supply has been distributed entirely to NFTs holders with no presale or insiders.
The contract is not known to have been audited but has been reviewed by the community and concluded to be a barebones ERC-20 smart contract with one modification: the inclusion of a tax that only comes into play based on the Uniswap V2 pair it created. However, this does not apply with it primarily trading on Camelot (SMOL/WETH Camelot pool).
The total supply is 1,000,000,000,000 and 100% of supply is already circulating and has been distributed to the community.
Token contract address: 0x9E64D3b9e8eC387a9a58CED80b71Ed815f8D82B5
UPDATE - Community Analysis
Added at December 21 at 11:59pm EST. Additional context provided by Minebuu, a respected long-standing Treasure community member and web3 security researcher at ChainLight:
Other than the uniswapV2 fee, there are no particular problems with SmolCoin.
Summary of UniswapV2 fees with SmolCoin:
- There are fees for marketing (0.1%), development (0.1%), charity (0.1%) and liquidity. (0.2% fee for Buy, 0.3% fee for Sell)
- When a uniswapV2 swap occurs, the liquidity fee is automatically converted to LP.
- Another fee is automatically exchanged for ETH and sent to the fee recipient.
- The current recipient of the fee (Marketing, Development, Charity) is the creator of the contract (0xe1a33cb8516a60b7adeea4dbb798f6a0d4c1b5b9). However, since there is no current owner of the contract, it cannot be changed to a different address.
- The fee mechanism only applies to uniswapV2 pair (MAGIC-WETH).
- Since there is no liquidity in uniswapV2 yet, the above fee mechanism has never worked.
The above fee problem can be solved by simply using Uniswap V3 pool, Magic Swap, or Camelot, which currently has liquidity.
Benefit to Treasure
In crypto, timing and momentum is everything. As we see “meme coin season” beginning to heat up across several ecosystems such as Solana, Avalanche, and most recently Arbitrum, $SMOL has emerged as a prime opportunity for both the Smol and Treasure community to embrace the culture and leverage it to drive attention and attract new users and liquidity to the ecosystem and, by extension, MAGIC and all of the games that are building here. As both Treasure and Smol were both conceived as free mint, fair distribution projects, we are deeply aligned with the bottom-up ethos that appears to be shared by the original developer of the community token $SMOL.
Note: Please be sure to do your own research and exercise an abundance of caution. $SMOL is likely to be more volatile than other tokens currently listed on Magicswap. A listing of $SMOL on Magicswap, if ratified, does not constitute an endorsement of the community-created token by Treasure, the core contributing team, or the DAO and Treasure community at-large.
Liquidity Strategy
Like $SMOL’s inception, its liquidity strategy should be left entirely to the community.
Council Delisting Discretion
As $SMOL is a community-created token and may be highly volatile, the AMM Council should be granted the power to delist $SMOL from Magicswap at their sole discretion.
Voting Period
Voting commences now, ending Sunday, December 24, 2023 at 15:30 UTC (see local time via timestamp: 1703431800).
Voting Eligibility
- Only holders of MAGIC staked in the Harvesters or the TreasureDAO Governance Staking contract, and MAGIC-ETH SLP on Arbitrum can vote.
gMAGIC will be calculated on a 1:1 basis across all options
- gMAGIC changes via TIP-34 have not yet been implemented
