FTM Alerts - Live AMA with Dev Gupta of fBOMB, Fantom Validator and Millenium Club
Primer: fBOMB is the first native token project on the Fantom blockchain. The original developer left shortly after the project took off, exit scamming the token holders. Dev Gupta (aka Fierydev) of Millennium Club explains why he is taking over fBOMB and how his team will be developing the project further.
Background
Fantom/Multi Chain validator
Founder of Millennium Club
Leading the charge for the takeover of the fBOMB token
His previous job was in finance/legal. He was working with General Electric in financial planning and analysis
In 2013, Cyprus’ economy crashed, resulting in the rise of Bitcoin. This was how Bitcoin got on his radar
Got into crypto by mining
In 2017/2018, there was a project called Armageddon. It was trying to launch a MN hosting platform
He invested in Armageddon and the dev exit scam with the money
Two weeks later, a community member wanted to take over and renew the whole project, forming Millennium Club
They bootstrapped and did everything themselves. They eventually received validation for their work
Was one of the ICO investors in Fantom
“The concept of the [Millennium] club was the takeover and revival of a dead exit scam coin.”
- Fierydev
Millennium Club
Their members are jointly validating over a dozen networks on Mainnet and on various testnets
They have 10+ servers currently providing RPC services only for FTM
They have also resurrected 2 other small scammy coin projects. Their communities have joined up with Millennium Club
Lessons Learned From Resurrecting Projects
If you truly believe in a project and that it has value, one day it will have value
Need to stand by the project and have patience and continue building
History Of fBOMB
BOMB was the first actual token on the Fantom blockchain
The dev cloned a similar contract from Ethereum and deployed it on Fantom
When BOMB took off, the dev dumped everything and left the project
The price of BOMB kept dumping. Waited for the dumping to stop before buying 20+% of the circulating supply
The community took over the project while he provided the initial LP
Future Use Cases For BOMB
Their main purpose is to add multiple use cases/products
Every transaction of BOMB burns away 1% of the transaction amount
Unless there’s a use case, the burn rate for BOMB will not be as high as it can be
15+% of the supply has already been burnt
They have already launched a mini-lottery as an experiment. They planned to turn it into a full-fledged casino
To Resurrect A Project Or To Start A New One
It has been helpful for him but difficult in every other aspect
It was the first token on Fantom and it needed saving
Wanted to make BOMB the primary meme coin on Fantom
“No one buys Doge coin to invest. It's a meme coin. People want to buy it because it displays something more than an economic value. It displays the belief of people in an ecosystem, in a community, in a team in a future which they know they can build.”
- Fierydev
Reasons To Take Over fBOMB
The original dev had the intention to exit scam
This hurts the community
Did not want the first token on Fantom to be associated with negativity
Shrapnel Token
Shrapnel token is the primary rewards token for BOMBswap
They are working towards defining the parameters and making concrete steps towards determining how it can be engraved and etched along with BOMB
Wants to create an ecosystem where there’s both an inflationary and deflationary token:
The deflationary token starts with a large supply and deflates
The inflationary token starts with a tiny supply and has a very slow rate of emissions so that the supply doesn't reach the deflationary token supply in a very long time
fBOMB governance is already live. The first vote concerns the launch of Shrapnel
Decentralization Of Fantom
Fantom is growing more decentralized with every block
Decentralization cannot be forced. It will happen over time
Roadmap For fBOMB
They don’t have a timeline
Currently, Shrapnel and the DEX is being worked on
Will be expanding on the lottery game once Chainlink VRF is live on Fantom Mainnet
Devs are funded for their work
Current BOMB Supply
The current supply is around 850 million
Around 15% of the max supply of 1 billion has been burnt
Importance of Chainlink VRF
It provides users with a way to know that a game of chance is not tampered with and is verifiable on the blockchain
BOMB And Shrapnel
Some people are concerned that their focus will turn to Shrapnel when it launches
BOMB will always be the main coin
Shrapnel will be used for incentivization
Their Partners
Have a partnership with Waka Finance
They have a farm on Waka
Challenges Faced To Rally Community
No matter how hard he tries, he is unable to remove the negativity from those who have been burnt by a token
How The Lottery Work
Users are given the option to select the type of lottery to participate in
Each lottery accepts only a small number of players. This is to reduce wait time as the community is small
Moving Liquidity Out Of SushiSwap
They wanted to put their liquidity and incentivize an exchange that was built on Fantom, not ported to Fantom
They initially moved to SpookySwap
When Waka launched an incentivized farm, they shifted their liquidity there
New Features To Enhance Community Participation
Docs mentioned that the Devs are working on new features to enhance community participation - fBOMB governance
BOMB is super cheap right now. So it is pretty easy to gain votes right now
How Active Are BOMB Holders?
In the initial fBOMB, there was an airdrop to some holders of SUSHI
A large number of them are active
Their community is growing steadily and their supply is getting more distributed
His estimation is that they have more than 200 active holders
The largest holder holds 6.4% of the max supply. People are worried that the wallet holder would dump BOMB. They are willing to buy it OTC from the largest holder but have yet to receive a response from the individual
Number of Devs On Their Team
Have 10-12 members on their team, with 2 devs
Closing Thoughts
Their primary aim is to promote decentralization and lead towards a world where everyone has a fair and equal opportunity
Millennium Club’s manifesto is to help their members participate in early sales, set up validators, and help port new projects to Fantom
“We have a limited time here. We will remember that it's our family and friends that we should give our time to. We have people around us whom we care for. We should give time to those things which are important to us rather chase a dream which is not really going to be worthwhile in the long run.”
- Fierydev
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