MJC on Warpcast

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Where’s the fun at these days? Just another tuesday scrolling the boring ass warpcast feed? No more. $SOCIAL Chatroom launches today! Live chat with friends, enemies and lovers in Chatroom, now available in frame. Keep reading for more on Chatroom and Pixiedust, the new $SOCIAL token model. 👇 https://socialtoken.fyi/frames/chat

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Here’s a one minute video walking through a user journey in $SOCIAL Chatroom. It’s fun, quick and easy to create a chatroom and invite some friends. It’s low pressure. All chatrooms auto-delete after 90 minutes. There’s an in-app currency called Pixiedust natively integrated into chatrooms.

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We launched a basic version of Chatroom today. Soon, we’ll launch Cabal Mode. Cabal Mode puts you, the chatroom creator, in charge. You decide who’s in and out. What media gets streamed to the room. Who gets to speak on voice chat, etc. Maybe even what tokens get launched.

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On to Pixiedust. $PDUST is simultaneously our in-app currency AND the $SOCIAL token model. Most importantly, Pixiedust users in the app *don’t need to know anything* about the $SOCIAL token or token model to use it. Okay, so how does PDUST work?

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To access certain features in-app, users will need to buy Pixiedust. Users buy with ETH. Under the hood, half the ETH is swapped for $SOCIAL and half is converted to WETH, and the assets are deposited as liquidity in the 1% $SOCIAL Uniswap V3 liquidity pool.

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All $SOCIAL LP fees generated from that communal position are burned. And say a user got some Pixiedust tips in a chatroom and wants to exit, they can redeem their Pixiedust for the constituent WETH + $SOCIAL tokens.

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So, why is this model strictly better than using vanilla $SOCIAL as an in-app currency? Quite a few reasons:

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First, Pixiedust creates a symbiotic relationship between in-app utility and token marketability. When users transact with value or simply want to hold value with Pixiedust within the app, the underlying position is generating liquidity and promoting accessibility to the token. Vanilla tipping tokens do not do this.

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Second, while we do not charge fees for using Pixiedust in the app, the very act of *holding* Pixiedust is deflationary because all $SOCIAL LP fees from the underlying position are burned. Vanilla tipping tokens do not do this.

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Third, using an LP token as in-app currency provides a much more stable unit of account. Most coins are simply too volatile to be useful as an exchange of value. While Pixiedust is still plenty sensitive to $SOCIAL price, it can be more accurately described as "semi-volatile" because the convexity of the LP token’s value curve cushions the position.

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