MYRTLE Whitepaper

About Myrtle Sarrosa

Myrtle Sarrosa is a Filipina actress, cosplayer, singer, songwriter, and gamer with 6 million followers across Facebook, Instagram, TikTok, and other social networking services. Since the start of her career in 2012, Sarrosa has gained a considerable fan base in the Philippines and South-East Asia and has become a renowned celebrity.

About Fan Token

The most common method for a creator to interact with the fans is through donations and sponsorships. However, this method is a one-way street that limits the expression of support by making a payment with minimum intrinsic value. MYRTLE has sturdy tokenomics that can transcend these limitations and improve the relationship between the creator and the fans. The value and the total supply of MYRTLE will increase according to the creator's thriving online activities and the fandom's needs. This tokenomics will help the creator and the fans benefit in correlation and develop a healthy relationship.

MYRTLE Issuance and Usage Plan

Fan Tokens are a type of cryptocurrency designed to strengthen the connection between creators and fans by forming an economic community. Fan Tokens allow fans to express their hearts to creators and creators to develop a dynamic ecosystem with tokenomics.

  1. MYRTLE Total Supply

    MYRTLE is a decentralized fan token. The total supply of MYRTLE will not be limited by the foundation nor the creator - only determined by the fandom's needs. After the initial supply, more tokens will be minted once it reaches the high-water mark; otherwise, the total supply will remain relatively low due to insufficient demand.

  2. MYRTLE Initial Supply: 1,000 MYRTLE

    At the initial token launch, a total of 1,000 MYRTLE will be minted and provided as liquidity to the MYRTLE-WEMIX$ pool. The MYRTLE-WEMIX$ pool will support exchanges between the pair of tokens at the exchange rate of 1:1.

When it comes to Fan Tokens, both the creator and the fans serve as minters, collectively shaping the economic ecosystem of the community. This contrasts with conventional tokenomics, where the total supply and allocation are predetermined by the foundation. Within the Fan Token system, the creator and the fans collaboratively determine the total supply and its utility, aligning with their community goals. Consequently, the value of the token naturally appreciates as the creator and fans engage in diverse activities using the tokens.

MYRTLE Minting

Unlike conventional tokenomics with a predetermined vesting schedule - locked up and released over time - MYRTLE is minted once its value reaches a new high-water mark.
A high-water mark in financial markets is a concept that indicates how much the value of a wealth management fund has risen. For example, if the value of a wealth management fund increases from $100 to $200 over time, the high-water mark for this fund would be $200. This concept is frequently used in performance-based commissions, where the fund manager is entitled to a commission only when the fund's value exceeds a high level.
With this concept applied, one thousand MYRTLE per every $0.01 is minted additionally once the TWAP(Time Weighted Average Price) exceeds the previous high-water mark by $0.01. The TWAP tracks the price change in the last 24 hours to calculate the average price and prevents temporary fluctuations. Then, the TWAP is compared to the previous marks every 10 minutes to decide the minting procedure. This method shows that the tokens are minted based on price, value, and time. Therefore, the higher the demand for the creator's tokens, the more tokens there will be.

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MYRTLE Vault Purchase (Fan Token 2.0)

The transition from Fan Token 1.0 to Fan Token 2.0 marks a significant shift in the Fan Token system. In Fan Token 1.0, all newly minted tokens were stored in the Vault, exclusively available to the creator. This allowed the creator to establish unique tokenomics by allocating the claimed tokens for the community, distinguishing it from other projects where usage is predominantly determined by the foundation.
With Fan Token 2.0, there is a further decentralization of the tokenomics. In this upgraded version, every newly minted token is stored in the Vault and offered to all users for purchase at a fixed minting price. For instance, if the 24-hour TWAP of MYRTLE increases from $1 to $1.05, one thousand MYRTLE tokens become available for purchase at each price increment range of $0.01, making a total of five thousand MYRTLE tokens available for purchase. This mechanism provides fans with the opportunity to buy tokens at a potentially lower price by comparing the fixed price in the Vault with the market price in the Swap.
Furthermore, this system sets apart from the traditional donation system where the donated amount doesn’t bear further value to the fans other than satisfaction. The sale proceeds in WEMIX$ are directly transferred to the creator’s wallet with fans acquiring an asset with intrinsic value in the form of a token. The tokens can be utilized in unlimited ways such as a membership verification, underlying asset for GameFi services, or key currency for fan community activities.
Moreover, this system distinguishes itself from traditional donation models, wherein the contributed amount often lacks additional value for the fans beyond a satisfaction. The sale proceeds in WEMIX$ are directly transferred to the creator’s wallet, while fans acquire an asset with intrinsic value. These tokens can be utilized in unlimited ways, serving as a means of membership verification, an underlying asset for GameFi services, or a key currency for various fan community activities and engagements.
Order prices are set to the lowest price at the time of purchase order. If the quantity available at the lowest price is exhausted, the default order price moves to the next lowest price, incremented by $0.01, and this repeats until the desired purchase quantity is filled.

Operating Cycle

  1. Fans express their support by purchasing MYRTLE from the MYRTLE-WEMIX$ pool.
  2. If fans' purchasing power leads to a rise in the price of MYRTLE, one thousand MYRTLE are newly minted for every $0.01 increase.
  3. These newly minted MYRTLE are stored in the Vault and become available for purchase at a fixed minting price in a sequential order.
  4. Users can now buy MYRTLE either from the Vault at a fixed price or at the market price in the Swap, whichever is lower.
  5. All sales proceeds from the MYRTLE sold in the Vault will be transferred to Myrtle Sarrosa’s wallet.
  6. Besides holding MYRTLE, fans can participate in various GameFi activities, such as providing liquidity to the Pool, buying special NFTs minted by Myrtle Sarrosa, or simply sending it to your friends.

MYRTLE Characteristics

MYRTLE Utilities