SOLMATE WHITEPAPER
As you may already know, the cryptocurrency sector has already transformed finance as we know it. For the first time, people can send and receive money in the form of tokens without having to deal with intermediaries like banks or governments.
The exponential growth of decentralized finance, or DeFi, proves there are severe flaws with traditional finance, and crypto offers new and innovative opportunities for growth, investing, ROI, and additional use cases.
The decentralization of blockchain technology has offered countless promises about disrupting industries and profitable and progressive use cases. For example, many believe the blockchain will change how human beings do business, allowing for a new level of transparency.
There are other use cases to consider: the blockchain could change the concept of a “contract” thanks to smart contract technology, or medical records could be secure but decentralized - accessed when needed and protected by encryption.
There have been some setbacks for all the incredibly promising potential of blockchain and crypto. Unfortunately, we also recognize that many crypto-related projects have proven to be frauds, exit scams, and rug pulls. There have been various situations where project founders have been able to steal millions from their investors. In many cases, these cybercriminals are even able to avoid law enforcement.
ABOUT SOLMATE
The SolMate team is serious about building a team and community rooted in integrity, transparency, and communication. We hope that SolMate investors are not only able to make a profit but also able to make a visible and positive impact on the world.
Unlike other “fly by night” meme tokens, we hope to build a sustainable Solana-based ecosystem. We know that many other crypto projects have focused on short-term profit, but we’re interested in executing a long-term vision for the SolMate project. SolMate was founded by a group of focused and committed individuals passionate about crypto and its ability to change the world. While many projects have been “overhyped”, we plan on being community-driven and transparent from the beginning.
Solmate boasts four main features that we believe will help us succeed in both the short-term and long-term future:
1. It’s a community-run and supported project. This is not a centralized project where leadership will take control and make the decisions for the community - we believe in a democratic and diverse community that will be governed by the SOUL DAO.
2. The project will run on the Solana blockchain. We believe that the Solana blockchain remains one of the most crucial and undervalued blockchains in the world.
3. The SolMate project will be fast, secure, and also offer low transaction fees. The goal here is to build a community over time, not profit off excessive fees and penalties. The community will be responsible for specific future decisions regarding fees, scalability, or security.
4. The project is a DeFi project, meant to democratize finance and make it more accessible to the less fortunate worldwide. We pledge to remain transparent and accountable to the SolMate community. We also pledge to donate to causes that help the unfinanced gain access to financial services.
We believe that SolMate truly has the power to improve the world, but we also recognize that it will take time, effort, and resources to launch a project of this scale. Here, we hope to outline our community-driven vision for SolMate, explain the project’s tokenomics, and more.
SOLMATE TOKENOMICS
We’re proud to launch the SolMate project on the Solana blockchain, a blockchain known for speed and scalability. It’s also important to note that the Solana blockchain is more environmentally friendly than other blockchains, which aligns with our overall vision to impact this planet positively. Solana’s network allows for a theoretical throughput of 65,000 transactions per second, a significant increase over Bitcoin and Ethereum.
The SolMate ecosystem will feature two tokens: $SOLMATE, our native utility token, and $SOUL, an additional governance token that can also be used for SolMate transactions. The fixed supply for the $SOLMATE and $SOUL token is 100 million tokens.
There will be a 1% tax in perpetuity regarding ALL $SOLMATE and $SOUL transactions. Here is how that 1% tax will be redistributed throughout the SolMate ecosystem:
40% will be distributed among $SOLMATE token holders. Holders will not just receive additional $SOLMATE tokens from these transactions, but can also be rewarded with $SOUL Governance DAO tokens.
In order to receive rewards for the $SOUL token, they must be held for 1% each month it is held or 12% for every year held.The $SOUL token must be held for at least 30 days to be eligible for any rewards.
20% will be distributed to SolMate developers. We believe in incentivizing and rewarding those who have directly contributed to the SolMate ecosystem. It not only helps improve the SolMate project but also enables SolMate to hire additional developer talent as needed.
10% will be reserved for SolMate marketing campaigns and initiatives. The money will be spent solely to market SolMate-related products or services, and attract new investors and token holders.
10% will be donated to charities that the SolMate community supports/agrees upon. Our goal is to donate to charities focusing on causes such as hunger, childhood education, and environmental protection.
10% will be reserved for both 1)early investors and 2) community airdrops. Each airdrop must be approved through our DAO proposals, but these funds cannot be used to influence decisions regarding the SolMate ecosystem.
10% will be either 1) bought back or 2)burned, for additional liquidity.
What will the process look like for “buying back” or burning $SOLMATE tokens? The 10% reserved for either buybacks or burns will be held in a BuyBack wallet that will act as a “safe deposit vault” wallet for these tokens. The tokens can either then be permanently burned or re-introduced to the Solmate ecosystem if necessary. The funds will be protected by a smart contract complete with a 48-hour timelock, and six wallet signatures are needed to access the funds. The funds will either be burned or reintroduced depending on SOUL DAO proposals.
This token distribution model ensures maximum participation of SolMate token holders and incentivizes long-term growth for SolMate token investors. Also, this model helps incentivize all users of the SolMate ecosystem.
A CRYPTO OUTLOOK
The SolMate team also recognizes that there is a significant amount of volatility in the crypto sector, which is why we have structured both our tokenomics and roadmap to account for any future volatility that can affect growth and expansion. People are increasingly realizing that crypto is here to stay, offering a new way to buy and sell digital assets and create generational wealth.
While there are many critics regarding recent crypto downturns, the truth is that crypto has already made quite the entrance. Since 2009, the cryptocurrency markets went from nonexistent to being worth several trillion dollars. In 2010, Bitcoin’s value ranged from less than a penny to about nine cents. As of this writing, the price of 1 Bitcoin hovers around $20,000.
Many well-known and powerful financial institutions that dismissed and downplayed cryptocurrency in the past are also embracing it. This includes institutions like JP Morgan Chase, Morgan Stanley, and Goldman Sachs. More people of all ages, especially millennials and Gen Z, are looking to invest and diversify their portfolios with cryptocurrency tokens.
Many younger people worldwide already live a digital-focused lifestyle, where they interact with applications, create/consume content, and connect with their friends on their own terms. It’s only natural that crypto will become the logical way to send and receive money instantly. Many already view crypto as a way to empower themselves that is impossible through traditional finance.
There is no way to completely “predict” the crypto market, but we believe there is a tremendous opportunity for growth for our SolMate investors. We also think Solmate’s growth opportunity is massive because the Solana blockchain can dominate more of the crypto and NFT ecosystem over the next several years.
THE SOLMATE ECOSYSTEM
The ultimate goal is for the SolMate project to expand into an entire ecosystem rather than just one particular venture. This robust ecosystem will also allow for increased utility and value of the $SolMate and $SOUL tokens. As the ecosystem grows, the $SolMate token may offer new applications.
Here are some of the various parts of the eventual SolMate ecosystem. We plan on regularly updating our community on the progress and launch of these following products and services.
SOL MASK
One way the cryptocurrency sector has expanded has been thanks to the expansion of digital wallets, which helps investors and collectors secure their crypto and digital assets. We will launch our own SolMate-focused wallet called Sol Mask, a digital wallet supporting Solana-based digital assets.
We will work diligently to make the Sol Mask as integrated and interoperable as possible. Not only will Sol Mask wallet owners be able to transfer and receive $SOLMATE and #SOUL tokens, but they’ll be able to exchange SolMate NFTs, as well. Of course, Sol Mask owners can purchase products or services wherever $SOLMATE is accepted.
SOL NEXUS
Another crucial part of the SolMate ecosystem will be the SolNexus platform. SolNexus will be an NFT platform that allows creators to monetize their art and mint it on the Solana blockchain. Creators, designers, and artists will be able to assign royalty rates to their NFTs, as well.
SolNexus will charge a 5% minting fee and divert the funds to SolMate developers who help build and maintain the SolMate ecosystem. We believe this will be a crucial part of our future growth since Solana has already emerged as a popular NFT blockchain that is environmentally friendly, scalable, and boasts lower fees.
We also may offer SolNexus-related promotions to encourage mass $SOLMATE token adoption. These proposals will be voted on through the SOUL DAO.
SOL DAO
We also recognize the rise of decentralized autonomous organizations, or DAOs, as a way to govern organizations. The SOUL DAO will operate, as mentioned before, thanks to $SOUL tokens which can be held for rewards. You can think of a DAO as an organization that is owned by its collective members but does not have a centralized leadership structure.
The beauty of DAOs is that they offer the ability for decentralized governance. Instead of a central authority making decisions that affect the SolMate ecosystem, the SolMate community can vote and decide on decisions that help shape the ecosystem as it evolves. Members who live in different parts of the world, through a DAO, can collaborate and commit funds to specific causes as necessary.
The DAO will help encourage active participation in the SolMate community and help decentralize leadership and decision-making within the SolMate ecosystem. The SolMate team believes that DAOs will transform the way that we think about organizations.
SOLPLANET
The SolMate team believes in using blockchain technology to help improve the world as we know it. We’ve built contributing to charities within our tokenomics model, ensuring that the SolMate project consistently makes donations to causes we believe in and organizations that improve people’s lives.
Our SolPlanet initiative is dedicated to changing the world for the better and using the available SolMate resources to make a positive difference. We plan on donating $SOLMATE tokens to charities addressing these issues:
1. World hunger
2. Global inequality and poverty
3. Improving the education of children worldwide
4. Climate change and global warming
We are passionate about the success of SolMate, but we also have principles we respect and want to follow. While we are focused on making sure that our investors are happy, we want to also make sure we are making a positive impact in as many different ways as possible. We plan on partnering with nonprofit organizations on every continent to address these issues worldwide, as well.
Our causes will be centered around improving the lives of humans everywhere. Many crypto projects claim that they will change the world, only to become an exit scam later to make a few people profitable. We are confident that crypto can do better than empty promises.
At SolMate, we believe we can do things differently by creating a group of diverse individuals with a shared vision: we can use crypto to help fund noble causes that help the less fortunate and also help make the world a better place.
SOL DEV
To increase the utility and value of the SolMate token, we understand that we need to build a robust community that helps enable creators and developers. We plan on launching our platform, SolDEV, to support creators, including artists, game designers, developers, and marketplaces, to develop their own projects.
We believe that this platform will help enable new innovative use cases for SolMate, including the creation of decentralized apps, products, and services. The built apps and marketplaces can then continue contributing to the SolMate ecosystem, with SolDEV driving growth and innovation within the SolMate blockchain network. The Solana blockchain is already growing rapidly, and we believe SolDEV can contribute significantly to that growth.
SOLMATE NFT
One of the most incredible recent technological trends in the crypto sector is the rise of non-fungible tokens, or NFTs. In 2021 alone, NFT sales hit $25 billion, with many significant corporations deciding to end up embracing NFTs. NFTs may also play a critical role in the virtual worlds, with many financial experts believing that the metaverse might be worth trillions of dollars. Solana has been essential to that growth, already surpassing $2 trillion in all-time NFT sales.
We will be launching our own SolMate NFT collection on the Solana blockchain. This will be an exclusive launch with very few NFTs available, and these NFTs will act as digital collectibles with additional use cases within the SolMate ecosystem. More details regarding the SolMate NFT launch will be forthcoming.
The rise of NFTs has been an incredible entrepreneur for many players in the ecosystem: the artist who can finally monetize their audience, an investor who can make a significant return, and the NFT collector hoping to collect digital assets. Many artists have been able to create life-changing wealth thanks to the rise of non-fungible tokens.
SolMate also understands the importance of partnering with the right creators and influencers in the NFT space. We plan on forging strategic relationships with prominent NFT artists, entrepreneurs, and platforms to spread the word about our NFT collection.
Mark Cuban, the billionaire serial entrepreneur/investor and owner of the Dallas Mavericks, has gone on record regarding the immense potential of non-fungible tokens. In early 2021, he stated, “You can sell anything digital using NFT. Virtual Mavs gear, sneakers, art, pictures, videos, experiences, anything your imagination can come up with.”
Major corporations like Disney, Nike, and Gucci have entered virtual worlds and used NFTs to create engaging experiences for their fans. We believe the rise of NFTs, while it may have its ups and downs, will continue as an overall trend.
Depending on the first NFT collection, we may also launch other Solmate NFT collections in the future. Also, SolMate may create marketing partnerships with other established NFT collections to increase the exposure and visibility of the SolMate community.
SOLMATE SMART CONTRACT AUDIT
We have stated before that we want to prove our dedication and transparency to SolMate investors, and we are currently in the process of getting our smart contract audited and certified by Certik. Certik remains the leading security-focused Web3 auditing platform in the world. A Certik audit can help the SolMate community identify code errors, detect vulnerabilities, and be confident in smart contracts within our ecosystem.
We believe that a Certik smart contract audit can help increase both our legitimacy and credibility within the crypto community. The goal here is for new, existing, and potential investors to understand that we are here to deliver rather than deceive or defraud anyone.
A SOLFUL SUMMARY
Solmate is a community-driven project where every participant, user, and investor can have a potential say in the SolMate ecosystem. We believe that our products and services can increase the value of the $SOLMATE and $SOUL tokens, our utility and DAO governance tokens, respectfully.
We believe that the SolMate ecosystem will be successful because it will be community-driven while also embracing real-world utility. While many projects fail because of a lack of interest or lack of leadership, the SolMate team is dedicated to consistently showing and proving that we’re here to stay.
