Introduce yourself and your background, and why you decided to move into crypto?
I’m Toms Selga, CFO of DoRac. I come from a corporate background, working for Samsung, Expedia and other Tech companies. Achieved my MBA from a top 10 university and have been in crypto since 2015. In 2020 during the lockdown in London, I shifted to crypto full time and it has been the best decision I’ve ever made.
Could you give us a walkthrough of the unique tokenomics behind DoRac?
There are two tokens behind DoRac:
- $DRT – Inflationary token (you can only earn it by racing – no public or private sales)
- $DORC – Deflationary token (IDO coming in Q3 2022)
DoRac has a dual token system, nothing unique about that, but since one of the tokens is inflationary we created a governance token that is extremely deflationary by implementing a sale and buy tax that you can see in most meme coins.
This mechanic allows us not to sell any of our treasury for development and use the funds that accumulate from trading, having less sell pressure overall. One final benefit of the tax system is the automatic antibot system.
What lessons have you learned from other projects and their tokenomics?
I am an investor myself and have seen more than 300 launches in the past two years which gives me a good perspective on what works and what doesn’t for new Web3 IDOs.
Firstly, when there is a bearish sentiment there are still projects that can perform well and these are projects with a small initial market cap. You can see that clearly in May of 2021 when a few projects performed really well. DoRac will launch with an initial market cap of $70,000 which is much smaller than the usual 300-500k. Sometimes you even see a few million. For games in my opinion it doesn’t make sense to start with such a high initial market cap as it gives you fewer growth opportunities in the future.
Secondly is vesting as it has to be fair and distributed for a longer period. Our team won’t see any tokens for 12 months after the IDO so we are extremely motivated to make this project succeed.
Lastly, we have allocated 20% of our tokens for strategic burns when we reach a certain milestone. For example, with our Token Generation Events (TGE): If the token does a 5x, we take 1% of all tokens and burn them. These tokens will be locked with a monthly unlock of 1% to see if our target is reached. If it’s reached, we burn. If not, we lock for 12 more months and wait for the next cycle.
How will the Tokenmics work to reward users?
It is quite easy, you race your Dog and if you’re in the top 3 you get our inflationary token DRT which you can use to train, breed your dog, buy consumables and stimulants and of course, you can always sell it to take profit. There will be people who just want to breed and sell the dogs so that automatically creates buy pressure by burning the DRT. It’s nothing unique; you can see it in similar models such as Axy, Pegaxy and Stepn.
What makes our project unique and different from other breeding games is that our Dogs have a lifecycle, meaning after one year they retire and cannot be used for racing. This will drive people to invest in more dogs and you won’t have the inflation in NFTs you can see in other projects that eventually bring their ecosystem down.
Where will the DoRac community be in 3 years from now?
That is a good question, we envision hundreds of thousands of players daily, Guilds built around our game and the overall supply of our deflationary token being cut by 20-30%.
Where can we learn more about DoRac?
You can learn more about DoRac by following us on social media where we will share all the latest regarding our launch, gameplay and much more.