What is FomoWell
FomoWell is an innovative fair launch platform tailored for Web3 projects, with a primary focus on the memecoin sector. At its core, FomoWell aims to establish the cornerstone of fairness for the next generation of decentralized finance, DeFi 3.0.
Problems solved by FomoWell
DeFi has a long history of development, but different problems existed at different stages. Let’s review them.
(1) In the early stage of DeFi’s emergence, creators of early projects like BitShares hoped to transplant the entire CEX model onto the chain. However, for users, this was no different from the operation mode of CEX. Moreover, due to the limitations of on-chain TPS, operations became even more cumbersome. The project issuance process still lacked transparency, and user participation was extremely low.
(2) In the era of DeFi 1.0, also known as the ICO era, from the perspective of token distribution, this was the era of “manual” DeFi, where VC institutions, agents, and other intermediaries profited from price differentials. This lack of transparency in information was not beneficial for ordinary users.
(3) DeFi 2.0 is the era where users provide liquidity autonomously, unleashing some productivity. However, incidents of project creators dumping reserved positions still occur frequently. Many projects are nominally DAOs but are actually manipulated, leaving users hesitant to fully participate in project development.
The problems users faced in the aforementioned periods will gradually be addressed in the DeFi 3.0 stage. DeFi 3.0 will be an era of broader connectivity, lower barriers to user participation, and fairer community involvement. DeFi 3.0 aims to change the unfair order where a project is created by one party but taken over by users, or the unequal production relations, and instead create a production relation where users participate fairly and everyone is a project builder, eliminating user doubts and fully unleashing the productivity of the community. The operational model of FomoWell is the best representation of the ideals pursued by DeFi 3.0.
How is it built
1.Technical Architecture
FomoWell adopts a fully decentralized deployment approach, with all its components deployed on the blockchain. Additionally, thanks to ICPEx for providing a series of essential DeFi infrastructure, FomoWell has been able to launch its products quickly.
2.FOMO Mechanism
The FOMO movement of the project mainly consists of 5 steps:
(1)Users choose a token they like.
(2)Users can buy a certain amount of the token.
(3)Users can sell at any time to lock in profits.
(4)When the token’s market value reaches the $5000 mark, the well digging is successful.
(5)All liquidity of the token will be migrated to DEX and permanently locked with LP tokens. No one will be able to remove liquidity, forming permanent liquidity.
3.Product Features
(1)You can create a project at an extremely low cost on FomoWell, and the project will be instantly visible on Dex Screener.
(2) You can participate in the FOMO process of any project, which is completely fair for everyone.
(3) FomoWell also provides social features, allowing you to add comments on project pages to advance the FOMO progress.
Internet Computer superpowers
Thanks to ICP’s unique design, both the frontend and backend of FomoWell are deployed on-chain, making it a 100% on-chain platform.
Go-To-Market strategy
FomoWell is currently establishing partnerships with various ecosystem partners to jointly advance the development of the ICP ecosystem. At the same time, FomoWell will host regular AMA events with these partners and has prepared generous rewards to encourage community users to engage with the platform.
Monetization
FomoWell will adopt a dual-token mechanism, consisting of FOMO points and WELL Tokens. FOMO points will be used to pay for personalized services on the platform. WELL Tokens will serve as a multifunctional token, encompassing platform governance, dividend distribution, and more features in the future.
Status of the project
Currently, FomoWell has officially launched and received a warm welcome from the community, with numerous projects already starting on FomoWell. FomoWell has brought a new growth point to the DeFi sector of the ICP ecosystem.
Resources
Website: fomowell dot com
Linktree: linktr.ee/fomowell
Future Plans
(1) FomoWell will continue to advance the iteration and optimization of platform features, adding more social attributes to better promote projects launched on the platform.
(2) In the coming period, FomoWell will advance multi-chain compatibility, bringing the concept of fairness to more public blockchains to implement ICP’s ChainFusion vision.