16th June 2023 — In another edition of Bitrue’s Twitter Spaces AMA, we have invited Snek to join us. To explore more about Snek, what it is about, and what they have been working on, the creator of Snek, Goofycrisp joined us for a conversation.
Besides being the creator of Snek, Goofycrisp is also an engineer and product manager. Since 2017, Goofycrisp has been in the space. Around two years ago, Goofycrisp started penning thoughts about analytical trends on Twitter which are focused on the Cardano, NFTs, and DeFi projects. Ever since then, Goofycrisp became more involved with the community and the projects, taking a closer look at who were the ones involved and which projects were trending. Eventually, Goofycrisp became a really active community member on Cardano and forged connections with many active members and founders in the ecosystem.
Without further ado, let’s get into the main Q&A of the AMA session below.
Q1. Can you please give us a brief introduction on what Snek is about, what’s your goal and what makes it different from other meme tokens?
Sure. So, I created Snek 7 weeks ago, and you have to keep in mind that 7 weeks ago were in a complete bear market. There was a really negative atmosphere, and people were just at the end of it. Nobody was having fun, the price was super down, and everything was going in the wrong direction. And we saw that there was a wave of meme coins on Ethereum, but it hasn’t arrived in Cardano yet. So for me, I wanted to do something fun about it. So, I came up with the idea to create a new meme coin on Cardano. And I wanted to be fair, I wanted to be that something to be for the community and not for an individual. So I had this idea to create a presale to be the fairest for everyone. It was the first time on Cardano that the meme coin was launched with this model. Another thing that was important for me when creating Snek was to make it 0% of the supply going to the founder. So, of course, the project has to have funds to operate. But for me, it was important that I was not making money from people investing in it. I had to participate in the presale like everyone else. I put my own money into it. And yes, for me, Snek is all about community and having fun. And snack, I want Snek to be the image of trust and transparency when it’s about operating projects.
Q2. We know that SNEK has been trending and on top lately. What’s your secret to becoming the hottest meme token in town?
Yeah, it’s a big equation, but I think one of the key factors of our success is that our team comes from the NFT space. All of our team members were known in this space before Snek. We know what project was successful and what they were doing. We had this idea of how to run a successful project and we were in the community before, so we were at the place of our community members today, so we understand what they want. What I think is important for our community members is to have constant communication, to focus on true engagement, and always think about what is the best for the community. We have to constantly plan multiple steps ahead. And two things I always say is ‘timing is everything’ and you should ‘always under-promise and over-deliver’. I think those are the really perfect ingredients to have a community rally onto something altogether. That’s when you create really amazing things.
Q3. How did you come up with the idea with SNEK? Did it just pop into your mind or were you doing something interesting at that time?
The main theme or logo, whatever you want to call it, of our project, which is the snake, is originally coming from an NFT project. So it’s coming from Chilled Kongs, which is a top ten NFT collection on Cardano. Chilled Kongs was released about in 2021, the end of 2021, so about two years ago, and actually my profile picture is one of the NFTs of that collection. So in the latest April, they launched a new collection on Cardano which is called the Magic Kongs. And in that new collection, there was a new trait with the snake on it. And if you know Chilled Kongs, you know that they are known for having one of the highest artistic qualities in the space. And the snake trait that we just saw from when they released the new collection was quite underwhelming compared to other traits in the collection and what were used to seeing. So everybody was laughing at that trait. So, long story short, this trait created a huge movement on social media as people were making fun of it. Within a couple of days, it became a meme in the Cardano community, and that’s where Snack was born. I just used the idea that meme coin which was already in existence in the community and just decided to create something bigger of it. So for me, it was a no-brainer. I had to do something with it.
Q4. As for the SNEK token, can you please tell us about the tokenomics, are there any prominent use cases in the future that the community should know?
Sure. So the tokenomics of Snek was actually designed by me. There was no model of tokenomics that is like Snek before Snek launched. Because we did this presale model, we had to come up with something completely new. My idea was to put 50% of the overall supply in a presale. And I just created a new address. And I asked the people if they want to participate in this new meme coin, send the money to that address, and then whatever we have at the end of the presale, I will redistribute the token at the pro-rata of your share in the pool. And then, I use all the proceeds from the presale as liquidity deposits in our pools. So we have a pool on Sundae Swap, and we have a pool on Minswap.
Originally, I used 40% of the overall supply of our token, and I matched it with everything that we had raised during the presale. At this time, we had 50% of the token at the end of our presale participant, 40% of the token matched with the ADA raised, and we deposit them into the liquidity pool. We had a remaining 10%, where I kept 2% for community airdrops, fun stuff, events, and competitions. So I actually also created a one-week 1% Airdrop program. So my goal was to distribute 1% during the first days of our tokens, and we finally achieved that within like 2.5 weeks, but that’s okay. And then the remaining 8%, we are keeping it for everything that is related to centralized exchange listings because normally you have to pay for it whether it’s a marketing fee or you have to deposit liquidity in a centralized exchange. So we keep part of the tokens there for that precise goal. We also want to develop new things in our ecosystem to innovate. So this is a development budget that we use to create fun stuff for our community. I see.
Q5. What made you decide to build Snek on Cardano instead of other chains?
For me, what are my thoughts about this is the Cardano ecosystem has grown to a point where there are a lot of tools that are accessible and are being used right now. And we are at the point I think we are at the point where those tools are going to drive a lot of the adoption because people are really using them. Before that, there were no tools, and it was just all the activity on the chain was just in development, and people were talking about it and speculating, but you couldn’t do much. But now you have all these tools that are coming out and all these projects, and it’s really starting to create a large ecosystem. For example, when I launch the Snek token, you can create a new token, you can start a liquidity pool, you can visualize your price action on the charts, see who are your top holders, you can connect and interact with dApps. And everything that I just said, you can do it in minutes, and it will cost you like less than $5. So it’s really straightforward. There are tools available to do it. It’s easy to create a new coin. What’s hard is to make it, to get people to adopt it and be actually used. But yeah, at the end of the day, the tools are here. And I felt the Cardano infrastructure was ready for what we wanted to build, and I wanted to try and see what I could achieve with those tools. And when it launched, I used to say that snack was going to be my playground, and that’s what I’m doing actually. We have a vision, but we are always open to new ideas and we really want to innovate to create things that have not been done before. Another key factor also on why I decided to do it on Cardano is obviously because I was a community member, I was known and I knew exactly with who I wanted to work to make this happen. So for me, it was also an important thing.
Q6. Building a strong and engaged community is crucial for any token project. What steps has Snek taken to foster a vibrant and supportive community? How do you encourage community involvement?
Yeah, this is not only for Snek. This is for every project. I think you’re in a decentralized space. What gives value to your project is your community. So, you have to always listen to them. You have to put the community first, and it’s important to make them part of the project. So, I have the community to participate in this decision process, but also when the project wins. So it’s important to celebrate as a community. It’s not the team. It’s the community that makes things happen. In the end, we are just giving them the tools, but in the end, it’s the community. So what I think is important is to engage with your community in various ways. So, we are doing a lot of contests, challenges, raffles, and games. We are developing multiple things.
You want also to support your community both with words, with actions, and also financially. So if there are some community members that have a great idea and that want to push the project forward and they need a bit of money, well, they can come to us, and if we think this is something that will be a net positive for the space and the project, we will gladly make it happen. If it’s reasonable and we think it’s a good decision, we’re always open to it. And the community members are your best marketing ally. They can push the project far more than what the team can do. So, it’s important to have the community all behind a common goal and to have each member of the community create something on its own to push the project forward. And like I said, that’s really how you can create something that is amazing, and it is beyond expectation. It is when everyone in the community is working towards a common goal. When you have this, you can transform a project into a movement, and this is what is really important.
Q7. Collaboration and partnerships often contribute to the growth and success of a project. Has Snek considered or collaborated with other blockchain projects, influencers, or industry leaders?
Yeah. So we have currently partnered with multiple development firms, such as Paima. So Paima is a large gaming engine that Sebastien Guillemot created. For the people who don’t know who Sebastien is, he is the founder of Milkomeda and dcSpark. So he’s really known and important people in the space. So we are very glad to have him close to us. We are also partnering with Anvil to develop anything that is related to some small services. So, for example, the swap that we made, we developed it with them, and we also have other things in mind that we want to build. We are also partnering with Vacuumlabs, and just lately. We also partner with Lovelace.
So this is all part of our big roadmap of just constantly releasing new fun tools, new fun stuff to do, and experiments that we want to do. We are also always in the process of acquiring or securing new partnerships with influencers and marketing agencies. As long as it’s truly genuine and it’s a good decision for the long-term vision of Snek. So, we don’t want to do paid promotions to Influencers just to see the price go up, and then everybody sells because it’s a pump. So this is exactly the opposite of what we want to do. But if we see that there’s a partnership to be made and it’s a win for everybody and it’s lt for the project, we will do it. And we are always open to building new connections with the projects, with other projects, and with other community members. We see this as a net positive for everyone.
Q8. We’re curious to hear more about Snek’s roadmap for 2023. Can you share any updates on the project’s advancement and the team’s resolution to accomplish its goals? And what milestones can we expect to see achieved?
Sure. Just before answering that question, I want to come back to the vision of Snek and what we think is important. For us, meme coins are a great way to drive the adoption of crypto when it’s done right. Our vision is to create a sustainable and inclusive community-driven token, and we want our holders to be happy and entertained in the most transparent and fairest way. This is our goal. What drives me every morning is the idea of creating something that is bigger than Cardano, not bigger than the blockchain, but bigger than a project that you see and you think, “Oh, this is a project from Cardano.” I don’t want to have this label, I want the people to see Snek as a top memecoin, a top project, but not a card handle project. So it’s about changing the narrative and defining a project not by its blockchain but by what the project is doing.
So we came up with a roadmap to actually achieve those goals. We are creating seven deflationary mechanisms. These seven mechanisms have one common goal, which is to constantly create buying pressure on the Snek token while reducing the supply of it but to reduce the supply in a sustainable way. We don’t want people just to burn their token because if you ask your holders to burn their token, you are basically telling them that their token is worthless because you can just put them into the trash. So we are creating this whole ecosystem based on ADA and not really on Snek. So we are creating games. We have released our first mechanism, which is a swap. You can do so you can go to our website and you can swap your ETH or your PEPE, and it will give you Snek in your Cardano wallet.
One of the examples that we are doing with those deflationary mechanisms is that when you do a swap, there’s 1.07% of the overall transaction that goes into our wallet. So we are receiving some ADA in that wallet, and every week we are buying Snek on a decentralized exchange with the ADA that is in the wallet, and then we are sending that Snek to the burn wallet. So we’re not burning tokens that are coming from the community, we’re burning tokens that are coming from the liquidity pool.
So that’s why we say create a constant buying pressure on the token, and it can be sustainable because if our price of our tokens are going really high, then it’s just going to make a change on the amount of SNEK that we can buy from the ADA that we have in our wallets every week.
So the swap is one of the mechanisms but we have others that are in place. We have some games that will be released within the end of this month, we have some weekly raffle that we are doing. You can participate in that raffle, it will be every week, and at the end of the week, 20% of the pool of the raffle will go to our Buy and Burn program, we call it the BNB, or Buy and Burn, and 80% will go to the winner.
We also have a stake pool that we just recently launched. We launched a stake pool on Cardano about a week ago. This is pretty amazing because in under a week, we managed to raise more than 21 million ADA in that stake pool and with only 1,000 current delegators. It shows how the community is committed to this. Also, what is the potential of growth about that stake pool, but also about Snek? Because we currently have 16,000 holders of Snek, and there are only 1,000 delegators currently. So if you do the math to make the comparison, I think we can really grow both the stake pool and Snek to a much higher point.
Another thing about our roadmap is that we are actively working on the legal structure. Because we have high ambitions, it can’t be done if we are not legal proof because we want to be not only in crypto, but we want to be outside of it, and for that, you need to be legal. So we are creating everything that needs to be done in order to be 100% legit. This will also help with listing on larger exchanges. Because when you want to list on bigger exchanges that can operate in the US or in Canada, like Coinbase, Binance, Kucoin, and Kraken, this type of exchanges, you need to be legit and have everything in place. And that’s exactly what we are doing right now.
We are working on a new website as well. The goal of that new website will be to host everything in the same place. So all of our mechanisms are to have an onboarding page to explain to people, to newcomers how to create a wallet, how to join the community, have everything really at the same place, and make it really professional. This is what we are also building currently.
We also launched a new energy drink, which we have been planning for the past months or so. We are really happy to release it finally. I want to take this opportunity to tell people how much it is real because some people are telling us, “Oh, it’s fake, it’s so difficult to produce a successful energy drink, you cannot do it,” and things like that. I just want to reassure everybody that I don’t know, personally, how to run an energy drink, but our partner does, and our partner has a lot of skin in that game, and he is extremely well-connected. That’s how we were able to launch this in under a month. We will soon release a presale to buy the energy drinks, and we are already talking with stores that could potentially sell this project. So we are very connected, we know how it works, and we really want to do something big with it.
That’s why legal is taking a lot of time, too, because when you have this new component in the structure, you have to make it really solid in terms of IP, in terms of trademarks, and stuff like that. To end on the roadmap, I think it’s important to communicate that our goal is to grow both in and out of the crypto world. So with other blockchains, we are doing a lot of cross-chain things. We want to grow outside of the crypto world to drive more adoption. That’s why we are putting our efforts into PR activities. We recently put a task force together in order to push the Snek brand a lot. We are currently in the process of selecting PR agencies that will be working with us to extend our visibility, not only on Twitter but also on all different social media, and to have constant content that is created to push the people to Snek.
Community Questions
Q:
Looking at the Quinita project, what strategy do you guys think that’s actually working so far for you in gaining mass adoptions into your ecosystem? Do you think this needs improving or adopting a new strategy based on the current situation of the market?
Goofycrisp:
I think we are doing great. We are always looking to improve that strategy, and I think we have come to a point where we are really known in the Cardano space, and it shows that we have been the No, 1 traded asset on the chain since we launched actually, for the last 50 days we have been on top every day, in terms of trading volume, or engagement rate of the chart on our social media. And we think at this point, we really have our foundation around the Cardano community, and we think the next steps are to explore a bit outside of this Cardano community. So this is why we are changing or upgrading our PR strategies to gain more adoption.
So one of the efforts that we did is to start this PR task force, to partner with PR agencies to really expand to other social media and to expand outside of the crypto sphere that we are in currently. We also launched yesterday our official TikTok. So we’re going to create some content on that too. And we think it will also drive adoption. The energy drink is also another way to drive adoption because it’s the kind of product that you can just really put out in the Web2 world, in events, in real life, stuff that you do. So if you have some friends, you can go out with them, have a party, whatever, and you have your energy drink with the brand on it, and this is the type of thing that will constantly drive adoption to this coin. We think we are okay with Cardano at this point and we will continue to push it. But the focus is really to grow on other chains and outside of the crypto world.
Q:
Apart from Cardano, do you have any other plans of collaborating with other blockchains like BNB?
Goofycrisp:
We are currently analyzing other blockchains, and we will be targeting where we want to go first. I think it’s important to really know your audience and to plan a real strategy to go to market on their blockchain. So it cannot be done just by us. We need to partner with some key people in the space. This is exactly what we are trying to do right now. So you will probably see those marketing efforts to go cross chain in a couple of days and weeks.
Q:
Can you talk more about the energy drink and how soon we can see it?
Goofycrisp:
Sure. Because we have all this legal stuff happening and we want to be completely legit. This is what is taking a bit of time right now, but we are at the end of it. Everything is practically finished. But we just want to be sure with everyone because, as I said before, we are not alone in this, we are partnering with another company to really support us on the production, shipping, and we are focusing on the promotion of the product, on the adoption, and also on everything that is related to Snek. So we don’t want to create just a product and sell it. We want to integrate that product into our ecosystem as an option.
So you will see, we will start to release some new mechanisms around the token and around this new energy drink. It will be fun. We think we landed something really good here. This is why it’s taking a bit of time, but everything should be done within two weeks. In two weeks from now, we will launch the presell of this new energy drink. And then once the presell is launched, it will be during a limited time, it won’t be 6 hours like the presale that we did, but it will be like a few days. It won’t be for a week completely. Once the presale has ended, it will take about three to four weeks to produce and ship everything to the people. So this will be the first batch.
We will also be working on a strategy to reopen the sale of the energy drink as soon as possible. So we will have a presale and then we will build the whole strategy on how to go to market, how to go in stores, which stores we want to go first. This will all depend on how much we are able to raise during the presale and what is our engagement. But so far we are looking very good. The views that we have on our video are simply amazing. We already have some buyers from real store that have come to us and say “okay, I want this product”, because there’s not so many products that can do this amount of visibility in two days on an unexpected launch. So yeah, we are very happy with the results so far.
And you can expect about four weeks at the end of the presale to get your energy drink. Maybe I can add some details about it. So we will be selling them in cases of twelve cans. It’s going to be twelve hounds. We know that shipping worldwide is really complex, but we take this two weeks of time that we have right now with the layer to try to build a strategy to ship to the largest amount of countries that we can. Originally we wanted to launch only in the US and Canada, because we have this small delay with the lawyers, we will take this and transform it into an opportunity to really try to expand our shipping to other countries. That’s what we are working on right now.
Q:
Is there any other social media in the community that the community should follow about Snek or to interact with the team?
Goofycrisp:
Yes, sure. So like I said, we just launched yesterday our TikTok. So go follow it. We released it on our announcement in our Discord and also on Twitter. So follow us on Twitter @snekcoinada. We have a Telegram, we have a Discord and we have this new TikTok account. So everything is in place to be everywhere and yeah, just want to thank the community for having been supporting us since the start. We would not be here without all the community members. It has really been an amazing journey so far and we will continue this and it will be fun.
Another thing to mention is our stake pool. We launched a stake pool last week. Like I said, we are already at 21 million and we will be releasing the reward structure very soon. So right now you can earn typical ADA when you delegate to a pool. So you can earn the ADA right now, but we are adding SNEK rewards as well. The SNEK reward structure will be announced really soon and everything is currently good to go for starting the reward distribution as soon as we are in our epoch that we are minting blocks.
