UPDATE - PROJECT CHANGES AND TOKEN REDEPLOY

After much consideration, I have made the decision to replace the Makin Elon Safu project with a stand-alone token. The project had become extremely convoluted and many things were standing in the way of our progress.

If you were holding Hodl Elon you have already been airdropped the new token which launched on 24th January 2022. The new token is called GEN, the contract address is 0x5ba0ca8334fb6c64f5f6470c282aa859c3a4fca8. GEN will be the flagship token for the GenTokens community.

GEN launch tokenomics

GEN was launched with a 12% transaction fee on buys and sells. From this fee, 2% is redirected to holders in GEN token and 10% is being added to the BNB liquidity pair on PancakeSwap. At the moment marketing is set to 0% but there is money set aside for the initial marketing expenses.

Auto Liquidity and Marketing fees will be adjusted over time for the health of the token. Eventually, the reflection will be removed. Reflection becomes extremely diluted after reaching 5k holders, making them worthless.

GEN will be fed from other tokens. All future tokens that I create for other teams will have a transaction fee that will feed GEN. Over time this will allow us to reduce the native fees to zero. This benefits GEN in 3 important ways.

1. Reducing the fees makes the token a more attractive investment opportunity.

2. Removing the fee means that the contract doesn’t have to sell the native token, this prevents it dumping the price each time the fees are processed and reduces the red candles on the chart.

3. High fees can be an obstacle for listing on established exchanges like Binance.

The main benefit of the Making Elon Safu project was with the Hodl Elon token. This token was to be fed by the eco-system of meme tokens based on Elon’s Tweets. By feeding GEN from each new token I create for other teams we retain this benefit but without the limitations that would have previously held us back.

Why we had to stop Hodl Elon

Our plan was to feed Hodl Elon from our tokens only. Creating the meme tokens to do this would have seriously diluted our focus. We can only realistically support and promote up to 5 tokens, any more and the project would have become far too overwhelming to manage. We were already seeing complications with more than one token per Telegram group and Twitter account. This was confusing new members of the community and causing many technical problems with tools such as price bots etc. Many people were requesting a separate Telegram group for each token, but it’s very difficult to keep several groups active, and impossible for the dev to be in all of them at once.

Additionally, the eco-system of tokens was causing havoc with the way that solidity processes reflections. The contract needed to keep track of holders that qualified for rewards by constantly adding and removing people from an array. As the array grows the gas fees escalate very quickly. Even with just 100 holders we were already seeing the affects of this with insanely inflated gas fees for a basic transaction. Eventually, this would have created an ‘out of gas’ error which would have resulted in all transactions being reverted. Outside of the blockchain, the concept would have worked very well, but on the blockchain there are many limitations that prevented us from doing things the way we needed to do them.

While Hodl Elon was paused, I kept coming back to this idea of feeding one token from an entire eco-system of tokens over and over again. It was something that I really didn’t want to discard. By donating a percentage of my developer fee from each project where I create the contract, it gives us the ability to retain that amazing benefit for GEN while letting go of all of the convoluted necessities that were required on Hodl Elon. What we have ended up with is a much simpler project. A project that only has one token, but is still being fed by many others. Of course, as we are not having to manage each token, we are no longer limited. I can continue to write contracts for projects indefinitely, and each new contract adds more value to GEN.

What happens to the existing meme tokens?

There is no longer a requirement to hold the meme tokens. Previously, holding them was required to receive rewards on the Hodl Elon token. The new GEN token has a 2% reflection reward to all holders. You do not need to hold any other token.

Each of these tokens is now a stand alone 100% safe meme token (exactly what Floki Frunk Puppy was before we introduced the eco-system). The initial liquidity and auto liquidity are both burned. This can not be changed and they can not be paused or stopped in any way.

But they are based on Tweets that have already gone cold. This is the curse of all meme tokens. Sooner or later the hype that is feeding them goes away and fewer and fewer people are interested in investing. Without a solid use case to support a meme token its only hope is that the meme gets picked up by a celebrity and it moons way beyond anything it deserves. That’s very unlikely. Continuing to spend additional marketing funds on a dead meme is throwing money away. We see many tokens going down this path and they never manage to recover. They just continue to eat marketing money until the dev finally gives up.

It is my sincere wish and honest expectation that people that have been airdropped the new GEN token will enjoy gains way beyond anything that the previous eco-system of meme tokens could ever have provided. Making the shift to GEN while the project was still very small has put us on a much more profitable path.

Before replacing Hodl Elon I was looking into ways that I could airdrop GEN to holders of the meme tokens, giving them some additional value in the new token. Unfortunately this was not possible at launch. To replicate the price on Hodl Elon I had to add an additional 24 BNB into the token from my own funds. I didn’t have more to be able to cover the meme tokens too.

However, I have ear-marked 20% of the GEN supply for future airdrops. These tokens will eventually be distribute to holders of the meme tokens, but only when the liquidity to market cap ratio can support it without it negatively affecting GEN.

We are also looking at other ways to give previous holders value. Thomas has created a series of Elon inspired NFTs and we are considering gifting rare NFTs to meme token holders.

Looking Forward

Many people made a lot of money from the meme tokens, but others lost. As it is with all tokens. As much as I would love to, I can not replace that money for every holder. In order to make GEN possible I had to add 24BNB from my own pocket and 100% of the future developer fees that will continue to feed GEN are coming directly from my income. In order to make this project work, I am donating 50% of my future earnings as a solidity developer into this project. For me personally, it’s a very expensive project, but I completely believe that it will be worth it.

GEN is our new flagship token. It’s beautifully simple, robust and flexible. It has far more potential than the entire Making Elon Safu eco-system and I have created the token explicitly to ensure that nothing stands in our way to eventually get listed on Binance. Changing paths was not an easy decision, but I think now that it is very clear that it is what we needed to do. We are at the beginning of a very profitable journey. We had a little bump in the road, but now we are back on track.

The contract address for GEN is 0x5ba0ca8334fb6c64f5f6470c282aa859c3a4fca8 Click on the button below to join the GEN telegram group.