$MANGA Floor Price Fund
A fund meant to stablise the price of $MANGA and $PILL
Strengthening the Manga Token project will benefit all our sub-projects in the long haul.
To kickstart the $MANGA Floor Price Fund, we will be committing a portion of our proceeds of Fade Away Bunny to build up this fund.
The breakdown is as follow:
- 10% of our initial sale will go into the Floor Price Fund
The floor price is the price at which the fund will buy back $MANGA from the open market to burn. This is activated when the open market price falls below or reaches the floor price. The price at which $MANGA will be burned:
Floor price = 0.9 * Capital / ($MANGA Circulating Supply)
The 0.9 factor leads to the floor price increasing as $MANGA is burnt.
An example to illustrate this:
- If there is 1000 USD of capital in the floor price fund and the total supply of $MANGA is 100, then 1 $MANGA can be burnt for 9 USD (0.9 * 1000 / 100)
- The capital remaining in the floor price fund would be 991 USD, while the $MANGA circulating supply remaining would be 99
- After this burn, the floor price would now be 9.009 USD (0.9 * 991 / 99)
This fund will be made up primarily from 50% of the royalties earned from marketplaces. Our royalties will be set at 10% on Opensea and all other marketplaces. This means that 5% of any sale of the bunny on any marketplace will go into the floor price fund and the other 5% will go into continuous marketing and improvement of the Fade Away Bunny collections project.
To kick start the fund, we will allocated 10% of the proceeds of the initial Fade Away Bunny sale to the fund.
Our goal is to increase the floor price which will directly help increase the price of $MANGA and $PILL.