Making dogwifdots (WIFD) a sufficient asset on Hydration

Woof - dear Hydration community,

This discussion should set the foundation for a referenda to make dogwifdots (WIFD) a sufficent asset on Hydration. After receiving feedback from the Hydration community the idea would be to set the sufficient balance to 1.000 WIFD (which equals to 0.15 USD at the time of writing).

As clarified by Jose, this isn't meant to join the Omnipool. This referendum simply aim to allow that WIFD as an asset to exist on the Hydration chain, without the need for other assets in the wallet (like e.g. HDX or DOT).

What is dog wif dots (WIFD)?

WIFD is the first dog memecoin on Polkadot, a dalmatian dog - a fitting spirit animal for Polkadot. It is a community driven project to bring fun to the network and engage / onboard new people to Polkadot and Hydration from other networks. Every decision is transparently shared or developed within the community. Even if memecoins normally lack any utility, we are working on a competitive game and utility for WIFD and the Hydration community beyond that.

Why does the dog wif dots community desire being a sufficient asset?

Setting WIFD as a sufficient asset on Hydration will allow the community driven project and its members to enable further growth. One important enabler will be volume, which the DCA feature on Hydration can provide (e.g. volume is needed in order to get listed on coingecko).

Which benefits does WIFD bring for Hydration?

Beside being a memecoin and bringing fun to the table, we also attract new people from other blockchain networks. Memecoins still drive adoption of blockchain networks and the same is true for WIFD. Furthermore, we are working on a dog wif dots game and are planning further use cases like a "dog wif dots Hydration lottery", which weekly rewards HDX stakers and liquidity providers in the WIFD/DOT pool. Early draft version of the "dot paper" for the dog wif dots Hydration lottery already available and soon to be shared. Hydration is a place of dog frens and WIFD's homebase; this step will underpin this.

Let's talk volume:
With the DCA feature in place, we are aiming to generate a more consistant daily volume. For a coingecko listing we want to demonstrate a daily volume of 20k USD. WIFD already reached these areas of peak volume between 15-18k USD in the past. Depending on daily trend WIFD is currently ranking #2 behind WUD or #3 behind WUD and MYTH in daily isolated pool volume.

Beyond that, as an early memecoin on Hydration, we:

Burned Admin Rights

The admin rights for WIFD have been revoked / burned since the beginning of this memecoin project, nearly a year ago. The pure proxy was killed with all rights on 2024-05-03. Proxy account ID was 15UYP3XxPk8oY89LvQJTbnSMeUj92d7sT8Sw8ejWYVr1xXX6:

TokenID: 17
TokenSymbol: WIFD
assets.asset: Option
{

owner: 15UYP3XxPk8oY89LvQJTbnSMeUj92d7sT8Sw8ejWYVr1xXX6

issuer: 15UYP3XxPk8oY89LvQJTbnSMeUj92d7sT8Sw8ejWYVr1xXX6

admin: 15UYP3XxPk8oY89LvQJTbnSMeUj92d7sT8Sw8ejWYVr1xXX6

freezer: 15UYP3XxPk8oY89LvQJTbnSMeUj92d7sT8Sw8ejWYVr1xXX6

supply: 10,000,000,000,000,000,000
deposit: 2,019,000,000
minBalance: 1
isSufficient: false
accounts: 292
sufficients: 0
approvals: 0
status: Live
}

Please note: We are aware of that the UI on Hydration changed the admin rights status wrongly. This was reported as an issue in the Hydration github for asset metadata updates. This not change the fact that the admin rights are burned, which can be transparent checked onchain.

Burned Liquidity Pool (LP) Token

Also the DOT/WIFD LP has been burned. A pure proxy was created at the beginning of the project, funded with the LP, and has been killed immediately after.

For more details about the dogwifdots project please see: