Groceries Wit Bag
If you’ve spent anytime in the cryptosphere over the past two weeks, you’ve now seen or heard of the Algorand Foundation’s grocery store commercial.
When the video released it took over the feeds of everyone in the Algofam. Shortly thereafter, it took over the feeds of everyone in crypto twitter. Algofam rallied around the video, calling it the first step towards a new era of protocol marketing. Meanwhile fans and shills of other chains quickly took offense to the ad. Protocols not even mentioned decided to inject themselves in the conversation as well.
There isn’t enough space in this medium article to post screenshots of all the seething, but needless to say, Mt. Copium was forged that day. Nevertheless, the ad served its purpose and displayed Algorand’s superior technology to an entire globe of crypto users. We doubt the commercial producers ever envisioned the ad travelling as far as it did.
Some of the common “clapbacks” to Algorand included:
- Can’t have failed transactions if no one uses your chain (false)
- All 7 Algorand users (false)
- High TPS ghost-zombie hybrid chain (false)
- Why don’t you fund a blockchain explorer since Algo has zero! (false)
- People only use Algo to do swaps on Coinbase (false)
- Grow the pie, be nice to inferior tech! (false)
- Algo price dropped after the ad!!11!1!1! (false)
The external response was one of confusion and dismay. How could a coin ranked in the 60s be better? How could a technology with so little users have the audacity to come at sOlAnA or Bitcorn? The stages of grief upon the realization that Algorand just works came hard and fast for a lot of twitter users & media writers.
The ringleader of copium dealers was a sOlAnA shill with the confusing tag of @0xMert_. He likely had a seizure at some point in the day, as he vomited fake news & FUD about Algorand for 7h straight. He even stooped to personally attacking Algorand CTO John Woods as a way to deflect from sOlAnA’s inefficiencies and tx data spoofing.
The above tweet, an additional tweet about Algorand having only 7 users, and the general CT/reddit coping is what led to the creation of Groceries Wit Bag. If a literal “dog with hat” is the crown jewel of sOlAnA, we can make “groceries with bag” just as big. For starters, we can fluff its valuation the same way sOlAnA fluffs their TPS through failed tx.
ASA Details:
Ticker — GBAG
ID — 1882181253
Supply — 7,000,000,027
Tokenomics — 7B to a stake pool | 27 to a LP
Decimals — 1
Pera
Allo
The supply of 7B represents one billion to each of the seven Algorand users. The extra 27 comes from the time it took for the BTC transfer to confirm. The spare 27 tokens will be used to form a 1:1 LP with ALGO, which will give it a 1B+ market cap (yes, this is a meme).
For GBAG to reach “double the economic security” status, it has to be organic and solely from within the Algorand ecosystem. When exploring tokenomics and distribution of GBAG, there were a variety of options.
Rather than airdrop the entire supply to a random assortment of twitter users, or pass the token around like a joint to Algorand projects, we felt the fairest and easiest way was to let the entire supply of GBAG be mined by people familiar with Algorand Dapps & functionality. This is where the stake pool comes into play.
Starting Thursday May 30, 2024, Algo users can start mining the entire supply of GBAG by staking GAIN in a Cometa pool. The pool will last for 27 days and carry a 10 day time lock to claim GBAG. 259M GBAG will be emitted each day through the stake pool.
I’ve claimed my GBAG — now what?
Do whatever you want with it! Form a LP with your favorite ASA and drive ecosystem liquidity & TVL. Send it to your no-coiner/no-Algo friends so they can get their hands on Algorand’s superior technology. Airdrop it to your NFT holders. Make it rain in the Algo Leagues Bot. There are a ton of possibilities.
The best way for GBAG to succeed and enhance Algorand’s “economic security” is for Algofam to be as creative as possible with their Groceries Wit Bag. Most of us know the meme coin casino on sOlAnA is driven by VCs, P&D artists, scammers, and pure greed. But, Algorand’s first billion dollar meme token will have to forge its own path — one decided by the Algofam.
As exactly 0% of the supply is reserved for the Gainify team, liquidity, marketing, or any other tokenomics allocation, the growth and success of GBAG will be determined by the people mining it. We believe in Algorand, we believe in the Algofam, and we believe there is desire to capture external attention through meme coins. Now we all have the opportunity to build a blue chip meme together — a meme that happens to be based on Algorand’s greatest day.
We’ll see you mining this Thursday!
