[ Thoughts on the Believe announcement ]
What we know:
- Flywheel in 2 weeks (Oct. 29th)
- Migrating to $BELIEVE (wish it was $BLV ngl)
- Supply increasing by 33% (most locked for 1yr)
My take:
It's clear to me that the market overreacted.
Yes, communication around this announcement and throughout the last six months could be a lot better. Regardless, we know:
- A powerful flywheel is coming
- Retroactive buybacks confirmed
- High-quality launches are coming
- Team confirmed more content & comms
The supply is increased by 33% (most of which will be locked for a year and vest for 4 years). The 3% for the foundation won't be sold.
Either way, as companies launch on Believe, this volume will eat away at any supply that hits the market.
The market was already bearish going into the announcement, so it wasn't the best time to reveal the increase in supply.
CT has the memory of a goldfish, so no one will even remember today when green candles come after $30M+ is put into the chart and the flywheel is in full effect.
Not to mention when the eco is pumping.
We are literally on the verge of one of the biggest vibe shifts in crypto. Don't lose your head because CT told you to.
- Fed cutting rates
- SEC easing regulation
- Buzz around tokenized startups is growing
- Successful case studies are on the way
The stars are aligning for ICM. Don't give up because you have to wait two more weeks.
Everything starts on Oct. 29th.
When I launched the original Pasternak coin on Clout (which later was rebranded to Launch Coin) back in January, I had never even purchased a Solana coin before. My belief at the time was that creators should only profit from trading fees rather than selling their own coin. As a result, no one on the team, including me, received supply in Pasternak / Launch Coin at launch.
Believe has grown into a serious platform. We’ve done over $6B in volume. At its core, contributors must have incentives that are aligned with holders. Unlike many other companies, there was no massive insider allocation weighing down supply while the protocol searched for product-market fit. We took the opposite approach: we built first, proved traction, and now the ecosystem needs a stronger foundation.
A few points to clarify:
1) The new supply is 1.33B, so 333M more tokens than with $LAUNCHCOIN, the 25% figure represents the total new supply allocated across current and future contributors, investors, and the Believe Foundation. This should have been communicated more clearly in our initial post.
2) All lockup timers start today at the earliest, regardless of existing contributions to Believe.
3) The Foundation allocation is unlocked but will be exclusively used to support $BELIEVE. The Foundation will not sell any of this 3%. Its operating runway will be exclusively funded via Believe protocol fees, and any additional $BELIEVE needed for its operations will be acquired on the open market. Both of these are much more aligned models than most other foundations.
4) There is four weeks upgrade to $BELIEVE. It will be extended if necessary. There is no ill intent in expediting the migration, we just want to launch the flywheel ASAP. Our belief is that much of the supply of the old coin is allocated to dead wallets given the complex history of the old coin.
A significant portion of existing revenue will be used to buy $BELIEVE onchain. The flywheel will begin at the end of the upgrade period (October 29), which will drive even more revenue into buybacks.
I have never been more excited about Believe. Solving this problem was a huge time drain and what some would call “tech debt.” Now that it is behind us, we can focus on what really matters: new features, new launches, new mechanics, and more content / comms.
I want to thank everyone who is believing in Believe!
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