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Β· 4 min read
Noah Prince
Bryan Zettler

Hero

Strata has decided to sunset Wum.bo

Today we're sad to announce that, after multiple conversations and contemplation amongst the team, we have decided it is time to sunset Wum.bo.

If you participated in Wumbo/OPEN, you should use the following interface to recoup your SOL.

Everyone who participated can claim a share of the reserves of the Open Collective. This works because $OPEN uses a bonding curve directly to SOL, and team never took a cut of $OPEN (it had 0% royalties). As of writing this, $OPEN has around ~$166k worth of SOL in its reserves. This sol will be split evenly for each $OPEN. We have made $OPEN, along with every social token based on $OPEN, a fixed price bonding curve. There is no advantage to cashing out before anyone else.

For example, if there were 100 SOL in the $OPEN reserves, and 1000 $OPEN tokens, each $OPEN holder would be elligible to claim 0.1 SOL.

Thanks for giving Wumbo a try. Our team greatly appreciates you and your early support!

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Wumbo was our first foray into building on Solana and we learned a lot. In solving the challenge of launching Social Tokens on Solana, we found we needed to solve launching tokens in general on Solana. This caused us to create Strata, which has greatly improved the experience for launching and offering tokens on Solana. With this, the team opened ourselves up to more than just Social Tokens. GameFi tokens, NFT project tokens, bounties for collective efforts, DAOs, subDAOs the list goes on.

Unfortunately, of all of the token types, social tokens have seen the least adoption. Across the board Social Tokens have struggled to find product market fit.

As such, we have decided to sunset Wum.bo to focus our work elsewhere. There were multiple facets to this decision, but the main considerations were a lack of adoption, the team not having the proper skillsets to push adoption, utility, and lingering questions about the role of individuals vs communities in tokenized economies.

The Team

The success or failure of Wum.bo is ultimately on us, the team. We failed to deliver the revolutionary application that we had hoped to deliver.

The Wum.bo and Strata team has some of the best builders on Solana. We do not, however, have the kind of marketing and infleuncer relationships that can find PMF for Social Tokens. Our original thinking was to make social tokens so accessible that fans could lead the charge. After watching Bitclout, this seemed a reasonable approach. Give the community the ability to leverage tokens, and similar to what we saw with NFTs, wait for a wave of innovation. This wave of innovation never came, which meant we needed to push the innovation. That brings us to utility.

Utility

Without utility, social tokens struggle to gain traction. While speculation held during the early days of social tokens, yielding massive hype as in Bitclout, eventually speculation fails. We ran several experiments from 1/1 art raffles, to bounties that allow you to sell and crowdsource your time, to token gated chatrooms. None of these saw increased adoption, usage, or utility in social tokens.

Community vs Individual

The main issue when pitching Social Tokens to creators was that, to them, asking fans to buy their token felt like asking for charity.

Creators did not want to ask their fans to buy a self-serving token. It is one thing to ask your community to buy into a project, another completely to ask them to buy a token in your likeness. The future of Social Tokens likely will not revolve around individuals, but instead around communities and small projects. More and more brands, DJs, and personalities are opting to launch NFT collections. These share a lot of the same vision of the "Social Token Revolution" that we had envisioned.

Sometimes technology accomplishes your vision, but in a different way than you had expected.

Going Forward

The team is taking a hard look at everything we are working on, and re focusing on what matters. Thank you for joining us on this journey with Wum.bo!

Wum.bo extension uninstall instructions

β€’Β Navigate to chrome://extensions/

β€’ Locate the card for the Wum.bo extension Wumbo Extension Card

β€’Β Click the remove button and follow any additional prompts Wumbo Extension Card Remove

Β· One min read
Noah Prince
Bryan Zettler

Wumbo Open

Wum.bo Beta OPEN Distribution

If you participated in the beta of Wum.bo, you should have been airdropped netbWUM. A token which represented your overall total earnings from the beta. If you ended up holding it and not swapping for SOL in the first round of the beta distribution then congrats!

The time has come for you to be able to swap the netbWUM to OPEN, the first collective launching on Strata and the default collective for any unbonded social token. You can read more about the Open Collecive here.

At the time of this post, and the decommisioning of the netbWUM to SOL exchange, there was 388.57 SOL left unclaimed in the beta rewards pool. We have gone ahead and added an additional 10% (38.857)SOL to the pool as a thanks for sticking with us and converted it all to OPEN.

Exchange

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Chrome Webstore

You can now download the latest version of Wum.bo on the Chrome Webstore

Β· 2 min read
Noah Prince

Wum.bo is Open Sourcing and migrating its smart contracts to Strata, a protocol for Community driven Social Tokens.

During the beta, you accumulated a Total Net Worth in bWUM. After the beta, a Net bWUM token was sent out that should be in your wallet.

You now have two options. You can either exchange for SOL now, or hold on to your tokens and wait for the launch of the Open Collective

The Open Collective

The Open Collective is the first token that will be launched on Strata. It is the default token that Social Tokens will be bound to; similar to bWUM in the Wum.bo beta. There are no fees or royalties on the Open Collective. It is bound to SOL, and is intended to create a base community on which users can align their Social Tokens. The reason this is not being called WUM is because Wum.bo will sell all collective tokens, not just the OPEN collective.

Wum.bo will be using the Open Collective for all unclaimed tokens, and users that claim their tokens will default to the Open Collective. Collectives are fluid, users are able to leave to join different collectives.

Exchange

When we launch the Open Collective, we'll take what is left of the Wum.bo beta prize pool, plus some extra SOL for sticking with us, and convert it into OPEN tokens.

If you'd like to switch back to SOL now, you can use the button below:

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Chrome Webstore

You can now download the latest version of Wum.bo on the Chrome Webstore

This will eliminate the beta tags from your twitter, and we'll update it as soon as Wum.bo launches!