CryptocurrenciesTokensFriends With Benefits
FWB Pro is a new token created to address the Roll social token exploit that happened on 14 March 2021. The New token contract is here: https://coinmarketcap.com/currencies/friends-with-benefits-pro/ . For more info please refer to https://twitter.com/fwbtweets/status/1371545347416231937?s=21
FWB

Friends With BenefitsFWB

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What Is Friends With Benefits Pro (FWB)?

Friends With Benefits Pro (FWB) is a decentralized autonomous organization (DAO) that focuses on the intersection of technology and culture. It’s the follow-up token from Friends With Benefits (FWB), which suffered from an exploit and had to be relaunched for security reasons. The Friends with Benefits DAO sees itself as a collective of unique individuals pushing for a bright future. It mainly focuses on community fundraising for interesting projects. Friends with Benefits stresses the following key principles, which all community members have to adhere to:

  • Shared identities
  • Diversity
  • Inclusion
  • Responsibility
  • Peace of mind

Who Are the Founders of Friends with Benefits Pro?

Friends with Benefits is governed as a DAO and thus has no single founder. The most visible and well-known member is Cooper Turley, a 25-year-old blockchain and Web 3.0 specialist who has managed and advised several blockchain projects since joining the space in 2017. He was managing director of Fitzner Blockchain Consulting and an editor and contributing writer to DeFi Rate and The Defiant, two popular decentralized finance (DeFi)-related news outlets. For the last two years, Turley has been advising Audius (AUDIO), a decentralized music streaming service and has positioned himself as an authority on DAOs and social tokens.

What Makes Friends with Benefits Pro Unique?

Friends With Benefits Pro (FWB) is continually working on different Web 3.0-related projects that are all related to advancing the decentralization of various web services.

For instance, Works in Progress is the DAO’s own editorial outlet that regularly publishes pieces about decentralization, fractionalization of ownership, and other Web 3.0-related topics. Gatekeeper is the organization’s own Web 3.0 ticketing software for real-life events. Gallery is FWB’s auction platform and non-fungible token (NFT) gallery. Friends with Benefits also hosts hackathons, real and online chats with Web 3.0 influencers, and token-gated parties in different cities worldwide.

FWB Pro has a Discord server that becomes fully accessible for members that hold a minimum of 60 FWB. It emphasizes that all members should share the common values of the DAO, which are elaborated as follows:

  • Shared identities. FWB thrives on trust and encourages members to share their backgrounds and social media handles.
  • Diversity. FWB respects members of all backgrounds and with various degrees of crypto experience.
  • Inclusion. new members should be treated the same way as more well-known ones.
  • Responsibility. FWB is self-policed.
  • Peace of mind. FWB does not publish stories and anecdotes shared by members.

Friends with Benefits also provides community tooling, a member directory, and access to members in one of the official partner cities (London, New York City, Los Angeles) for its community members.

Check out Rally (RLY) — a social token project.

Check out Torum (XTM) — another social token-focused project.

Read our explainer guide to DAOs.

Get the latest crypto news and latest trading insights via the CoinMarketCap blog.

How Many Friends with Benefits Pro (FWB) Coins Are There in Circulation?

The total supply of Friends With Benefits Pro (FWB) is 1 million. After the previous version, FWB Classic was hacked, token holders were reimbursed 1:1 for their previous holdings. Wallets that had held FWB Classic prior to the hack and purchased additional FWB Classic thereafter, received airdropped FWB Pro on a 0.25:1 basis. The token distribution is as follows:

  • Circulating (40%): held by existing members
  • Community treasury (35.6%): retained by the DAO to be used at the community’s discretion and distributed through governance proposals. No vesting in the treasury.
  • Team (19.9%): vested over one year, with a six-month cliff. Includes a 7.33% options pool for future contributors.
  • Liquidity lords (4.4%): allocated to victims of the hack.

How Is the Friends with Benefits Network Secured?

Friends With Benefits Pro (FWB) is an ERC-20 token on Ethereum (ETH), which is one of the most popular blockchains out there and is the go-to solution for many decentralized application (DApp) developers. A set of nodes validate transactions and secure the Ethereum blockchain, and the network is in the process of transitioning from using a proof-of-work (PoW) consensus mechanism to proof-of-stake (PoS).

The DAO is community-governed and the community treasury is subject to a 4/7 Gnosis Safe multi-signature operated by the FWB Staff. The initial signers of the multisig are:

Where Can You Buy Friends with Benefits (FWB)?

Friends With Benefits Pro (FWB) is available on Uniswap (V3), and Uniswap (V2).

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