What is Unflake (SSM)?
Unflake's SSM token was part of the Unflake ecosystem, designed as an IOU (I Owe You) for the Assigens NFT collection on the XRP Ledger (XRPL). Its primary utility was to enable holders to exchange SSM tokens for Assigens, which were unique non-fungible tokens within the Unflake platform.
However, the token's main utility has concluded as the exchange period for Assigens has ended. This was a planned phase-out, and the Unflake team has followed through with their initial roadmap by discontinuing the SSM token's utility. Despite this, the SSM token continues to exist on the XRPL, which operates in a decentralized manner, ensuring that the token itself cannot simply disappear.
After the exchange for Assigens finished, the Unflake team committed to providing utility for the SSM token by distributing minting prizes from their collection. They also maintained a reward injection for a period through the StaykX platform, following which they planned to burn the accumulated exchanged tokens, indicating a method of reducing the circulating supply to potentially adjust the token's value.
While the SSM token no longer serves its original purpose within the Unflake ecosystem, it remains tradeable, and its future utility or value may be driven by market speculation or any new utility provided by parties outside of the Unflake brand. Owners of the SSM token were advised to act promptly to claim any pending Assigens and extract rewards through the StaykX platform before the service was completely phased out.
Who Are the Founders of Unflake?
The founders of Unflake are not explicitly mentioned by name in the information provided by the project, which is consistent with the project's theme of maintaining anonymity among its team members. However, there are some key figures highlighted:
Mike is mentioned as the founder, a prominent Mexican artist, businessman, and the original "wtfpirate." He is involved in various capacities, including as a capital investor and CEO of several entertainment boutique agencies.
JMT, a senior licensing agent, although not specified as a founder, is a significant part of the team with a well-established reputation in North American licensing.
The project takes pride in its roots and influences from white-hat hackers, retired cypherpunks, and a culture crafted from notable online communities and events. The collective ethos of Unflake emphasizes a decentralized and non-hierarchical structure, which could imply that the project's leadership is a collaborative effort rather than being attributed to a single individual. This approach resonates with their use of the phrase "Satoshi is not one, but many," suggesting a team-oriented foundation rather than a singular founding figure.
Unflake's Multifaceted Token Ecosystem
Unflake is an issuer of multiple tokens on the XRP Ledger, with each token serving different roles within its ecosystem. These include the UF₥ for transactions and marketplace activities, $WTFP for exclusive membership benefits, and the FKM XSS, UFm, and SSM tokens whose specific utilities contribute to the variety and richness of the Unflake digital economy. The diversity of tokens illustrates Unflake’s innovative use of blockchain for a complex digital ecosystem that blends art, technology, and exclusive experiences.
What Makes Unflake SSM Unique?
NFT Integration: SSM was used as an IOU (I Owe You) for the #assigens NFT collection, tying it directly to the distribution and exchange of non-fungible tokens within the Unflake ecosystem.
Limited Utility Timeline: The token's utility was based on a specific timeline and purpose – the exchange of Assigens. After the exchange period ended, the token's primary utility within the Unflake ecosystem ceased, which is a unique aspect as most tokens are designed with perpetual or long-term utility in mind.
Community Involvement: The distribution of rewards and the eventual burn of tokens involved direct community participation, indicating a more engaged and decentralized approach to token management.
Finality of Use: After a certain date, the token could no longer be used within the ecosystem, which is somewhat unusual for blockchain tokens, as they typically continue to have some form of ongoing utility or tradeability.
Decentralized Existence: Despite its utility within the ecosystem coming to an end, SSM continues to exist on the XRPL, underscoring the decentralized nature of blockchain assets which can outlive their initial use cases.
Transparency of Lifecycle: The developers were clear about the token's lifecycle and utility from the outset, which helped manage holder expectations.
The uniqueness of Unflake SSM lies in its designed purposefulness for a specific timeframe and function within its native ecosystem, as well as its lifecycle being transparently managed and communicated to its users, a practice not always seen in the crypto space.
What purpose does Unflake SSM serve?
Unflake SSM was a utility token on the XRP Ledger primarily designed as an IOU for the #assigens NFT collection, enabling users to claim NFTs within a certain timeframe. Its utility included facilitating NFT exchanges and distributing rewards. However, SSM’s utility was finite; following the conclusion of the NFT claim period, its purpose within the Unflake ecosystem ceased, leading to the burning of the remaining tokens to prevent inflation. SSM represented a temporary yet integral part of the NFT acquisition process within its ecosystem before it was phased out.
Learn more about UnFlake SSM.
Visit Unflake website.
How Many SSM Are There in Circulation?
There is an initial maximum supply of 3,499.02 SSM tokens, of which an estimated 3,499.02 SSM are currently in circulation as of November 2023.
Where Can You Buy SSM?
SSM is a token trading on the XRP ledger DEX, the most straight forward way to acquire SSM tokens would be to purchase them through XRPL DEX.
How to stay tuned for further updates?
If you wish to receive more updates about the Unflake ecosystem and the upcoming airdrop, we suggest you follow @unflake_wtf on Twitter.