Doodles has announced the launch of its own $DOOD token on the Solana blockchain. This move is accompanied by major strategic changes aimed at enhancing community engagement and expanding its audience.
$DOOD Tokenomics
Doodles has outlined a distribution plan for its 10 billion $DOOD tokens:
- 30% is allocated to the Doodles community for rewarding holders and fostering engagement. - 25% is designated to an ecosystem fund to ensure project growth. - 17% is reserved for the team, likely to incentivize developers and contributors. - 13% is for 'new blood', possibly referring to future investors, partners, or strategic hires. - 10% will go to liquidity providers, ensuring a stable market for $DOOD. - 5% is retained by Doodles Inc., the company behind the project.
This distribution indicates that Doodles prioritizes long-term ecosystem development and community support over centralizing tokens.
Doodles' Strategic Shift
Doodles initially launched as a 10,000-piece NFT collection, but over time expanded into entertainment, animation, and music collaborations with brands like McDonald's, Adidas, and Pharrell Williams. Despite high-profile partnerships, some crypto-native holders felt that Doodles prioritized corporate tie-ins over its community.
New CEO Scott Martin acknowledged this issue, calling it the “futon effect”—trying to be both a couch and a bed but not excelling at either.
> “We're trying to be a bed and a couch,” he said. “And ultimately, it's uncomfortable.”
Martin wants to refocus Doodles on its core community. The $DOOD token launch is central to this strategy, aiming to re-engage NFT holders while also reaching a wider audience.
$DOOD: A Memecoin or Something More?
When announcing $DOOD, Scott Martin initially referred to it as a memecoin, but quickly clarified that the goal is to transition it into a true utility token over time. Compliance with US securities laws is crucial, and Doodles plans to remain compliant before introducing advanced functionalities for $DOOD.
The project intends for $DOOD to launch on Solana while eventually bridging to Base, Coinbase’s Layer 2 network, indicating a focus on multi-chain adoption that benefits from Solana's speed and Ethereum's ecosystem.
$DOOD is not just a new token for Doodles but a vector for a broader strategic shift aimed at revitalizing community engagement and achieving multi-chain capability in the rapidly evolving crypto landscape.
