FIRST DIAMOND PEPES COMPANY REPORT

FIRST DIAMOND PEPES COMPANY REPORT

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FIRST DIAMOND PEPES COMPANY REPORT

Top of the morning employees, our first company report will go over the Gen 2 Diamond Pepe pledge details. Read along at your own leisure

Good mnueenis to my loyal stakeholders at Diamond Pepes Pty Ltd. I, Nutoro (formerly “Chutoro”), the meritocratically elected CEO of this lovely company, present to you the first report about all things ugly.

A Quick Recap

To our new employees unfamiliar with the business, our excellent product release last month graced the world with a new era of beauty. 2,222 unique masterpieces of Nu’s, Bommers and Apu’s amongst others - read through our recent blogpost written by my lovely interns.

2nd Generation Diamond Pepes

As prepared by my faithful employees TzTokChad (Employee ID #8888) and Dpx_Rae (Employee ID #6969), the much awaited 2nd Generation Diamond Pepes launch is nearly upon us. For those that do not check the daily bulletin, let’s have a look through some of the radical changes between Gen 1 and Gen 2:

Gen 1

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Playful, lovable, scarily attractive - the vanguard of the Nu revolution

Gen 2

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Fiery, feisty, rambunctious - a new rendition of an old classic

Whilst Gen 1 Pepes brought this company to the cultural foreground, Gen 2 Pepes represent a new take on a timeless classic. I understand some employees may be up in arms about me using a non-Nu Pepe in the Gen 2 example. You’d best believe that the Nu sex appeal will be making a return in Gen 2 with new and improved artwork.

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How in Nu’s Name do I get a Gen 2 Pepe?

“H…h…how do I get my clammy vaselined hands on these beautiful Gen 2 Pepes?”

Ask no further, the CEO is here to explain.

Mint Triggering

The first event that MUST occur for Gen 2 to become a reality is for the mint to be triggered - this requires 33% of the current circulating supply (1,628) of Gen 1 Pepes to be pledged.

In terms even my employees could understand:

537 (1,628 * 0.33) Gen 1 Pepes MUST be pledged for Gen 2 mint to happen.

Gen 2 mint will consist of 1,111 unique 100% non-fungible Pepes which will have a mint price of 0.88 ETH each.

Pledge for Free Mint Gen 2

“B…b…b…but Mr CEO, why would I pledge my Pepes?”

Well, my dear employee, that is why you are down there and I am up here.

Gen 1 holders will be able to pledge up to four Gen 1 Pepes to receive a single free mint Gen 2 Pepe. Each Gen 1 pledged increases the chance of a rare trait on their free Gen 2 mint by 12.5% with a maximum rarity increase of 50% with four pledged Gen 1s.

Free mints will be added to the total supply of Gen 2s meaning that there will be a total of 1,111 + [Gen 2s free minted from pledging Gen 1s] Gen 2 Pepes.

Pledge for Revenue Share

“B…b…b…but Mr CEO, increased rarity is good and all but I have a family to feed at home”

My loyal employee, they do call me CEO for a reason. Not only will pledged Gen 1s receive a free mint Gen 2 with increased rarity, they will also get a share of the revenue from the Gen 2 mint.

All pledged Gen 1s will also split 15% of the total revenue earned from minting Gen 2 Pepes. If we assume that 537 Gen 1 Pepes are burned (minimum required to trigger mint) and the Gen 2 fully sells out:

Revenue from Gen 2 Mint: 1,111 * 0.88 ETH = 977.68 ETH

Proportion of Revenue to Pledged Gen 1s: 977.68 * 0.15 = 146.652 ETH

ETH distributed to each Pledged Gen 1: 146.652/537 = 0.273 ETH

Gen 1 pledgers will receive not just a guaranteed Gen 2 mint with increased chance of rare traits but also fee distributions from Gen 2 mints. So please, hang that Gen 2 up on the wall, feed your family with those fee distributions, and share your beautiful Gen 2 Pepes in our dedicated discussion forum.

Failure to Trigger Mint

“B…b…b…but Mr CEO, what if Gen 2 mint is not triggered?”

Free Gen 2 mint. Free Gen 2 revenue share. You’d best believe at least 537 Gen 1s will be pledged. Some so-called Gen 2 ‘alphas’ will also be shared in the next company report so you’d best keep posted, employee.

A successful Gen 2 mint? My face is pictured below:

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On the off-chance that < 537 Gen 1s are not pledged then there will be no Gen 2 mint, no revenue share, and no free Gen 2.

An unsuccessful Gen 2 mint? My face is pictured below:

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Your CEO has a task for you. Clear those floors. Pledge those Pepes. Let us make Gen 2 a reality and Diamond Pepes Pty Ltd a force to behold for years to come.

The Road Forward

To my loyal employees, thank you for joining me on our first installment of company reports. Hopefully this clears up what is required for the Gen 2 mint to go ahead and the benefits one could get from pledging their Gen 1s.

Tune in next time for more updates on the utility of Gen 2s and those so-called ‘alphas’ about where the road will be taking us next.

TL;DR

  • Triggering Gen 2 mint requires at least 537 Gen 1s to be pledged
  • Gen 2s will have 1,111 mints for 0.88 ETH each
  • Pledged Gen 1s receive free mint Gen 2 with 12.5% increased chance of rarity for burned Gen 1 (up to 50% increase) AND 15% of revenue from Gen 2 mint
  • Nueenis

Yours sincerely,

Nutoro

CEO of Diamond Pepes

CA CFA MBA MD PhD LLM

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