Wen is a Solana-based memecoin built on the idea of fractional NFTs. The viral poem below titled 'A Love Letter to Wen Bros' written by the anon founder of Jupiter (JUP) platform was split into a trillion pieces and traded like normal Solana tokens. Each person who holds WEN also has rights to a small portion of the poem. ^[1][2]

A Love Letter to Wen Bros

Overview

Launched in January 2024, Wen is a memecoin built on the Solana blockchain that garnered attention following a large-scale airdrop to over 1 million wallets. This distribution was conducted as part of a broader testing initiative by the decentralized exchange aggregator Jupiter (JUP). The creation of Wen was inspired by the poetry of Meow, the anon founder of Jupiter. Meow’s poem, “A Love Letter to Wen Bros,” has been transformed into a digital asset, an NFT. Eligible recipients included active Jupiter users, holders of various NFT projects on the platform, and owners of the Solana Saga smartphone, with each qualifying wallet receiving an airdrop of 643,652 WEN tokens. ^[4]

"Today is a special day, $WEN will make its entrance into the Solana blockchain. The Wen Foundation is not only debuting a community coin, but a brand new NFT standard - WNS 0.0. Let's break some barriers, create history, and most importantly - have fun" - the team tweeted during launch^[5]

The WEN token is associated with the "Wen" meme in the Web3 community and aims to introduce decentralized governance to promote innovation and raise awareness of Web3 technologies. ^[4]

In January 2024, the value of WEN declined due to a burn that was ultimately a "sell the news event". Two days prior, the WEN team announced that it would be burning 27% of its token supply that went unclaimed during its three-day airdrop. However, traders had already factored in the impact of the supply dropping by over 270 billion tokens, which caused a price decline. ^[8]

Technology

Wen’s digital currency is based on the concept of the fractional NFT, a type of NFT that’s been broken into smaller pieces. To create Wen, the aforementioned viral poem was first turned into an NFT and then divided into 1 trillion individual pieces. All of these “fractions” were then attached to an individual WEN token. The result is a system in which each token represents ownership of a small portion of the NFT’s digital assets. ^[1][7]

To create this new crypto design with fungible tokens representing NFT ownership, the Wen team invented a new token standard for NFTs. The Wen New Standard (WNS) is an open-source creation system for NFT projects that can be accessed by all community members. It was designed on the LFG Launchpad built by Jupiter. This token launch network is backed by the popular Jupiter swap aggregator and runs on the Solana blockchain. ^[7][6]

Tokenomics

Wen has an original total supply of 1 trillion tokens. 70% of the total supply was allocated for Airdrop, 20% to the Liquidity Pool, and 10% to the Treasury. ^[1]

Utility

The Wen meme token operates as a memecoin with elements of decentralized governance through its association with the WEN DAO. It serves as the governance token for WEN DAO, allowing token holders to participate in decision-making processes. Market dynamics and volatility impact WEN's value, while integration with NFT and DeFi platforms within the Solana ecosystem influences its utility. ^[4]

The WEN Foundation

The Wen Foundation is a group dedicated to giving back to the Solana community by supporting the development of public goods and further amplifying the message of Solana's possibilities. ^[1]

The Wen Foundation’s first contribution is Wen New Standard (WNS), an open-source NFT standard meant to be expanded by members of the community. There is no team allocation or compensation for early contributors. ^[1][6]