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SPACE TOKEN
SpaceFi is a cross-chain web3 platform on Evmos and zkSync, with DEX+NFT+Starter+Spacebase as initial product. This paper is our initial vision of SpaceFi tokenomics, including thoughts on distribution, incentives and governance, to allocate SPACE tokens to stakeholders most aligned with the strategic direction of SpaceFi.
🧑🏼🚀 Note 1 (2023.05.06):
As the discussion in community, we plan to cut the Max Supply of $SPACE from 600M to 100M. When reaching (in about 2 years), the community can also decide to increase the emission if needed. As current daily emission is about 1/3 of plan, the initial supply will be burned 40M (2/3 of 60M), reducing Current Total Supply from 67,179,721 to 27,179,721. Daily emission can be adjusted to match the growth of SpaceFi.
🧑🏼🚀 Note 2 (2023.02.21):
Evmos Proposal #109 was passed on 2023.01.25 to grant 1M EVMOS to SpaceFi as liquidity incentive. SpaceFi will be fully launched on Evmos mainnet first, and later launched on zkSync mainnet to connect both. Some adjustments to the tokenomics in the previous discussion as below:
1. Rename the token as SPACE and Reduce the max supply from 1.2B to 600M (more than 10 years).
2. Set the initial token emission as about 0.125M SPACE/day on Evmos mainnet, and it will increase if the incentive increases or launched on zkSync mainnet.
The initial emission of SPACE token will be about 125000 SPACE / day, 70% of which will be used for farming rewards, i.e. 87500 SPACE / day. We will allocate 2/3 of the SPACE farming reward to EVMOS Liquidity Incentive, i.e. 58350 SPACE / day. The remaining 1/3 will be allocated to SPACE & Planet NFT staking and other liquidity incentives.
3. Introduce xSPACE, a non-transferable escrowed governance token, which is converted by SPACE 1:1 locking with a 30 days unbonding period. If choosing to unbond instantly, 50% SPACE will be converted back and the other 50% SPACE will be burned.
SpaceFi will have an initial supply of 20M $SPACE tokens at genesis (10M on Evmos mainnet and 10M on zkSync mainnet), for airdrop, IDO, and strategic reserves. This will balance early contributor incentives and future development needs to pursue long-term benefits with the community.
The daily emission can be adjusted to match the growth of SpaceFi (current daily emission: about 150k on 2023.05.06). This will allow $SPACE to reach the Maximum Supply of 100M. When reaching, the community can also decide to increase the emission if needed.
*As an initial distribution plan, the token emission, decay rate and schedule can be adjusted through governance.
- 70%, allocated to mining rewards, for liquidity rewards, staking, trading mining, etc.
- 10%, allocated to DAO treasury, through governance, for ecological construction, strategic cooperation, etc.
*The above ratio can be adjusted to coordinate short-term and long-term interests.
If certain individuals on the initial development team are no longer part of the network, the community may choose to reclaim any unpublished tokens and redirect them to the new program.
Last modified 28d ago