Tokenomics
Ease Token Launch
Update: the gvEase tokenomics have been announced. See the gvEase announcement here.
Soon the $ease swap details will be announced as well.
Currently, the Ease ecosystem will utilize the $ARMOR token. However, we plan to implement a new token that utilizes the gvToken model. This token will launch at a later date, past the launch of the Uninsurance ecosystem. The specifics of this launch will be provided closer to that date.
$ARMOR and $vARMOR token holders will be able to swap directly to the $Ease/$gvEase tokens at launch. They will receive bonuses in the gvToken system for staking in $vARMOR before $EASE token launch.
The longer they will have staked, the higher the gvEase bonus will be, as the “Growing Vote” will already have started its growth the moment $Armor was staked for $vArmor.
gvToken Model and Utility
Update: the gvEase tokenomics have been announced. See the gvEase announcement here.
gvToken stands for “Growing Vote” token. It utilizes the philosophy of Curve’s veToken model of giving more power to long-term users, but it flips it on its head by rewarding users who have staked for longer periods rather than users who lock up tokens. This increases the DAO’s security against attacks (by demanding an attacker be staked in the system for a substantial period before being able to even attempt an attack), increases fairness by allowing users who may not be comfortable with illiquidity to participate, and discourages centralization because there is no benefit to a protocol building on top of the system.
Users who stake in the vArmor system starting March 23rd, 2022 will be retroactively given an increased voting power according to the gvToken model once it is launched.
The utility of the $EASE token will be in its use in our “safety ranking” system. The parameters of the situation are still in active development and are subject to change from what is stated here. Users and protocols will be able to delegate $EASE tokens to certain protocols to increase their ranking compared to others, resulting in less tokens from that protocol being slashed when a hack occurs. This encourages protocols to compete against each other to get the highest discounts and be the safest protocol in the system.
Consistent rewards from the model will come from selling your $EASE token delegation to protocols in the same way that the veToken bribing model works. This allows users to gain consistent rewards in perpetuity without Ease needing to inflate the token supply at all.
Update: the gvEase tokenomics have been announced. See the gvEase announcement here.
Original ARMOR token details
- Ticker: ARMOR
- ARMOR token launch: 23 Jan 2021, 1800 UTC
- Total supply: 1,000,000,000 ARMOR (fixed supply, not mintable)
- 749,999,800 after token burns
Original Armor Distribution Model
1 billion ARMOR was minted at genesis with 250,000,200 Armor being burned to a dead addres. The remaining 749,999,800 will become fully accessible over the course of 2 years. The ~750MM total supply will be distributed like this (original numbers from 1 billion), inspired by the Uniswap token distribution model:
- 63% to Armor community members [650,000,000 ARMOR]
- 11.6% will be reserved for the DAO treasury which can be used by the community to support the long-term development of the ecosystem, for further product growth programs and to ensure the Armor protocol grows sustainably long term. A community-managed treasury opens up many exciting opportunities which will ideally foster a spirit of experimentation. Hence, solid governance principles will be critical in ensuring the most optimal distribution of this treasury. The following allocations are suggested at launch:
- 1.3% – bug bounties
- 4% – educational programs
- 8% – development grants
- 19% will be reserved for participants in the first 24-week token distribution event.
- 1.3% of the supply may be used to kickstart DEX liquidity on uniswap, sushiwap and balancer. This LP will not be used to farm ARMOR. When appropriate the remaining tokens will be returned to the DAO treasury.
- 0.66% reserved for airdrop to Gitcoin donors and NXM, DIP, SAFE, and COVER holders.
- This may be allocated equally to wallets who held these at various snapshots + participated in our first $ARMOR token distribution event, as a bonus. 80% of it may be rewarded using Root Multiplier and Stake Days calculations to reward long term participants the most. The remaining 20% may be rewarded as flat and equal airdrops. The specific process may be subject to adjustment closer to the time. Feedback is welcome.
- 19% will be reserved for strategic backers and partnerships to enhance the position and longevity of Armor protocol within the Ethereum ecosystem, with 2-year vesting.
- 11.6% will be reserved for the DAO treasury which can be used by the community to support the long-term development of the ecosystem, for further product growth programs and to ensure the Armor protocol grows sustainably long term. A community-managed treasury opens up many exciting opportunities which will ideally foster a spirit of experimentation. Hence, solid governance principles will be critical in ensuring the most optimal distribution of this treasury. The following allocations are suggested at launch:
- 37.09% to Armor early team members with 2-year vesting [350,000,000 ARMOR]
- 8% to future team and contributors
- 18.044% to seed team
- 0.69% to advisors