Tokenomics Update
What a journey the last few of month have been. We competed in the Hack Cardano Hackathon hosted by Cardstarter and we placed in second place. The validation of our idea and support from industry experts has given us a renewed confidence to execute our vision and mission.
After consultation with the Cardstarter team, we have reworked our tokenomics. The new tokenomics will deliver more value to the Bora Finance Community.
TL:DR The BORA community will receive 69% more tokens with the new tokenomics vs. the initial tokenomics.
Please read further below to learn more about the changes we implemented.
How does the new tokenomics compare to the old tokenomics?
The Bora Finance protocol has the BORA Token ($BORA) as its native network token. BORA tokens are used for governance, and to incentivise and reward users for performing different operations on the network.
The table below offers insight to the changes made:
In the 1st version of the tokenomics the BORA community would have received 32% of the tokens, with the UPDATED TOKENOMICS the BORA community will receive 54% of the tokens — Bora Finance has increased the tokens allocated for the community by 69%.
Breakdown of the new tokenomics distribution:
At the Token Generation Event (“TGE”), 1,000,000,000 BORA tokens will be created by the issuer. This will be the final and fixed amount of BORA in existence, and it will not change.
Community Rewards: Bora Finance will use 24% of all tokens to issue as community rewards. The rewards will be given for using the platform and to rewards BORA token holders that stake their BORA while the team build out the product over the coming months.
Angel, Seed and IDO rounds: Bora Finance will use 30% of all BORA tokens issued to fund the initial development of the protocol and product.
Development Reserve: 24% of the tokens are allocated for the development reserve. The Development reserve is used to raise future funding in order to scale the product.
Team and Advisory: 18% of all BORA Tokens issued will be used as incentive for the team and the advisors.
Liquidity: 4% of all tokens will be used to fund the initial liquidity required for the launch of the protocol.
Token Vesting
The Bora Finance Token vesting is designed to benefit our community and incentivise the team for the long term.
Below is a summary of the token release schedule:
All the tokens will be distributed after 24 months. The team tokens will be released over an 18 month period beginning 6 months after the TGE. In contrast, our IDO investors will have no lock up period and thus 100% of the tokens will be unlocked at the TGE.
Concluding Remarks
The BORA token will soon be made available for sale to the public. Our tokenomics is designed to benefit our investors and use token lock up periods to incentivise the Bora team for long term performance.
The details of the IDO round will be announced shortly — we will do our IDO through the Cardstarter platform. Please make sure to follow our social media channels to stay up to date with the latest news from the Bora Finance team.
“If you want to go fast, go alone. If you want to go far, go together.” — old African proverb.
We at Bora Finance want everybody to be part of the journey. Join our community and become part of this life changing journey, follow our official channels to keep up to date with the latest news:
Telegram Community Group https://t.me/borafinanceofficial
Twitter https://twitter.com/BoraFinance
Website: https://borafinance.io
