This just in from the LAMINA1 core team and Open Metaverse Foundation — LAMINA1’s Tokenomics & Governance plan just underwent a major update in the lead-up to Airdrop, staking, and the L1 token listing. Read below for details.
This just in from the L1 core team and the Open Metaverse Foundation — our first community-wide airdrop, Airdrop Beta (ADb), is now live and we have a new version of the LAMINA1 Governance & Tokenomics whitepaper published and ready for community review.
The paper’s release follows an AMA on Friday, 7/19 with LAMINA1 CEO Rebecca Barkin, who publicly announced the following updates to the Foundation plan (originally released in April 2024). These changes have had direct impacts on the ADb airdrop, the upcoming launch of staking, and other critical components of our ongoing launch of LAMINA1 Mainnet, and include:
- Unlock Rates: LL1 unlock rate has officially been increased to 5% (from 3%). Additionally, the RL1 unlock rate has been increased to 10% (from 5%) — meaning rewards tokens will unlock significantly faster for builders.
- Rewards Issuance: The RL1 issuance rate has also been increased to 10%, resulting in 50M RL1 tokens going out to the community in Q1. We’ve made permanent allocations in the Rewards contract for creators and stakers and in the first quarter, RL1 will be issued in a 50/50 split between stakers and creators. Node operators on Mainnet or Betanet will not be a part of this initial rewards issuance, since they’ll be operated by the Translaminal team and OMF in the first year of launch.
- Governance Structure: OMFMA has officially been renamed to OMMA (the Open Metaverse Monetary Authority), and will be joined by the Open Metaverse Arts Council (OMAC) as an additional branch of governance consisting of appointed and elected members whose sole purpose will be to distribute rewards and grants to creators and fans.
- New Rewards Token: Instead of combining staking and voting functionality into a single token, we’re now breaking these apart into separate STAKE and VOTE tokens — where STAKE tokens impact your rewards multiplier based on the duration/amounts you’re staking, and VOTE tokens are used to participate in platform governance. We believe this makes voting in the platform less financially-motivated.
- Insider Limits: Finally, founders and investors are now subject to cliffs/restrictions that will prevent them from gaining personal advantage on staking. As before, founders and investors will be receiving LL1, just like Lamina1 community members who are eligible for the ADb Airdrop.
All that said, the general shape and mission of the L1 tokenomics and governance plan will remain the same as detailed in the original paper. An elected monetary authority, the Open Metaverse Monetary Authority (OMMA) will be a critical component to controlling inflation, rewards allocations and other economic levers. Staking will incentivize long-term holders of L1 tokens and builders who re-invest in supporting the network. The Lamina1 community will work with a rewards smart contract to direct rewards and facilitate governance decisions on the platform.
LAMINA1’s core economy will be composed of the following tokens:
- L1: The primary currency of Lamina1, used for gas fees, transactions, smart contracts and governance.
- LL1 Tokens: A.k.a “Launch L1” delivered to the L1 community as a whole; they are locked at launch and gradually unlock for use within the network.
- RL1 Tokens: A.k.a. “Reward L1” issued to various participants (e.g. Validators, Stakers, LAMINA1 Creators) based on the Rewards Contract’s provisions. These innovate on the idea of mined tokens in other chains.
- VOTE Tokens: Soulbound tokens issued instantly to Lamina1 users who lock their L1, enabling them to participate in governance decisions.
- STAKE Tokens (new): Issued to users who stake, serving to multiply their rewards earning potential on the platform.
Key metrics released in the updated whitepaper include:
- Total Monetary Supply: The LAMINA1 blockchain will have a total supply of 1 billion L1
- Wrapping: 500M L1 will be wrapped in the RL1 contract. 500M L1 will be wrapped in the LL1 contract.
- Community Allocations: At launch, the Rewards Contract allocates tokens as follows:
- 50% to the Creators Contract, which will go to funding new projects, creators and partners on the LAMINA1 platform
- 50% to the Staking Contract, a contract which gives STAKE tokens in exchange for locking/staking L1.
- Unlock Rates at Launch:
- LL1 Tokens: 5% per quarter
- RL1 Tokens: 10% per quarter
- Issuance of New RL1 Tokens: 10% per quarter of remaining RL1 tokens
- Airdrob Beta (ADb) Allotment: 32.5MM LL1
Future updates to the governance & tokenomics whitepaper will include more detailed information on OMAC governance, voting mechanisms, and VOTE tokens — which are currently in the works with the Open Metaverse Foundation. Expect this third update to release alongside the launch of staking on LAMINA1.
For more information about LAMINA1 governance and tokenomics, we encourage you to dive deep into the new paper, and provide any thoughts, feedback or inputs you have on the #governance-whitepaper channel on the LAMINA1 Discord.
Thanks so much in advance for your inputs, and let’s keep building together!
