Now Live for Community Review: L1 Governance & Tokenomics Whitepaper
This just in from the Open Metaverse Foundation — LAMINA1’s Tokenomics & Governance plan for Mainnet launch (beta version). Preview the paper and provide your thoughts via the community CTAs & Quests below.
This just in from the Open Metaverse Foundation — the beta version of LAMINA1’s Tokenomics & Governance plan for Mainnet is now open for public review and commentary by stakeholders across the L1 community.
The paper’s release follows an exclusive AMA we hosted on Friday, 4/19 with the Open Metaverse Foundation’s Peter Vessenes, who previewed his plan for governance, token rewards, voting power, and beyond on the LAMINA1 platform.
For those interested in learning more about the session, a community recap from community member EdKeyes can be accessed here. (Secret code for that AMA: OP3NM3T4F0UND4T10N!)
Now, we’re calling on all L1 community members to join the LAMINA1 core team, founders, investors and partners this week in diving deep into the Foundation’s latest beta draft, and providing feedback/commentary in the lead-up to Mainnet launch.
Whitepaper Overview
The LAMINA1 governance model, designed by LAMINA1 co-founder Peter Vessenes, is intended to empower the Open Metaverse economy through a novel staking and voting monetary system that draws on lessons from traditional central banking and decentralized on-chain governance.
Totally new to the crypto industry is integration of a central banking function. The Open Metaverse Monetary Authority (OMFMA) will oversee monetary issuance matters, and the Lamina1 community will work with a rewards smart contract to direct that issuance and facilitate governance decisions on the platform.
Under this system, LAMINA1’s core economy will be composed of the following:
- 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 and staking.
Key metrics released in this paper 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. ~490M L1 will be wrapped in the LL1 contract.
- Community Allocations: At launch, the Rewards Contract allocates tokens as follows:
- Node Operators: 15% of reward tokens
- Lamina1 Ecosystem and Creator DAO: 15%
- Voting Contract: 70%, which distributes VOTE tokens in exchange for locking L1
- Unlock Rates at Launch:
- LL1 Tokens: 3% per quarter
- RL1 Tokens: 5% per quarter
- Issuance of New RL1 Tokens: 10% per quarter of remaining RL1 tokens
We don’t want to color your understanding or feedback on the paper too much, so we’ll leave it at that, while encouraging you to read the paper in its entirety. Note that a full suite of community resources will be released alongside the paper once it is finalized between the Foundation, the LAMINA1 core team, and its stakeholders.
Once you’ve finished reading, see below for community-wide Quests and Activations we’ll be releasing this week alongside the preview to solicit your inputs and feedback before we publish our official governance plan and contracts around Mainnet launch.
Community Quests & Activations
As we mentioned above, the Open Metaverse Foundation needs your help, inputs, feedback, and tenacity to ensure they’re rolling out a Governance model that is clear, transparent, and embraced by the LAMINA1 community.
On Friday, we launched a new #governance-whitepaper channel on the LAMINA1 Discord where we’ve already begun compiling community questions and commentary around the new model, and will be releasing a new badge later today for everyone who participates in reviewing the latest draft.
Additionally, we’re dropping a community-wide feedback form for the upcoming whitepaper, where we’ll be gathering stats on sentiment, pros and cons, and questions from community stakeholders around the world as we put the final touches on this paper over the next couple of weeks.
Finally, we’d like to invite the L1 community to join us for another AMA this Friday, 4/26 at 12pm PST / 7:00pm UTC for a follow-up AMA on the Governance Whitepaper.
Please note that all of these Quests will be taken down alongside the LAMINA1 Zealy platform on Friday, 4/26 at 11:59pm PST so we can make a final pull of on-chain and community activity for upcoming rankings, early access initiatives, and incentives/rewards.
Thanks so much in advance for your inputs on the upcoming paper. We can’t wait to continue forging ahead to LAMINA Mainnet together.
