$ARENA Is Coming
More than just a social media platform. The Arena is a movement.
Born “by the people, for the people,” The Arena embodies the underdog mentality — a grassroots, organic movement where creators unite together, build a name for themselves, and rise to heights directly correlated with the work they put in and the value they bring to the platform and the greater community.
Gladiators, you fought to revive The Arena and rebuild it to where it is today. It’s only right that you have a voice in the future direction of where The Arena is headed.
INTRODUCING $ARENA
$ARENA is an ERC-20 asset built on top of the Avalanche C-Chain, consistent with our core beliefs in the power of decentralization and the future potential of the most performant blockchain known to man.
The primary function of $ARENA will serve as units of governance. The Arena will be governed by the very Gladiators who have helped grow it to where it is today and who will help continue to steer it towards a brighter future.
1 $ARENA = 1 vote.
Each Gladiator will receive 69 $ARENA per airdrop point earned. There has been a total amount of 37,120,167 points airdropped to date to over 100k+ users, which equates to a total of up to 2,561,292,000 (2.56B) $ARENAs that will be distributed across the platform at this current time.
It is important to us that the stewards of The Arena are the most active and engaged users who continue to provide value, uplift others, create content, and have skin in the game.
For this reason, we are only distributing 10% of all airdropped $ARENAs initially, with the remaining 90% expected to be distributed monthly over the course of the next year. If users drop off and are no longer active, they will forfeit their rights to future claims of $ARENA, thereby decreasing their voting power relative to other more active users who remain engaged in the community and the platform as a whole.
In addition to the initial distribution of $ARENA to all earned airdrop points, $ARENA will continue to be distributed on an ongoing basis determined by platform activity (after $ARENA is live). The majority of $ARENA has not been distributed yet, which allows both existing users and newcomers to rise the ranks as they earn their right to vote in the future direction of the platform.
$ARENA that has been claimed is freely transferable, which allows users to exchange these assets amongst themselves. Certain users may see more value in contributing to the future direction of The Arena than others. By enabling $ARENA to be transferred in a distributed manner, this gives everyone a way to acquire more $ARENA and therefore a greater voice in the ecosystem besides just strictly earning $ARENA based on their activity on the platform.
Only $ARENA earned through airdrop points or future distribution programs will be counted towards governance votes. No $ARENA has been sold to investors. The future of The Arena will be shaped by the community and no one outside of it. The Gladiators will reign supreme.
More specific details on $ARENA will be published closer to launch.
$ARENA Governance Votes
$ARENA will utilize snapshot for initial governance votes using a majority vote structure. The very first vote will be whether The Arena should move to its own subnet or stay on top of the C-Chain.
If the majority of votes favor “Yes” to move The Arena to its own subnet, the utility of $ARENA will expand from purely governance into a native gas token for The Arena subnet.
Consistent with our vision of The Arena evolving into a Layer 1 SocialFi network with creator tools and dapps built on top, we believe that migrating The Arena to its own subnet would be a natural progression for the platform. But ultimately the decision will be up to the community.
March Madness Incentive Program
In the coming days we will launch an incentive program called March Madness. As part of March Madness, The Arena will distribute a total of up to 10 million bonus points leading up to the release of $ARENA. Points will be distributed and published frequently during the duration of the program. Activity starting on March 11th, the last airdrop, will be considered towards the program.
Three actions will be favored most heavily during March Madness: 1) Buying volume, 2) Portfolio value, and 3) Referral activity.
With this program, we aim to bring liquidity back into the ecosystem, onboard new users into The Arena and bring back old users who have not returned since before the transition, and reward those who have believed in the vision but have losses in portfolio value due to the tumultuous history of the previous platform, Stars Arena.
Additionally, the goal of the program is to spark the ticket model back into full form. As a vastly superior alternative to creator monetization than what exists with the incumbent social networks, we will be looking to solidify our Web2 partnerships with content creators, celebrities, athletes, and brands who will have a better sense of how this model will enhance their personal platforms when they see it in full effect on The Arena.
Social activity and content creation data will still be collected during this period. However, these points will be distributed retroactively as we update our algorithm to better optimize for organic content while filtering out botting activity.
