This is the final article of the series where we introduce Rayls. If you want to start from the beginning you can go to the first article.
The RAYLS Token (RLS)
The Rayls Token (RLS) was created to become the utility token of the Rayls ecosystem. The token’s main goal is to create and foster a thriving community of users, developers and institutions, connecting both Rayls Public Chain and Rayls Subnet users in a single ecosystem.
- Institutions using Rayls Subnets pay for private transaction fees that are ultimately converted into RLS and distributed back to the community.
- Rayls Public Chain users use RLS for a range of utility uses as outlined below.
These work together like the two sides of a sandwich: the more transactions and activities in the Rayls Public Chain and the Rayls Subnets, the more demand for RLS.
Most crypto projects today focus too much on the ‘supply side tokenomics’ (i.e. distributing the token to a large number of people, hoping that eventually someone will find a reason to use the new chain).
We however, like to focus on the demand side in addition to the supply side. Rayls has real institutions generating demand for transactions and services, and consequently helping create a strong ecosystem and token for Rayls.
Technically, the RLS token is a ERC20 token, originally minted in Ethereum but available in the Rayls Public chain and other compatible EVM Chains.
Token Allocation & Distribution
RLS Token Allocation prioritises the Community first and foremost, without a thriving community, Rayls will never reach its full potential.
This is why half of the token allocation is reserved for the community, and over time even more of the total supply will be directed to the community, as staking and Subnet redistribution comes into play.
Initial contributors and locked investors have a long vesting schedule of 1 year cliff + 4 years vesting (15%, 25%, 30%, 30%). This is to ensure that everyone that has been or is involved with developing Rayls, has a long-term view on the project and its success.
The Community & Ecosystem Development pot will be distributed over time by the Rayls foundation. The distribution of the community bucket will be carefully done to dilute the effects of any token unlockins that happens over time.
RLS Token Use
There are several uses for RLS. At its core, RLS is a Governance Token and a utility token used to pay for gas in both the Public Chain and the Subnets.
As part of the Rayls decentralisation roadmap, all decisions will migrate to a DAO structure and RLS will function as the DAO’s goverance token.
There are additional uses for the token that have been envisioned but are not yet fully fleshed out. We list them below for visibility.
From Day 1:
- Governance Token
- Gas for Rayls Public Chain
- Gas for Subnets (indirectly — payment in FIAT, converted to RLS)
Future Plans:
- Staking Token for Rayls Validators
RLS Timeline
- May 2024: Token minting in Ethereum & Initial Distribution
- Q3 2024: Launch of the Rayls Public Chain & Start of Community Distribution
- Q4 2024 onwards: Continuous distribution of RLS
Check out the other articles in this Series
