Grove Subchain and GROVE utility token set to launch in April powered by Theta Metachain and EdgeCloudAI.
The launch of the Grove subchain on Theta and GROVE tokens is just around the corner in the next few weeks! GROVE is a TNT-20 token natively built on the Theta blockchain that users can acquire to purchase in-app items and inventory in the soon-to-launch GroveWars 3D Character Builder app shown below and the GroveWars Web3 gaming experience later in 2024–2025.
By staking GROVE tokens, users can also help govern and secure the GROVE subchain on Theta Network and earn more GROVE tokens as staking rewards. All Theta validators and guardians will also be rewarded with GROVE tokens, as will, in the near future, all Theta edge node operators that participate in processing Grove’s 3D Rendering and AI related jobs and workflows. For more information, please refer to the full GroveWars whitepaper.
Token Generation Event Details
The GROVE token generation event (TGE) will take place later in April 2024, and the token will be available for purchase and trading on various decentralized exchanges (DEX) to be announced soon. GROVE tokens can be stored and viewed within Theta wallets and on the Theta explorer. Users can immediately start staking GROVE to help govern and secure the GROVE subchain on Theta network via GroveWar’s website on https://www.grovewars.com/.
Token rewards for Theta Edge Node operators who help manage 3D and AI related workflow tasks will be launched in the upcoming months, and the first set of GROVE airdrop to Theta validators and guardians will occur approximately three months after the TGE.
Twelve million five-hundred thousand (12.5 million) GROVE or ¼ of the allocated 50 million GROVE will be distributed proportionally to all THETA validator and guardian stakers in this first phase. Thereafter, the remaining GROVE will be distributed in each of the remaining three quarters through April 2025. For other distribution details, please refer to slide 21 of the whitepaper.
GROVE Token Details
Ticker symbol: GROVE
Decimals: 18
Total supply: 1 billion GROVE
Total minted at TGE: 850,000,000 (850 million) GROVE, most are vested/locked and remaining 150,000,000 (150 million) via smart contracts as rewards for staking GROVE.
GROVE Utility
GROVE will offer three main utilities in the coming months, with more to be announced later in the year:
- Users will be able to utilize GROVE tokens to make a variety of in-app and in-game purchases and enhancements including (i) character features and customizations, (ii) apparel, (iii) weapons / battle items and (iv) additional items to be determined upon launch.
- Users will be able to use GROVE tokens to mint 1:1 NFTs that represent the character builder 3D model with a main character, and any combination of weapons, apparel and accessories.
- Users will be able to utilize GROVE tokens to participate in periodic GroveWars tournaments, seasonal events and additional in-game activities to be announced.
GROVE FAQs
What is GROVE and how will it be used?
A Theta TNT-20 token, GROVE will be launched to create in-game utility and enhance the user experience for GroveWars and its associated 3D Character Builder application for users around the globe.
The business model of free-to-play gaming monetized through in-app purchases and microtransactions has long dominated the digital gaming landscape throughout the Web2 era. With GROVE, Web3 gamers will be able to enhance their overall in-game experience, character aesthetics, and improve their GroveWars performance by making use of the expansive utility provided by the GROVE token.
How will GROVE be distributed?
GROVE will have a fixed full supply of 1,000,000,000 (one billion) tokens and will launch in April 2024. The breakdown of GROVE token allocation is as follows:
Tokens for contributing to GROVE platform
25% — Rewards for GroveWars platform (in-game rewards and the like) (4-year allocation)
15% — Rewards for GROVE Staking and Decentralized Governance (4-year period, linear via smart contract)
Tokens for Theta ecosystem partners
10% — Rewards for Theta Edge Nodes completing 3D and AI related tasks (4-year allocation)
5% — Airdrop to THETA Validators and Guardians (1-year vesting, 1/4th per quarter)
Tokens for GROVE team & reserve for marketing, partners
15% — Rewards for R&D and Core team (4-year vesting, 1/4th per year)
30% — Reserve for marketing, partners, advisors (unlocked)
