Planktoons Tokenomics

$SPANK tokenomics

Hi frands! This is an explanation on the tokenomics and utility of $SPANK. Before we go any further, 1 $SPANK = 1 $SPANK. There is no monetary value to this ERC-20 token, and it is meant only to be used as a utility token within the project’s self-contained ecosystem.

Planktoons’ tokenomics structure is meant to be a blend of participation-based earning and passive generation via staking. To our knowledge, it is the only project to have implemented this type of structure using POAPs (Proof of Attendance Protocol). This is a reward system for those who are actively engaging in the Planktoons community and choosing to spend their time with us!

$SPANK for POAPs

Members can collect $SPANK from POAPs, but to spend it on the marketplace (launch May 19th, 2022), one must hold a Planktoons NFT in the wallet they connect to the marketplace. The $SPANK value of the different POAP rarities are as follows:

Note: There will only be 10 legendary POAPs distributed per quarter.

$SPANK for Staking

Members can stake their Planktoons NFTs for 1 $SPANK/day per NFT staked through https://app.planktoons.io/staking

Total Token Supply

• The supply designated for airdrops is currently reserved as rewards for those who collect Planktoons POAPs.
• The Team Multisig supply will be used in marketing efforts to onboard new users as well as to promote interoperability with other projects
• The Staking Rewards supply is reserved for users who stake their NFTs. Unstaking Planktoons will also automatically claim $SPANK accumulated.

Well, my esteemed reader, you have come to the end of our Planktoons Tokenomics Article! We hope you have found it informative and helpful!

If you have any questions, we are always here in the Planktoons Discord to help you. In addition, https://bvalosek.notion.site/Planktoons-Documentation-55b05a5d74d543c4836b38a22d575120 is the link to the documentation for the token contract, for those who want a more in-depth look at what has been built surrounding our token.