Launch of Attrace Token — $ATTR

Attrace
Attrace
Jun 11 · 7 min read

As previously announced, the Attrace will enable community and early investors to participate in the Attrace IDO on MISO (details here). The funding is set to 80 ETH max. The funds raised will be used to finance the liquidity pool and become listed on the SushiSwap DEX, after which the listing of the $ATTR token will officially begin.

Attrace has delivered Referral Network V1. To have sustainable economics, incentivize participation and reward the users of Attrace Referral Network, it is required to have the $ATTR token live. In other words, the Attrace Referral Network can only properly function on the mainnet with a listed token. Only then will the economics, governance and eventually DAO be achieved.

As part of the preparation for the launch, the Attrace Team has carefully reviewed the token distribution and implemented updates to assure a healthy token distribution with a single goal of driving sustainable and long term growth of the network.

Intent and Function

$ATTR is the native token of Attrace Referral Network. The token function is to govern, incentivise and reward participation in the network. The objective behind the launch of the token is distribution to the community, engaging development of the Attrace ecosystem and ultimately reaching the long term vision of Attrace as a DAO. The token is distributed across a number of segments with the purpose of enabling development, organic growth and promotion. $ATTR is used for payment of the fees (not the bounty itself, just the network fees), staking and governance of the network.

Token Distribution

$ATTR total supply will be kept at 1.000.000.000, and the full circulating amount is anticipated to be reached within the next 30 months. The initial lock-up and vesting schedule demonstrates the commitment of the team and the early contributors to develop and grow the network over the long term. A large part of the token allocation will be distributed to the early adopters and participants in the ecosystem, in service of incentivising traction and growth of the network.

The largest portion of the Attrace tokens (25% of total supply) will be distributed to incentivise the usage and early adoption of Attrace Referral Network. The Attrace team believes this will be one of the crucial components to help the network achieve wider adoption. The distribution schedule of the conversion rewards depends directly on the number of conversions run via the Attrace Referral Network. All the rewards will be subject to vesting and will be released per a predetermined schedule (the exact schedule TBA). Additionally, the traction and potential inflationary pressure of releasing will be naturally absorbed by the higher token demand needed to obtain $ATTR and so generate that traction. The aim is to distribute conversion rewards over the next 2 years.

The Attrace Team believes that it takes a group of like minded people and projects to achieve strategic goals and deliver a successful and sustainable network over the long run. In line with that intention, a part of the token distribution (10% of total supply) is dedicated to engaging the ecosystem and establishing the strategic partnerships with the complementary projects in the tokenized space. The ecosystem adoption tokens will be locked for 3 months, with a 12 month vesting release linearly.

The majority of the core team and advisors spread across multiple continents and many backgrounds have been engaged with Attrace since 2018, demonstrating the commitment to persevere and stay with the network over the long run. The token distribution for this group also provides an incentive for the team to remain active and continue the development efforts in the long run. Both team and advisors will have a 6 month lock-up period followed by 24 months of vesting release linearly.

Between 2018 and 2020 Attrace has conducted a couple of private rounds to fund development of the network.

1. Private Round I — 2018 (122.970.588 $ATTR)

Seed round predominantly driven by co-founders to get the project off the ground. The tokens from this round will be locked for 6 months, with a 12 month vesting release linearly.

2. Attrace Classic Contributors — 2018 (125.175.117 $ATTR)

Seed round to get the Attrace Classic blockchain live. This round was predominantly driven by direct contacts and publishers having issues with traditional affiliate networks. The Attrace Classic contributors will have a 12 month vesting release linearly.

3. Private Round II — 2021 (67.800.000 $ATTR)

Funding round to enable development and growth of Attrace Referral Network. The private round II will have a 6 month vesting release linearly.

The Attrace Team intends to further distribute the token to the community and early investors before the token listing on exchange. The public round is set to 80 ETH. The funds raised will be used to finance the liquidity pool and become listed on the DEX, after which the trading of the token will officially launch. The amount of $ATTR tokens sold (intended to sell 1.5% of the total token supply) will be part of the circulating supply and will not be a subject of vesting.

Remaining $ATTR tokens are dedicated for the growth of the network and potential scaling of the contributing team, cca 99.000.000 (9.9% of total token supply). These tokens will not be locked nor be a subject to vesting. The remaining portion will only be used for the project funding if required to further contribute to the project development. Otherwise, these ATTR tokens will be distributed to the users as additional conversion rewards.

Token Supply Schedule

Both vesting and locking period will start at the moment of listing, and will be distributed per lockup and vesting schedule as shown in the chart below.

Expected $ATTR Distribution in next 30 Months

Token Economics

$ATTR token is designed to reward participation and align the incentives of all participants. The token will allow the holders to:

  • Become the network users;
  • Earn part of the network fee by providing a service to the network;
  • Earn $ATTR for staking with Verifier Nodes;
  • Receive Conversion Rewards for the network usage.
  • Govern the network through a voting process;

A Network Fee is paid by the seller in $ATTR as a percentage of the total referral reward value, and will start at 5% (subject to DAO voting in future). The fee is distributed to verifier nodes, stakers, promoters and buyers. The Network Fee is primarily used to incentivise verifier nodes in verifying referral conversions as well as the staking to ensure extra security as part of the verification. Also, the fee is partially rewarding promoters and the buyers for the successful conversion. A portion of the network fee will also be allocated to the Treasury Fund, which will be at the disposal of the DAO once established.

A Promoter Fee is paid by the promoter in $ATTR for the right to promote and the option to receive commission as part of the referral reward. The full amount of the Promoter Fee goes to the seller. The fee exists to incentivize the seller to post an attractive bounty and potentially earn $ATTR for the provided referral reward. The fee will be set as a percentage of the total referral reward value and will start at 0.05%, but will be subject to DAO voting in future.

Verifier Nodes verify the referral conversions, which is the core functionality of the Attrace Referral Network. For their service they are entitled to a part of the network fee of every successfully verified referral. To qualify, Verifier Nodes are required to stake a sufficient amount of $ATTR as a guarantee of trust (staking amount TBA soon). The second task of Verifier Nodes is to keep each other in check. Each Verifier Node monitors activities of the other Verifier Nodes and can “slash” staked $ATTR of a Verifier Node that is attempting a fraudulent referral conversion.

Staking will be made available to all the token holders (staking launch TBA). The Staking rewards will be coming directly from the Network Fee, meaning they depend on the traction and the number of successful referral conversions. Staking of $ATTR will be done within the Verifier Nodes, therefore providing additional security and an incentive for detecting potential fraud.

A large portion of the total token supply is reserved to reward the early adopters and the community of Attrace Referral Network. The rewards will be distributed based on the number of referral conversions. The supply of $ATTR conversion rewards tokens will increase with the increase in adoption and demand for the token. For this reason, there will be a balance between the rewarded tokens and the ones required for usage of the network.

The Treasury will be funded over time from the Network Fee. The implementation of a Treasury is in line with the sustainable DAO economy, which will need funds to allow for a healthy and balanced growth of the network in the future. The Treasury fund will be under the management of the DAO, and the use of these funds will be subject to voting in the future. Date of the Treasury Fund to go live TBA.

Attrace

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