$BICO Token Economics
Token allocation, utility, & release schedules of the $BICO token.
$BICO is the native work & governance token of the Biconomy multi-chain relayer infrastructure. It plays a key role in decentralizing the network by acting as the network fees, incentivizing all stakeholders to secure and maintain the network, and participating in the network’s governance.
Token Utility
1. Network Fees
BICO is the native token of the Biconomy blockchain. The Biconomy blockchain will act as a settlement and verification layer for all the activity on the Biconomy Network across all supported chains. The node operators pay a transaction fee in BICO to add any information on the chain and they earn BICO proportional to the work they perform on the network.
2. Stakeholder Incentives
- Node Operators
Validators and Executors stake BICO to start contributing to the network. They earn BICO proportional to their contribution and their BICO stake. The network can also slash their stake in the case of bad behaviour. The Validator listens to relevant transactions on other chains and records them to the Biconomy chain. The Executors see these transactions and takes an action (be it a hyphen transaction or a gasless one).
- Delegators
BICO token holders stake their tokens to secure the network further. They earn BICO proportional to their BICO stake.
- Liquidity Providers
The protocol will require active liquidity in a vast range of tokens on all supported chains. LPs provide this liquidity in various crypto assets to the protocol’s liquidity pools on different chains. A small fee will be collected when a user uses the liquidity pools, which will be distributed to the liquidity providers. Apart from this fee, they will also earn BICO in proportion to their relative contribution to a given Liquidity Pool.
3. Governance
BICO holders can propose and vote upon decisions affecting Biconomy’s protocol and overall Network. Such decisions can include changes to the Network’s code, adding additional services, or decisions regarding the disbursement of its treasury funds. Any BICO holder can submit a proposal for consideration by the wider Biconomy community. This is a large part of Biconomy’s plans for progressive decentralization as they move towards community-led growth and self-sustainability.
Token Distribution
There are in total 1 billion BICO tokens in supply allocated as follows:
Token Release Schedule
The release schedule is designed so that the vision of the investors & team is aligned for the long term.
How to buy $BICO?
At the moment you can’t. Our CoinList public sale is over. The TGE happens on 23rd Nov 2021. Further details of how and where you can buy $BICO will be released soon. So stay tuned!
P.S. Please beware of scammers. Anyone DMing you they can sell you $BICO is a definitely a scam!
Getting Involved
You can start contributing to the network by:
- Becoming a node operator/validator
- Staking your $BICO
- Providing liquidity for Hyphen
More details on these will be released soon. Follow us on Twitter & join our Discord community to stay tuned!
