DEFY Tokenomics
Contents:
- What are DEFY Tokens?
- Token Utility
- Tokenomics Breakdown
- Token Launch Details
- Token Contracts
- Key Token Transfers Pre-IDO/IEO
What are DEFY Tokens?
DEFY Tokens (also known as $DEFY) are the main platform tokens of the DEFY game. $DEFY is an ERC-20 cryptographic token launched on the Ethereum ecosystem, including the Polygon Proof-of-Stake (PoS) platform.
$DEFY can be earned by swapping FCOIN collected in-game or purchased on a Decentralised or Centralised Exchange (DEX/CEX).
$DEFY on DEX
- $DEFY will be available on QuickSwap as of 15 August 2022.
$DEFY on CEX
- $DEFY will be listed on Bybit as of 15 August 2022.
Token Utility
As the native platform currency, the $DEFY token is used for the purchase of in game NFT assets. Regarding concerns about inflationary pressure on the value of DEFY tokens, there will not be any burning or extra minting of DEFY tokens, while $DEFY offers various forms of token utility.
One of the uses of DEFY tokens is for players to purchase in-game NFTs within the game’s marketplace. These include customizable personal drones, which are key to the gameplay, and premium masks that grant players access to additional benefits. This creates a cycle in which players obtain more DEFY tokens in order to upgrade their gameplay experience in DEFY, thus maintaining the long-term supply of DEFY tokens.
Usage of $DEFY:
One of the core gameplay experience involves being on the move to hack towers and steal wallets. This includes having to escape (or attack) drones that patrol the grounds (or even actively pursue players).
We will equip players with new ways to defend themselves against these drones, and introduce new weapon types in the weeks ahead. All of these purchases will be done using the $DEFY token, and in the months ahead we will be equipping players with their own personal drones to fight back against the Future Systems drones.
Here is a sample of the various items you will be able to purchase in-game in the months ahead:
- EMPs of various types: early prototypes will be chaotic and expensive, but the DEFY R&D team is already working on more sophisticated versions that will provide users a range of gameplay options.
- Capacitors for players to recharge their Mask energy to extend their playtime.
- Decals to further customise the visual aesthetic of Masks.
- Exploits to simplify the hacking process and extend hack range.
- Drone Chassis that will form the foundation of customisable drones.
Users will also be able to mint Premium (Uprising) Masks with $DEFY beginning 19 August 2022. This will be made available for both $DEFY acquired from CEX/DEX as well as $DEFY earned in-game during Alpha.
More information on updates to Uprising Masks minting can be found in this article (link when ready)
Tokenomics Breakdown
$DEFY Token Allocation
The total supply of $DEFY is 2,500,000,000 tokens, minted one time, with the allocation spread across eight pools. The supply is distributed across multiple phases, and there will be no burning or extra minting with the purpose of $DEFY to support the DEFY game as laid out.
The eight pools are as follows:
1. [33.0%] DEFY Game Rewards
2. [21.0%] Treasury
3. [20.0%] Private Partnership Placement
4. [15.0%] Team and Advisors
5. [5.00%] Strategic Partnership
6. [4.70%] Liquidity Pool
7. [1.05%] Initial Exchange Offering (IEO) and Initial DEX Offering (IDO)
8. [0.25%] Key Opinion Leaders (KOL)
Pie-Chart Representing $DEFY Allocation Spread Across the Eight Pools
DEFY Game Rewards
The DEFY game will issue rewards in the form of $DEFY to players. These tokens will be issued proportionally to the overall contribution of players and released at regular intervals.
Treasury
The company reserve will be held and set aside for interoperability between games and platforms. Treasury will also be able to unlock tokens on an ad hoc basis as voted by the DAO or company.
Private Partnership Placement
The Private Partnership Placement has been concluded at 1 cent. The proceeds and aligned partnerships formed have allowed the team to bring onboard OliveX and Animoca as early contributors, their holdings have been locked up for 1 year and will release quarterly over two years thereafter.
Team and Advisors
The founding team have been allocated $DEFY as an incentive to align them further with the long term fortunes of the project and sustain the game and economy. The founding teams tokens have the longest of all lockups, with 2 year lockup and then release quarterly over two subsequent years.
External advisors who have been engaged for their specific knowledge add huge value to the project and have their tokens locked up for 18months with quarterly vesting over two subsequent years.
Strategic Partnership
Strategic Partnerships will aim to promote external business partner relationships. Tokens will be locked up for 18 months after investment with two year vesting thereafter released quarterly over two years.
Liquidity Pool
The primary aim will be to use this pool to improve user’s access to $DEFY so that they may utilise tokens within the metaverse. Rewards may be distributed to incentivise users to provide liquidity in the pool.
IEO and IDO
DEFY will be launching on Bybit (IEO) and Polkastarter (IDO) on 15 August 2022.
KOL
The primary aim will be to use this pool to encourage long term relationships amongst Key Opinion Leaders (KOLs) and DEFY. Vesting will occur over 14 months with 10% at IDO, 10% 3 months later and the remaining 10% over the next 8 months.
Token Release Schedule
The $DEFY release schedule will never exceed the 2.5b capped supply. The bulk of tokens are to be used for the game, with a variety of utilities for healthy token circulation.
Token Launch Details
Date: 15 August 2022
Time: 1200 UTC
IDO: Polkastarter
IEO: Bybit
Initial Circulating Supply: 28,364,333
Note: Initial Circulating Supply includes
- Tokens earned by mask holders (1,649,000)
- 10% of total KOL allocation (465,333)
- Bybit tokens (18,000,000)
- Polkastarter tokens (8,250,000)
In addition to this, there are liquidity tokens that will be used to facilitate orderly trading the total pool (117,500,000), which are to be used to facilitate liquidity over the first 12 months. The estimate of the maximum needed of these in the first month was 39,950,004.
Token Contracts
We aim to be as transparent as possible with our users with regards to the different contracts present for the token. First, here is an overview of the executive team’s wallet addresses used in multi-signatures.
Signer 1 Address: 0x490c8D930dfdC9a6735530379Db612eB93B9CF8E
Signer 2 Address: 0x3341B07732c1e9366C813f62cdFa1Ed37E0921D9
Signer 3 Address: 0xD1595A73AC14B86dC3ef86B9004bed75A45305d8
Signer 4 Address: 0x67f03D42aD727ac79918Fe8Bd9E316A70fF2b929
Signer 5 Address: 0x72f8445a2fc598c4B61ed6939f4389A85d3e219c
Here are the different contracts to note:
1. DEFY Token
Type: ERC20
Chain: Ethereum
Address: 0x205eD31C867bF715E4182137Af95AFE9177Cd8E7
Owner: 0x490afa1794fc2499bec59b309c3e2212621fe2a0 (Timelock)
2. DEFY Token (PoS)
Type: ERC20
Chain: Polygon
Address: 0xBF9f916bBda29A7F990F5F55c7607D94D7C3A60b
Owner: Polygon Team Multisig
3. DEFY Token Admin Timelock
Type: OpenZeppelin TimelockController
Chain: Ethereum
Address: 0x490afa1794fc2499bec59b309c3e2212621fe2a0
Proposer: 0x9170e48f9b64f67d35b91f80da059e3225a507ed (DEFY Token Treasury)
MinDelay: 3600s — 1h
4. DEFY Token Treasury
Type: Gnosis Multisig
Chain: Ethereum
Address: 0x9170e48f9b64f67d35b91f80da059e3225a507ed
Signers: Exec Team (3/5 signatures required)
5. DEFY Token Vesting Escrow
Type: Gnosis Multisig
Chain: Ethereum
Address: 0x9de23d5EE03151496622B5fe9299F02Ba3A0ED9A
Signers: Exec Team (3/5 signatures required)
6. DEFY Token Liquidity Pool (Ethereum)
Type: Gnosis Multisig
Chain: Ethereum
Address: 0x3064c8632062388f00780baBdc027940506803FF
Signers: Exec Team (3/5 signatures required)
7. DEFY Token Liquidity Pool (Polygon)
Type: Gnosis Multisig
Chain: Polygon
Address: 0x800c8bfA52D555B91549a67b5e7c4b0a386DE0fB
Signers: Exec Team (3/5 signatures required)
8. DEFY Token Game Rewards
Type: Gnosis Multisig
Chain: Polygon
Address: 0x8e2d2d94A438D2bC6Bda30fcE9aCd04A99Db4Bce
Signers: Exec Team (3/5 signatures required)
Key Token Transfers Pre-IDO/IEO
There were 19 transfers made pre-IDO/IEO which we would like to be transparent about as well. Below you may find the different transaction hash and an accompanying description explaining the transfer.
Hash: 0x46b2a687b34e24fcfe10f1176a55b10c1e4aae0758b1a81045624ea0e04c58f6
Description: Token Contract Creation. Total supply of 2.5b DEFY tokens transferred to the wallet responsible for creating the contract.
Hash: 0xea77356aedaf6552393d55a5f4cac11e2c71c731a65f7236d80b2ebfd3105067
Description: Initial transfer of tokens from deploy wallet to DEFY Token Treasury multisig
Hash: 0xb9aaa24583dc868f98cd980d0c0f49795ad4cae748631dcca96c356813ff6fe6
Description: Transfer of ownership of DEFY token to Timelock Contract, owned by Treasury multisig
Hash: 0x7c24931b5d812f839803a95629d9afb5d9296ab8d66b53e70f23e920473985db
Description: Transfer of 20,050,000 DEFY tokens to Bybit for IEO sale (18,000,000) and liquidity (2,050,000)
Hash: 0xf211a09001cc7b41b31131dd068c0d3e80dd160c2bef487885df013ae0cdb8b7
Description: Test transfer of 1 DEFY token across the Polygon Bridge to Polygon DEFY Liquidity Pool Multisig
Hash: 0x78392ce18519b978c999bfac930f5ebc8dbd6f8972c689ca074040f41ba74841
Description: Transfer of 8,249,999 DEFY tokens across the Polygon Bridge to Polygon DEFY Liquidity Pool Multisig (tokens allocated for Polkastarter IDO)
Hash: 0x0cadec38a983b648e2387eb0980927dd4096ee876cc8c5b3ffccf73e03ce8fcd
Description: Transfer of 40,580,000 DEFY tokens to Ethereum Token Liquidity Pool multisig, allocated for initial launch Market Making and DEX listing
Hash: 0x869c4e3ed39a1e5aa043cc83b05a4c5a2ae17f5a335b25c3350f36d644116c49
Description: Transfer of 40,000,000 DEFY tokens to Ethereum Token Liquidity Pool multisig, allocated for Market Making reserve as needed and DEX Liquidity Reserve
Hash: 0xcf3e56e7893a6e076beb288e5a546d240451d93330da6981b7cacc0bf38f91d9
Description: Transfer of 38,826,667 DEFY tokens across the Polygon Bridge to Polygon Token Liquidity Pool, for DEX Listing on Quickswap at launch
Hash: 0xe3092a75b24dfe88e61f44148eb20a1cae992284580616a908d8c685b2f36346
Description: Transfer of 2,500,000 DEFY tokens across Polygon Bridge to Token Liquidity Pool Multisig for DEFY Genesis attached masks rewards to be distributed after IEO/IDO
Hash: 0xecec186cca004911b3c5863c998e04760a137a130bc82117c043d524efdc6d4e
Description: Transfer of 825,000,000 DEFY tokens across Polygon Bridge to DEFY Game Rewards Multisig.
Hash: 0xe592e0bb5f5e75240dbdd691c15e735a1f6e3a5abddd71591153fad9217d7dff
Description: Transfer of 500,000,000 DEFY tokens to Token Vesting Escrow Multisig to be vested to round 1 strategic investors
Hash: 0x54056546f5b34682e5a5b4388d0e173f0c6089ae196597435ac297b922ab0e7e
Description: Transfer of 120,140,000 DEFY tokens to Token Vesting Escrow Multisig to be vested to round 2 strategic investors. This transfer was less than the total allocation in tokenomics 125,000,000 due to an investor failing KYC. All superfluous tokens will be recycled into treasury if they cannot be properly used for their initial purpose.
Hash: 0x72639697f94dad1e6aea85a896b3f62e9eeffd9d7601515f4eeb49cee336dd81
Description: Transfer of 4,653,333 DEFY tokens to Token Vesting Escrow Multisig to be vested to KOL partners. This transfer was less than the total allocation in tokenomics (6,250,000). All superfluous tokens will be recycled into treasury if they cannot be properly used for their initial purpose.
Hash: 0xfc87fcb7eb501e1eac178fca1cc7fb09b2f4f9412c757973296797971d9d397c
Description: Transfer of 366,800,000 DEFY tokens to Token Vesting Escrow Multisig to be vested to the DEFY team. Including unallocated tokens earmarked for future staff incentives.
Hash: 0x61e49629f6d2dd2aae635e6973c8217cbc9fd38702af3fbb0628b78878de3a52
Description: Transfer of 8,200,000 DEFY tokens to Token Vesting Escrow Multisig, to be vested to strategic advisors
Hash: 0x2a02debb89f344895d3a1c9b195d160382aafaf020e2c99f5a24e1f50d4d53fd
Description: Test transfer of 400 DEFY tokens to Bybit on Polygon to test Bybit Polygon Deposit functionality
Hash: 0xb897d033d103e0d84a2d2e73fafe38d55d2da527e77de750011abc1728275075
Description: Test transfer of 100 DEFY tokens to market maker on Polygon
Hash: 0x370d7d89e9190956e5c372a382c5961546b76ac4911b06f25e77346d0508b9b6
Description: Transfer of 39,579,900 DEFY tokens to market maker on Polygon to be used on Bybit and for setup of Quickswap
About DEFY Labs
DEFY Labs is passionate about building the next generation tools and platforms that allow users to view and interact with NFTs and other digital collectibles in the real world. DEFY Labs’ vision of the metaverse is one that involves merging the virtual and physical worlds in a compelling and inspiring way.
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