The FMG Tokenomics
FMG will be the governance token for the FM Gallery ecosystem and will conform to the ERC20 standard. The total supply will be fixed at 100,000,000 tokens. Being a DAO, we need to design a fair model for distributing FMG tokens to incentivize the community to use the platform actively. The distribution breakdown is as follows:
1. Team — 20%
2. Ecosystem Fund/Community Governance — 15%
3. Private Sale, Seed Investors and Advisors –15%
4. Community — 50%
• Team
Team and Advisors will be allotted 20% of the supply (20 million FMG). 5% of that (1 million FMG) will be vested on TGE and the remaining will be vested linearly over 12 months on a monthly basis.
• Ecosystem Fund
The Ecosystem Fund will be allotted 15% of the supply (15 million FMG). This will be used for funding for the day-to-day operations and other activities to grow the platform like marketing, partnership, smart contract audit, etc.
• Private Sale, Seed Contributors and Advisors
Private Sale and Seed Contributors will be allotted 15% of the supply (15 million FMG). Vesting schedule for each of them are –
1. Private Sale — 8.6% of the total distribution (8600000 FMG). Around 29% (2500000 FMG) will be vested at TGE and the remaining will be vested linearly over 12 months on a monthly basis.
2. Seed Contributors — 5% of the total distribution (5000000 FMG). Around 20% (1000000 FMG) will be vested at TGE and the remaining will be vested linearly over 12 months on a monthly basis.
3. Advisors — 1.4% of the total distribution (1400000 FMG). Around 20% (280000 FMG) will be vested at 1 month after TGE and the remaining will be vested linearly over the next 11 months on a monthly basis.
• Community
The community will be allotted 50% of the supply (50 million FMG). These tokens will be used to incentivize community engagement in different ways. The distribution model will be front-loaded and will be adjusted later based on community vote. There will be no vesting schedule for this part of the supply. There will be four ways for the community (breakdown can be later adjusted based on community vote) to earn the FMG tokens as incentives for participation in the platform:
1. Blind box NFT purchase rewards (15%)
2. Initial DEX Offering (4%)
3. FMG token liquidity mining (31%)
• Initial DEX Offering
Potentially, 300k worth of ETH will be raised for 2 million FMG at price 1 FMG = 0.15 USD. Another 2 million FMG will be added with 300k USD worth ETH to a Uniswap pool at TGE. More details regarding IDO to be published later.
• Blind Box NFT Purchase Rewards
For every blind box NFT fragment purchased on FM Gallery platform, users will receive rebates in the form of FMG tokens. At the end of every epoch, the amount of FMG tokens a user receives will be directly proportionate to that user’s spending on blind boxes.
Based on initial parameters, the platform will rebate a stable 5% of that user’s spending back in the form of distributed FMG tokens. However, this allocation may change when Limit Epoch Distribution applies and triggers a deferred distribution. We will reveal more details, such as how the distribution value is determined, by the platform launch date.
• Liquidity Mining
To incentivize users to provide liquidity, a total of 31 million FMG tokens will be distributed via the “liquidity mining” program over two years. Initially, we will launch an FMG-ETH Uniswap Pool and provide liquidity mining incentives to it. The epoch size for FMG distribution will be one week for all the pools. For users to be eligible to earn FMG tokens, they must stake liquidity until the end of the epoch.
Initial farming parameters will be shared near the TGE. The community FMG distribution parameters will be later adjusted based on community vote once the protocol moves towards being a DAO.
Connect with us
