Genesis Shards — Tokenomics and Utility
With our token sale scheduled today, April 14th, we would like to revisit the role of the $GS token within the GenShards ecosystem and also dive into the tokenomics and distribution schedule of the token.
Genesis Shards is a whole new marketplace for pre-IDO tokens on NFTs powered by Polkadot. It was created to usher in a new paradigm for DeFi transforming NFTs into a liquidity vehicle for pre-IDO tokens and introducing a whole new suite of DeFi products across multiple blockchains.
$GS Overview
Name: Genesis Shards
Symbol: GS
Type: ERC-20 and BEP-20 compatible | Decimals: 18
Total supply: 208,969,354
Initial Circulating supply on launch: 12,030,988
Initial Market cap on launch: $1,443,712
Seed round: $0.05/Token | Strategic round: $0.075/GS | Private round: $0.095/GS
Unlocked round (POLS IDO & Gen Tickets): $0.12/GS
The Role of the $GS Token
The $GS token is the native utility token of the Genesis ecosystem. The token gets used for Genesis Access, Genesis NFTX, and plays a significant role in Genesis network governance. The various roles of $GS token in Genesis ecosystem:
Gen Access: $GS Tokens are required to be swapped for Genesis Access NFTs to be a part of the Genesis network. Based on the number of tokens held access tiers are decided to enable different access rights to its users.
Gen NFTX: $GS token is the native token on the NFTX platform allowing users to benefit from a reduction in Swap fees for tickets, access cards or Gen smart contracts.
Gen Governance: $GS tokens would provide governance rights to its members where they can vote on different proposals within the ecosystem. The number of tokens held would be a representation of voting power within the network.
GS Token Distribution
We designed the token economics and distribution schedule with care, to forge a model where long-term growth of the entire Genesis ecosystem would be facilitated. The different outflows and buckets have been designed to have maximum impact and foster a collaborative structure across the ecosystem.
A total of 208,969,354 tokens will be minted at the genesis and would be gradually released.
The distribution is as follows:
Key Insights
Team — 12.5%
The team tokens would be locked up for 1 quarter from the time of TGE, and then gradually unlocked as an incentive to remain committed to the success of the project in the long term. It would also enable the continual expansion of the team.
Advisors — 2.5%
This would be an incentive for our growing advisor network. The global network of advisors of GenesisShards has provided incredible support to our ecosystem, each with its own expertise area.
Community — 18.13%
This includes
- Seed, strategic and private allocations for large investors who will be contributing significantly to the long term growth of GenShards
- Public distribution that is designed to ensure decentralization of GenShards governance and to facilitate a large supporter base
Exchanges and Market making — 1.75 %
This will be used to facilitate exchange listings and in initial market-making
Treasury — 14%
The GenShards treasury exists in order to maintain the network and also to ascertain its growth and adoption. It would be managed and maintained via an on-chain governance process.
Ecosystem and rewards — 19.89%
This would be utilized in a gradual and tactical manner to facilitate valuable partnerships, increase awareness about the project, for ecosystem rewards, for industry events, meet deployment schedules, etc.
Dev grant — 9%
These grants would be used to accelerate key development on the GenShards network, or for other activities supporting the platform. Devs who would provide solutions to specific Request for Proposals (RFPs) may be provided grants in form of $GS tokens
Liquidity — 22.24%
Liquidity pool will be used to provide liquidity to Genesis ecosystem products such as staking, pool rewards, liquidity rewards, and more
GS Token Release Schedule
The $GS tokens purchased in the public distribution round (via Polkastarter) or distributed via Gen tickets would have no lockup period — unlike the tokens allocated in the private fundraising rounds. These would be unlocked entirely after distribution. For all other tokens allocated — release would be gradual and over a period of time.
Team
The team tokens would be locked up for 1 quarter from the time of TGE. After that there would be a 6% monthly unlock for the first 5 months, followed by 7% monthly after that.
Advisors
The advisory tokens would be locked up for 2 months from the time of TGE. After that, there would be a 6% monthly unlock for the first 5 months, followed by a 7% unlock rate monthly after that.
Community
The release schedule would depend on the round
Seed round:
- No, unlock at TGE
- After 1 month from TGE: there would be a 10% monthly release
Strategic round:
- 15% unlock at TGE
- This will be followed by a 15% monthly release ( EXCEPT for month 2 )
- The 2nd-month post — TGE (“ month 2”) would have no release
Private round:
- 20% unlock at TGE
- This will be followed by a 20% monthly release ( EXCEPT for month 1)
- The post — TGE month (“ month 1”) would have no release
Exchanges and market-making
This would be unlocked at TGE
Treasury
The treasury tokens would be locked up for 1 month from the time of TGE. After that, there would be a 20% quarterly unlock.
Ecosystem and rewards
The ecosystem and reward tokens would be unlocked 6% monthly for the first 5 months. After that, there would be a 14% quarterly unlock.
Dev grant
The dev grants would be locked up for 1 month from the time of TGE. After that, there would be a 6.25% monthly unlock.
Liquidity
The liquidity tokens would be locked up for 1 month from the time of TGE. After that, there would be an 8.33% monthly unlock.
. . .
About Genesis Shards
Genesis Shards is a decentralized ecosystem powered by Polkadot redefining NFTs as DeFi options, creating a permissionless environment of interchain liquidity for pre-IDO tokens. By wrapping time-locked fungible tokens into NFTs, Genesis Shards is creating a new marketplace for previously illiquid tokens.
The next major steps in Genesis’s journey will be announced soon! Keep an eye on this space for updates.
Follow Genesis Shards’ developments on:
