OM Token — Circulating Supply Emission Schedule (Update — September 4th, 2020)
Continuing Our Commitment to Complete Transparency
Dear Sherpas,
The last time we shared an update regarding the OM token emission schedule, the MANTRA DAO Council made a promise to not mint any more OM tokens until a transparency report was issued by which we could be held accountable. As was discussed in that post, due to a deviation from our original token issuance plans and the early release of an ERC-20 version of the OM token, as well as much greater traction with the project than we could have ever anticipated, the MANTRA DAO Council had to adjust certain aspects of the OM token emission schedule so as to cater to both logistical and strategic demands of the ecosystem. As was promised, not a single OM token has been minted since our previous update. As a follow up to that commitment, we hereby issue this updated transparency report so that it may serve our community as a guide for the economics of the OM token emission schedule and circulating supply.
Public Distribution (Includes pre-IMO, and IMO rounds 1, 2 and 3):
8.5% of total supply, or 75,555,555 OM
- No lock-up:
- All 75,555,555 OM were distributed and have been circulating since TGE
- All 75,555,555 OM are eligible to be staked and earn staking rewards since day 1 of TGE
Private Distribution:
9% of total supply, or 80,000,000 OM
- Locked-up with roughly 6 month evenly distributed vesting events:
- 13,333,333 OM were distributed and have been circulating since TGE
- 13,333,333 OM will be unlocked on each of the 31st, 61st, 91st, 121st and 151st days since TGE
- All 80,000,000 OM are eligible to be staked and earn staking rewards since day 1 of TGE
Team & Advisors:
17.5% of total supply, or 155,555,555 OM
- Locked-up with vesting as follows:
- Zero OM will be circulating at TGE, and for the first 180 days since TGE
- 1/18th, or ~8,641,975 OM, will vest and come into circulation every thirty days, from the 181st day through the 691st day since TGE
- All 155,555,555 OM are eligible to be staked and earn staking rewards since day 1 of TGE
Staking Rewards:
30% of total supply, or 266,666,666 OM
- 10,000,000 OM were released within the first 2 days since TGE for funding of exchange staking rewards programs
- 30,000,000 OM will be released evenly split on a daily basis from day 16 to day 90 since TGE (equivalent to 400k OM daily release), and will be used for funding of both off-chain and on-chain staking rewards programs
- The remaining balance of 226,666,666 OM will be released following a non-linear decaying growth function starting on day 91 since TGE, such that a greater proportion of staking rewards will be unlocked on the early days and all staking reward tokens have been fully released by day 1,826 since TGE (roughly 5 years since TGE)
- Locked staking reward tokens are not eligible to earn staking rewards
- Unlocked and distributed staking rewards will be eligible to be staked and earn staking rewards from the day they become unlocked and distributed to token holders
Referrals:
12.5% of total supply, or 111,111,111 OM
- 10,000,000 OM were released within the first 2 days since TGE for funding of initial token distribution referral programs
- 22,000,000 OM will be released evenly split on a daily basis from day 16 to day 180 since TGE (equivalent to ~133k OM daily release), and will be used for funding of various referral and promotional incentive programs
- The remaining balance of ~79,111,111 OM will be released on a rolling basis at a linear release rate starting on day 181 since TGE, such that all referral tokens have been fully released by day 1,826 since TGE (roughly 5 years since TGE)
- Locked referral tokens are not eligible to earn staking rewards
- Unlocked and distributed referral tokens will be eligible to be staked and earn staking rewards from the day they become unlocked and distributed to token holders
Reserves:
10% of total supply, or 88,888,888 OM
- 11,111,111 OM were released within the first 2 days since TGE for liquidity provisions and strategic initiatives by the MANTRA DAO Foundation
- 22,000,000 OM will be released evenly split on a daily basis from day 16 to day 180 since TGE (equivalent to ~133k OM daily release), and will be used for funding strategic initiatives by the MANTRA DAO Foundation
- The remaining balance of ~55,777,778 OM will be released on a rolling basis at a linear release rate starting on day 181 since TGE, such that all reserve tokens have been fully released by day 1,826 since TGE (roughly 5 years since TGE)
- Locked reserve tokens are not eligible to earn staking rewards
- Unlocked and distributed reserve tokens will be eligible to be staked and earn staking rewards from the day they become unlocked and distributed to token holders
Grants:
12.5% of total supply, or 111,111,111 OM
- Grant tokens are meant to be used to fund MANTRA DAO protocol improvement and development initiatives, and will only unlock upon community on-chain governance proposals passing minimum thresholds of approval
- Should grants not be needed for the MANTRA DAO ecosystem’s growth, the grant tokens will never be unlocked and will essentially never enter circulation
- Locked grant tokens will not be eligible to earn staking rewards
- Unlocked and distributed grant tokens will be eligible to be staked and earn staking rewards from the day they become unlocked and distributed
In addition to the above distribution guidelines, the team is modeling out different inflation model scenarios to be included once the OM governance goes live in RioChain, as well as token burning mechanisms through MANTRA POOL and protocol level fees. Further details on the finalized inflationary model and burning mechanisms will be announced ahead of OM governance launch on RioChain.
We trust the above information is helpful to our community in staying up to date with the specific details around MANTRA DAO’s token emission schedule!
About MANTRA DAO
MANTRA DAO is a community-governed DeFi platform focusing on Staking, Lending, and Governance.
MANTRA DAO leverages the wisdom of the crowd to create a community-governed, transparent, and decentralized ecosystem for web 3.0. Built on Parity Substrate for the Polkadot ecosystem, MANTRA DAO gives financial control back to the people to store and grow wealth together.
