Slingshot Token Utility: Explained

Welcome to the world of SlingShot, where the complex world of tokenomics becomes fun and easy to understand for everyone. For those new to the crypto game or interested in learning more about SlingShot DAO, this guide will explain the basics of how the SlingShot app works, from ideators submitting ideas to voters voting, studios submitting proposals, and everything in between.

Voting Escrow / Voting Power 🔒

The voting escrow model, popularized by Curve.fi, allows locking tokens for a minimum of 30 days and a maximum of 4 years. The longer tokens are locked, the more voting power is received. Lockup extensions or additional tokens can be added to an existing lock. This is the first step in unleashing the power of the $SLING token.

1. SlingShot App — Voting Power Usage

Introducing Ideators 💭

These creative individuals come up with brilliant ideas and submit them to the SlingShot app, aiming to see their ideas come to life and earn rewards in the process.

The Idea Journey:

1. Submit amazing idea(s) to the platform
2. Ensure the idea is high quality and leaderboard-worthy
3. Once approved, the idea is published on the next epoch’s leaderboard for community voting
4. If the idea wins, ideators receive rewards, and studios bid to bring the idea to life
5. $SLING rewards vest over 12 months to incentivize ideators’ continued involvement

Tokenomics Simplified:

Winning ideators receive USDC and $SLING tokens as rewards. As the platform matures, rewards will shift to just $SLING tokens. The community aims to recognize and reward valuable ideas. An Ideator Discord channel will be set up to help newcomers get started.

Calling All Voters 🙋‍♀️

Voters are the heart and soul of the SlingShot app, browsing ideas, voting for favorites, and earning tokens along the way.

The Voting Experience:

1. Browse the leaderboards
2. Lock tokens in the voting escrow smart contract for voting power
3. Vote for favorite ideas
4. Monitor the leaderboard and claim rewards at the end of the epoch

Tokenomics Simplified:

Voters lock their tokens in a voting escrow smart contract to gain Voting Power. More votes lead to more rewards and greater voting power, increasing influence and impact. A unique design increases the percentage of rewards available as more people vote.

Studios & Builders at Work 🛠️

Professional teams bid on winning ideas from previous leaderboards, bringing them to life.

The Studio Experience:

1. Become a registered studio
2. Browse winning ideas and submit production proposals
3. If a proposal is accepted, begin creating the idea
4. Receive payment (mostly in stablecoins)
5. Earn a bonus in $SLING tokens, vested over 6 months after project completion

Tokenomics Simplified:

Studios receive most of their payment in stablecoins to cover expenses. They also earn a bonus in $SLING tokens upon project completion, providing long-term incentives and attracting top talent.

2. SlingShot Governance — Voting Power Usage

The second use case of Voting Power is for governance decisions. This is where you can expend your Voting Power on important topics which shape the direction and flow of SlingShot DAO.

You should now better understand the different ways $SLING can be unleashed to unlock it’s full potential within the SlingShot ecosystem.