More Value, More Utility: Exploring $SRK’s New Tokenomics After Migration
OVERVIEW
The $SRK token is the native fee token of the SparkPoint Network. $SRK will offer various functionalities within the network, including staking, governance, and access to exclusive features. As the network’s gas fee, $SRK will fuel transactions and smart contract execution on the SparkPoint Network.
Total Supply:
$SRK has a fixed total supply of 1 billion tokens, ensuring its scarcity and long-term value.
Circulating Supply:
The initial circulating supply of $SRK on the SparkPoint Network will depend on the migration process from existing tokens (SRK, SRKb, SFUEL) on the existing SparkPoint ecosystem using a one-way bridge.
SparkPoint Network Explorer:
Once the SparkPoint Network launches on the mainnet, you’ll be able to view $SRK token details and smart contract information on the dedicated SparkPoint Network block explorer.
Migration:
- We will facilitate a one-way bridge migration process for SRK holders on Ethereum, SRKb holders on Binance Smart Chain (BSC), and SFUEL holders to migrate their tokens to the new $SRK on the SparkPoint Network.
- A price-based conversion rate will be used to ensure a fair allocation of SparkPoint Network $SRK based on the value of existing SRK, SRKb, and SFUEL tokens. We will announce the specific conversion rates and the migration timeline in a separate communication before the process begins.
Distribution of $SRK:
- Token Migration (SRK, SRKb, & SFUEL) (60%): Represents $SRK tokens that will be migrated from existing holders to the SparkPoint Network.
- Node Key Operators (20%): This allocation is dedicated to incentivize and reward individuals who operate SparkPoint Network Nodes. Tokens in this pool will vest over a 30-month period, with a 6-month cliff following the official mainnett launch of the SparkPoint Network. 200 million $SRK tokens are initially allocated to node operator rewards to support the SparkPoint Network. Operators must own at least one SparkPoint Network Node Key to maintain consistent operations of their node to qualify for rewards.
- Ecosystem Fund (20%): Fuels the growth and development of the SparkPoint Network ecosystem. It will be used for various initiatives such as partnerships, grants, marketing, and community programs. A portion of the Ecosystem Fund allocation will be subject to a vesting schedule with a 6-month cliff followed by a 30-month vesting period. The specific vesting details will be announced in a separate communication before the allocation is distributed.
Conclusion:
Our team carefully designed the $SRK tokenomics to establish a solid foundation for a more robust and thriving SparkPoint Network ecosystem. Built on the principles of utility, scarcity, and fairer distribution, $SRK empowers users, incentivizes network commitment, and lays the groundwork for long-term ecosystem growth. Recent market research indicates a strong correlation between these principles and successful projects.
The upcoming migration process, meticulously planned by our development team, ensures a smooth transition for existing SRK, SRKb, and SFUEL holders, welcoming them as active participants in the SparkPoint Network’s future.
Stay tuned for further details on the specific conversion rates, migration timeline, and the comprehensive vesting schedule. As the SparkPoint Network launches and $SRK takes center stage, exciting possibilities await the entire community.
Learn more about SparkPoint from the following links:
SparkPoint Website: https://sparkpoint.io/
Trade SRK: https://srk.sh/trade
SRK-ETH on Uniswap: https://srk.sh/uniswap
Our Official Channels:
Telegram Announcements (SparkPoint): https://t.me/sparkpoint
SparkPoint Community on Telegram: https://t.me/SparkPointOfficial
SparkPoint Twitter: https://twitter.com/sparkpointio
SparkPoint Facebook: https://facebook.com/sparkpointio
SparkPoint Instagram: https://instagram.com/sparkpointio
LinkedIn: https://www.linkedin.com/company/sparkpointio
GitHub: https://github.com/sparkpointio
SRK on CMC: https://coinmarketcap.com/currencies/sparkpoint/
