Gitopia Revises Tokenomics Ahead Of Mainnet Launch
Decentralised code collaboration platform, Gitopia, ahead of its mainnet launch in April, released details about its updated tokenomics saying that its token was designed for the growth of the ecosystem and to power the future of open-source economy.
Although genesis supply and maximum supply were unchanged, the project redistributed initial token supply to accommodate more rewards for the community, restructured distribution categories and defined block reward distribution categories.
Gitopia said at genesis, 500 million $Lore will be pre-mined and divided into different pools that have distinct unlock time. The firm added that it restructured many of the token pools from previous tokenomics in order to align incentives for long-term growth of the Gitopia ecosystem.
The pools are aimed at specific goals, Gitopia said. The firm will be driving usage, participation and behaviour “designed to support the long-term growth of the Gitopia ecosystem”. Staking rewards are meant to guarantee the security of the Gitopia blockchain. Gitopia’s core team members are not left out as 28 percent of the block emission will be used to motivate team members. Other pools include strategic reserve, early supporters, liquidity bootstrapping, advisors, community pool and airdrop.
Image credit: Gitopia
Gitopia envisions a decentralised open-source economy in which developers collaborate and get rewarded for creating cutting-edge technological advancements…, the firm stated.
The $Lore has an inflationary feature which means that it increases in supply over time. Gitcoin stated in an inflation schedule that its token’s inflation at genesis is set to 35 percent at 675 million total supply and projected to be 1.09 percent at 1.7 billion supply in 11 years with halving done every two years.
An 11-year projection by Gitopia of what it says is a “ fully diluted token distribution” shows 10 pools with staking rewards and ecosystem incentives having the highest fund at 26.19 and 21.67 percent respectively.
Image credit: Gitopia
The token will be playing a major role in the events and processes in the Gitopia ecosystem. Staking the $Lore provides the holder with voting rights in decision making sessions as well as guarantees security. The $Lore will also serve as a means of payment on Gitopia marketplace as well as settling transaction fees.
As part of its plan to grow the ecosystem, Gitopia said it plans to fund interchain projects through airdrop programmes. Some of the projects the airdrops will be in; the Cosmos ecosystem, including Cosmos Hub which connect chains and has a large developer community; Osmosis which is a decentralised exchange capable of collaborating with Gitopia on cross-chain solutions; Akash Network which is a decentralised cloud computing marketplace that will provide cloud resources with developers.
As Gitopia evolves, the community will have complete control over the funds and will be able to propose changes to fine-tune the purpose and functionalities of each pool through on-chain governance. This will ensure that the Gitopia ecosystem can adapt and grow to meet the changing needs of its users over time, Gitopia stated.
