Full Tokenomics Report
A fully detailed token economics article is available on Medium for interested readers: Read the full report here.
Below you may find a short summary of the most important features of the token economy.
An initial supply of 1250 VOX tokens is to be minted by the deployer. The majority of the initial supply will be locked into Uniswap along with a proposed amount of 20 ETH contributed by the community during a pre-sale event to provide initial liquidity. The presale token price is 1 ETH = 25 VOX (capped at 1.0 ETH per investor).
The remaining tokens (250 VOX) from the presale are to be distributed as follows:
- 100 VOX (8,0 % of the initial supply) will be put into the treasury.
- 100 VOX (8,0 % of the initial supply) will be put into the community & marketing fund.
- 50 VOX (4,0 % of the initial supply) will be transferred to the development fund, locked by a timelock contract for 30 days.
After the presale, the token minting permission will be transferred to the master contract. The baseline amount of tokens to be minted per day is planned at 75 VOX distributed across all active pools.
After an initial 24 hours of fair mining period (to allow all early adopters to acquire liquidity pool tokens), the following five days of minting will yield an additional 2x multiplier applied to the base rate. After the bonus period is over, no additional multipliers will be set. Only the allocation points of the individual pools may be modified, if decided so by the community.
An initial 2,0 % burn rate on every transfer will be deployed along with the minting contract. The burn rate can be changed by a community vote.
A developer rate on every block will be deployed along with the minting contract. After the token has had time to grow and the community surrounding it becomes more mature, the developer rate could be changed by a community vote after the ownership of the master contract is transferred to a governance contract.
Summary of the tokenomics
- Initial supply: 1250 VOX
- 500 VOX + 20 ETH to be deposited into Uniswap for initial liquidity.
- 500 VOX will be sent to the seed investors.
- The remaining amount (250 VOX) will be distributed as follows:
- 100 VOX (8,0 %) → treasury fund,
- 100 VOX (8,0 %) → community & marketing fund,
- 50 VOX (4,0 %) → development team,
- Mint rate: cca. 75 VOX per day (0,0125 VOX per block) → 25,0 % emissions cut every 2 weeks (starting 01.11.2020)
- Burn rate: 2,0 % on every transfer
As per the tokenomics introduction, 100 VOX (8,0 % of the initial supply) will be put into the treasury. The function of the treasury is to provide future incentives to depositors in VOX vaults (both public vaults as well as vaults exclusive to POPULI owners). The assets will be secured on a separate wallet, owned by the multi-sig governance wallet. When VOX vaults will be launched later this year (ETA is mid-November) the funds of the treasury will be used to provide initial rewards for the strategies.
Profits generated by the vaults will have an estimated 0,45 % fee that will be distributed (allocation details will follow later) between the strategist (performance fee), the development fund and the treasury. Therefore it is foreseen that the treasury will be able to sustain itself after an initial launch period. Additional details about VOX vaults will be available after the start of November.
Community & marketing fund
As mentioned in the introduction of the whitepaper, 100 VOX (8,0 % of the initial supply) will be put into the community & marketing fund. The assets will be secured on a separate wallet, owned by the multi-sig governance wallet. The community and marketing fund will be used to provide incentives for community engagement. Community moderators, proposers and bug-finders will be rewarded with VOX from the fund. Additionally, marketing campaigns and grants will be funded from these assets. The community will be able to vote on how to distribute the marketing funds.
With the launch of the VOX ecosystem on 13th October 2020, a proposed 25 % (25 VOX) of the marketing fund will be used for an initial airdrop for early supporters of the token. Users following our Twitter and Telegram accounts will be eligible to receive awards if they complete certain simple tasks to raise community awareness to our project. Please use the links above to find more information about the initial VOX airdrop.
The development fund will hold an initial 50 VOX (4,0 % of the initial supply) that will be locked by a timelock contract for 30 days. The assets will be secured on a separate wallet, owned by the multi-sig governance wallet. Assets held by the fund will be released after 30 days and will be used to repay costs induced by the creation, development and maintenance of the VOX project. We are all full-time developers & employees and believe that monetary compensation is a valid form of providing motivation to team members so that may be rewarded for the hard work that will be put into this project.
Full Governance Model Report
A fully detailed governance model article is available on Medium for interested readers: Read the full report here.
Below you may find an overview of the vision of our project and what we aim to achieve with Vox Finance.
While we are fully aware that we are not the first or second yield-farming project in the decentralized finance sphere, we believe that our approach and goal stands out. We want to build a unified decentralized platform that connects together all the important building blocks of the financial market of the future.
Our vision is to connect yield-farming, staking, community governance, lending & borrowing and decentralized swaps all under one common roof - the VOX financial system. And we can't reach that goal in one giant leap but we can do it with small steps. Below we'll give an outline of each of our key features and how we imagine building it.
Read more about VOX vision on our Medium page.
Yield-farming and staking platform, community governance
The first step to any successful project is a proper introduction. With our farming and staking platform we want to distribute our native platform token, VOX, to the crypto community in a fashion they are already accustomed to. Along the way we'll boost the entire blockchain system with incentivizing liquidity provisions on Uniswap and by producing traffic on the distributed ledger.
With staking we're introducing our first novelty - the POPULI token - the governance and exclusivity token of the ecosystem. POPULI is only given to participants in the staking pool in a 1:1 ratio. When withdrawing from the pool, the user will need to burn the same amount of POPULI tokens for a successful withdrawal. Why have we implemented this method, you might ask yourself?
Firstly, we want to create a true community governance protocol where any member of the ecosystem, will be able to have an equal voice in the development of the project. We're creating something similar to quadratic voting but with our own twist. We want to build a system where the voice of each individual can make a change in the system.
Secondly, POPULI token holders will be incentivized to keep staking by having special private farming pools that will pay out rewards in the form of tokens of prominent new and already existing crypto projects/platforms.
And finally thirdly, POPULI will grant users an exclusivity right to partake in community discussions on the platform's discussion board. On the platform users will be able to share suggestions, ideas and feedback about the current state of the project and about all future protocols. The power of the financial system will be in the hands of the community.
Vaults and strategies
The vaults and strategies mechanism is a feature that we're adapting from already existing projects. In our ecosystem, vaults will be income-generating and self-appreciating funds of user's assets that will execute an underlying strategy that is defined by the strategist. For the operations of the vault a total withdrawal fee of 0,35 % will be collected for the treasury (to fund future vaults) and development fund (to maintain and improve the vaults) and an additional 7,5 % performance fee to steer motivation for creating new and more efficient strategies. All members of the community with the required knowledge will be able to share their strategies for testing and if chosen, the majority share of the performance fee will be paid out to them. Again, our mission is to give power - and success - in the hands of the community.
Lending & borrowing platform, stablecoin swaps
A feature we hear more and more people asking for is a way to earn "safe" interest. The possibility for users to deposit stablecoins and to receive a reward in return. That's why our last step in our (current) timeline is the introduction of a 1:1 stablecoin lending, borrowing and swap platform with close-to-zero fees. Users will be able to make deposits in the stablecoin of their choice which will be locked into the platform. Deposits in the platform will earn relatively low, but steady amounts of rewards.
As other users will use the platform to exchange stablecoins between themselves, depositors will earn a 0,015 % fee on the amount of the exchange. That means that depositors earn their share of the fees generated by the platform as well as an additional reward of VOX for providing liquidity. Additionaly, users will also have the ability to "borrow" the available stablecoin assets with appropriate collateral.
This is our first draft of the "banking" platform and information around it might change. Along with all of the ideas above, we have many more which have yet come to fruition. What we can promise the community - and state as our mission - is that we want to bring the services of traditional financial markets in the hands of the people. Where each individual can have the power to create, borrow, lend and earn money in a fair and decentralized manner.
*All fee values above are subject to change according to market conditions.