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The $STANDARD token is Construct’s token and it is an ERC-20 token that has the clear role of empowering DAO participants to contribute to the growth of our digital colony. It has use cases in governance and staking.
As mentioned in our whitepaper, the maximum supply of the $STANDARD token is 20,000,000, a figure that is (as you have probably guessed it) close to the maximum total supply of Bitcoin.
We envisaged the token allocation as per the below:
We will have 3 airdrops x 1% (from the total supply) each with a maximum of 1 redeem + normal vesting (0.8%/week for 125 weeks).
Example: If you receive 125 tokens via the first airdrop, starting from the next week, your wallet will become eligible to claim a vesting of 1 token / week. If you redeem it, the remaining 124 tokens will go to a common pool which is split continuously between the people who didn't redeem their tokens. If, in week 5, you redeem the 5 tokens allocated, the remaining 120 will go to the pool mentioned above.
By doing this, the later you redeem your airdropped tokens, the more you will be rewarded.
The first airdrop will happen in the first week of November and will be made to early Construct supporters (Newsletter Free and PRO subscribers & Newsletter founding members).
The second airdrop was awarded to Construct members with “skin-in-the-game”, namely those who either participated in the STANDARD/USDC LP, bought $STANDARD from the SushiSwap pool or were yearly subscribers to Stakeborg Academy’s PRO newsletter.
As the criteria set for Airdrops #3 have not been met by June 15th, therefore, the bootstrapping team would be evaluating next steps with the most active community members.
The $STANDARD token will be available for farming using certain tokens for the first few weeks by anybody who wants to get front row access to our digital colony.
The initial three farms welcome and reward community members who own $BOND, $XYZ or $SWINGBY. The three liquidity mining opportunities take up 300,000 of the allocated tokens, leaving 1,300,000 tokens for future farming rewards. The $STANDARD tokens claimed from liquidity mining will have no vesting periods attached to them.
The team’s supply of tokens has the normal vesting period (0.8%/week for 125 weeks).
The pool of staking rewards is split in 125 epochs (weeks), with 22,400 tokens made available as rewards each epoch. We envisage to start the staking programme in Week 6. Given that staking rewards will begin on a Wednesday, a pro rata factor is considered during each week of the calendar.
The Community Treasury’s supply of tokens has the normal vesting period (0.8%/week for 125 weeks). This equates to 48,000 tokens per week from Week 1.
We envisage multiple LPs, including the STANDARD/USDC pool to start in Week 2 and the ILSI / ETH pool to start in Week 8. The rewards for the STANDARD/USDC LP amount to 2,400,000 tokens and are split between 125 epochs. The rewards for the first ILSI / ETH LP amount to 120,000 tokens and will be split between 8 epochs. The second pool's rewards for the ILSI /ETH LP will start immediately after the first one has finished and will include 48,000 tokens split over 12 epochs. The third pool of rewards for the ILSI / ETH LP will start immediately after the second one has finished and will include 64,000 tokens split over 16 epochs. Users do not have to take any action as their assets will be transitioned automatically to the continuation pool. In parallel with the launch of the second index, the DAOX index, there was another Sushi LP opened (DAOX / ETH). The rewards for the first DAOX / ETH LP amount to 36,000 tokens split between 8 epochs. The second pool of rewards amount to 60,000 tokens over 12 weeks, with similar mechanics to the subsequent ILSI / ETH pools. The remaining rewards under the Sushi LP Rewards scheme would be used to further enhance liquidity at the appropriate moment in time. The rewards can be easily claimed and there will be no vesting periods attached to them.
The Methodologist Fund represents the fund that has been set up to incentivize the team in charge of creating and maintain the Construct indexes.
The vesting periods for the tokens allocated to the Methodologist Fund are the following:
- 10% of tokens after 1 month
- 30% of tokens after 4 months
- 30% of tokens after 9 months
- 30% of tokens after 15 months
There are 500,000 tokens allocated to the advisors’ pool, with 300,000 undertaken at the beginning. The tokens have a normal vesting period (0.8%/week for 125 weeks). The remaining tokens have the same vesting period which will start from the moment they are allocated.
As Construct will grow and be at the forefront of the DAO and DeFi revolution, we envisage to bring in strategical investors. The tokens allocated to this initiative have a normal vesting period (0.8%/week for 125 weeks).
The table below shows the evolution of the available tokens in the fourth 12-week period.
Note: Subsequent rewards for ILSI / ETH and DAOX / ETH LPs to be announced closer to the end of the current rewards period.
The table below shows the evolution of the available tokens in the third 12-week period.
The table below shows the evolution of the available tokens for the weeks 13-24.
Given the limited number of tokens available after Week 1 (69,400 excluding the tokens under Community Treasury + the considerations around claiming others, e.g. Airdrops tokens) we expect that the pool to be highly volatile in the period following its launch. The volatility will decrease as the number of tokens available and pegged in the pool will increase, thus increasing the depth (liquidity) of the pool.
Construct was activated by the community when 5% of the $STANDARD tokens were staked. Given the tokens distribution table, we expect this to happen not earlier than Week 10.
The SFC is the means through which contributors and projects are rewarded and funded without the need for always calling on-chain voting. It is meant to work in seasons of 3 months each (4 per year). Currently, it is funded with 90,000 $STANDARD each season. The pilot season will last for 4 months at most (1 month longer than the regular season length). Timeline is influenced by the launch of the Grants Program and meant to provide a clean start for season 1 on October 1st, with an end date on December 31st, 2022.
One for all and all for DAO