In our previous blog, we took a look at what GooseFX is and what we’ve been building for the past few years and our future plans. In this blog, we’ll be taking a dive into our tokenomics designed to provide maximum value to our users and stakers!
So without further ado, let’s get started!
Current Token Allocation breakdown
- Early adopters are the backbone of any successful DeFi platform. We allocated 1% or 7 Million of our token supply to reward our alpha/beta testers and those who’ve supported us in our journey from the start. We also utilized these tokens for our bug bounty competitions in the past.
- 20% or 140 Million of the total supply has been vested for teams with 1 Year lockup and a 3 year vesting period starting from November 2022 and lasting till November 2025. Along this, 3% or 21 Million tokens have been provided to our advisors with the same lockup and vesting period starting from November 2022 as well.
- 25% or 175 Million tokens have gone towards partnerships with other protocols and market expansions. 5% of these tokens were unlocked every quarter starting from November 2021.
- 0.5% of the total supply has gone towards our IDO and providing liquidity across GOFX markets on various exchanges.
- 10.5% of the total supply has also gone to our beloved Seed Investors who have supported us throughout our journey. 15% of this allocation was unlocked at TGE or token generation event while the remaining 85% was under a 3 month lockup and 18 months vesting contract and are fully unlocked as of December 2023.
- Finally, 30% is left for Reserve and will be utilized for various purposes such as providing liquidity on DEXs etc. These are under a 2 year lockup with 10% quarterly unlocks beginning on January 1st, 2024.
This is where GOFX comes into play. In this section, we’ll be taking a look at how our focus is on giving back to the community takes shape diving into staking, buyback and burn and much more!
Starting with staking, fees generated across all our platforms are split with GOFX stakers who earn rewards in USDC daily. 50% of our Perps DEX fees and 7.5% of our SSL fees goes directly to our GOFX stakers.
To stake your GOFX tokens, visit GooseFX and click on the Rewards section in the top right corner of your screen.
We’ve also added a 7-Day active cooldown period whenever a user un-stakes their tokens to protect our users from dilution of their rewards by any bigger entity and add an instant selling pressure.
The second part of our equation is Buyback and burn. 10% of the fees generated from our SSL pools is used for this program. All our buyback and burns occur every hour and can be tracked via a buyback and burn twitter page.
The third and final part is our Marketing revenue. 2.5% of the fees generated from our SSL pools go to our marketing treasury. This treasury will be used to further expand partnerships with other Solana protocols and also prize competitions for our users.
We are constantly working on new features and improvements and if need be will update our tokenomics to incentivize our community further. One such recent change was increasing the percentage of fees going to our Buyback and burn program while decreasing the fees going towards marketing treasury. We’re also working towards setting up an insurance fund to help protect our users at all costs and will be dividing a portion of the fees from our SSL pools into increasing the fund.
Ultimately, our end goal is towards sustainability and community building and our tokenomics serve as a perfect example of our goal. Till then, try out our Perps DEX and SSL Pools and let us know what you think!
Disclaimer: The statements, proposals, and details above are informational only, and subject to change. We are in early-stage development and may need to change dates, details, or the project as a whole based on the protocol, team, legal or regulatory needs, or due to developments of Solana/Serum. Nothing above should be construed as financial, legal, or investment advice.