Introducing $DEG Token
1. $DEG token — Built for Protection
After the successful launch of the Degis network and its initial product Naughty Price Protection, it’s time to reveal the tokenomics of $DEG and the reason behind. We are also greatly inspired by our amazing community — your ideas are splendid(https://degis.medium.com/community-summary-utility-of-deg-580b65f462da).
What is $DEG token? $DEG token, an ERC-20 token deployed on Avalanche, is the protocol token of the Degis network and its total supply is 100 million.
Why do we need $DEG token? We need $DEG token because protection contributors need to be properly rewarded. $DEG is also empowering people with the power to participate and decide with every protection on Degis.
User Incentives: 40%
On Degis network, every contributor, no matter protection buyer or seller, will be rewarded and incentivized.
Growth Fund: 12%
The crypto world needs massive integration of protection. To achieve that, we will establish as many partnerships as we can while raising people’s awareness of protection.
We successfully raised over 5M through private round investment. All the money will be used to develop and promote the Degis network.
Public Sale: 2%
We have finished our public sale on Mar 7th. Amazing support from our community and the money will go to platform development.
Team & Advisor: 15%
The team and advisors will hold 15% in total. However, the locking period is 15 months, so before we develop our major features we will not have any tokens on-hand.
DEX Liqidity: 2%
Only for liquidity on Exchanges.
Reserved for emergencies. And this fund will be governed by the community
As the Degis network is constantly distributing $DEG token, we need a $DEG single staking pool to better protect our token holder from inflation.
At $DEG staking pool, people can set a lock-up period to increase the allocation weight. The more time locked, the higher allocation you will get.
The contribution of Degis participants has two scales: time duration and capital size. To better recognize it, we are implementing the veDEG system.
veDEG is the most important token in Degis internal ecosystem. veDEG is generated by staking $DEG with the following rules:
1) 1 staked $DEG generates 0.023 veDEG every hour
2) Maximum veDEG held with a deposit is 100 times $DEG staked for the deposit
1) Upon unstaking $DEG, the balance of veDEG will drop to 0 immediately
2) veDEG is non-transferable and non-tradeable.
veDEG to boost yield
The weight function for the boosting pool is defined as:
The total $DEG emission in the pool is based on team discretion or governance voting, and is independent of the size of the pool. Normally, to earn the maximum amount of veDEG costs 6 months’ staking. One can choose to stake and lock $DEG for 12 months, and get the maximum amount of $DEG immediately.
veDEG for Governance
The Degis network will be gradually governed by the community via the veDEG system. The community will have full power — deciding on protection, activities, and even the mining pools.
The Degis network is distributing all the income to its token holders.
$DEG holders can stake their $DEG to share 80% of the income. The other 20% will goes to the treasury box. Also, veDEG can be used to boost your yield.
The treasury box is a place where $DEG holders have fun and earn. Only for $DEG holders.
We will release several games for $DEG holders. The first game is the lucky draw, in which people buy lucky tickets for surprises.
Subnet also? Let’s see👀
We will launch $DEG single staking pool and the veDEG system on April 15th. Start to stack $DEG from now until it’s too late!
Degis Official Links:
Telegram Announcements Channel: https://t.me/ProjectDegisAnnouncements
Telegram Chat Group: https://t.me/ProjectDegis