Utility
Last updated
Last updated
The utility of the token is three-fold;
Governance : Token holders will be able to vote on product features, token utility, types of auctions and even decide which projects get to be featured by Gonear
Fees : Transaction fees will be paid in $GN
Product Participation : Joining pools, Staking, LP providing, Joining NFT offerings
Token pools on Gonear will incur a fixed fee, paid by the pool creator. If a pool creator receives 100,000 USDT worth of a token and the fee is fixed at 1%, 1,000 USDT will be deducted from his purchase and added to the staking reward pool.
Staking rewards will also be distributed in 24-hour cycles. If a user holds 2% of the total staked GN during that 24-hour cycle, that user will get the equivalent of 2% of all the staking rewards for that same period. If during that period Gonear generated 10,000 USDT, that user will get 200 USDT.
Gonear users are only eligible for staking after providing liquidity to the Gonear pools. Contributors can lose their staking status if they stop providing liquidity to the network.
For high-demand pools, access can be limited to the top liquidity and network contributors. Password protection and whitelisting are potential features that could provide additional limits. However, to best align the interests of the entire Gonear community, the GN token can be used as a coordinating mechanism.
For instance, if community members want access to certain token pools, they must stake GN tokens. Of course, token pool creators have full autonomy over this process. For projects that use the Gonear platform, our goal is to craft diverse token holder communities loyal to the project and invested in its long-term success.
Pool creators can activate GN staking to limit pool access exclusively to GN holders. The incentive for this type of behaviour from the pool creator is a reduced fee on the total swapped funds.
Gonear will introduce allocation tiers to compensate higher amount stakers. Read more here.
To incentivise participation in liquidity providing. In the manner of great DeFi projects like Synthetix and Balancer, this program will distribute a fixed amount of GN tokens daily. All liquidity providers will receive GN from this as-yet-undetermined fixed amount on a pro-rata basis.
Gonear has set the following amount of GN tokens for Liquidity providers :
4,000,000 GN for the first 4 months starting from the initial listing on Trisolaris.
6,000,000 GN over the course of the subsequent 7 months.
Liquidity providers can setup farming activity and claim their rewards through our staking page by clicking on "Farm".
When our NFT launchpad goes live, GN holders will be able to burn a fixed amount of GN tokens to participate in NFT offerings in the form of a lottery.
NFT project partners that launch their NFT collection through Gonear will allocate a set number of NFTs from their collection to the launchpad. Participants will be able to joining a ticketing pool and purchase as many tickets as they wish in GN. The GN used to join the lottery are immediately burnt.
The maximum number of winning tickets per address will be defined by the NFT project, which is often equal to the number of NFTs to be offered.
Once the ticketing pool closes, winners will have a set amount of time to claim their NFT mint.
The Gonear governance framework aims to build a solid and sustainable protocol for development and usage. GN holders will be able to vote for ecosystem initiatives, new features development, liquidity rewards distribution specs, and other applications.
GN holders need to stake GN in order to be able to vote and to submit proposals. Proposals will be first discussed off-chain within the Gonear community. The idea of this pre-voting mechanism is to promote proposal discussion before on-chain submission.
Once the proposal is ready to be submitted, there will be an on-chain vote. Every winning proposal is then reviewed and applied by the Gonear development and management team.
