Dear COVER Community,
Thank you all for the support. In the past 2 days, we have worked on a new tokenomics proposal. We have shared this new proposal with the community and our advisors for review. The constructive criticism and feedback we received were taken into account. With that being said, we are proud to announce our new tokenomics. This plan will better suit not only the protocol’s longevity but our original community as well.
COVER Token Allocation
The COVER token will have a multi-year schedule, with the first year schedule having a total of 90,000 tokens. Please see the following breakdown:
- ~87% (~78,400) will be allocated to COVER community members.
○ 26% can be earned through shield mining in the first 12 months.
○ 61% will be allocated to SAFE2 token holders, immediately at launch.
- ~12% (10,800) will be reserved for the team, vested through the year.
- ~1% (800) will be vested to the COVER treasury.
For every year after the first, there will be an additional 10,000 COVER minted that halves every year after. With 90% of the total amount allocated to shield mining and 10% to the treasury.
SAFE2 to COVER Migration
- The SAFE2 migration to COVER tokens will start on 11/20/2020.
- There will be no deadline to claim and you will receive all COVER tokens at once, there will be no vesting period.
- 1 SAFE2 will be migrated to 1 COVER.
Those Who Missed the SAFE2 Migration
Decided using our community polls:
- 1 SAFE at snapshot (12 am 10/01/2020 UTC) will be migrated to 0.9 COVER.
- Unclaimed SAFE from pool 3 (wNXM pool) which will be migrated as 1 SAFE to 0.9 COVER, only for those who did not claim any of their farmed SAFE prior to 10/01/2020 UTC.
- There will be no deadline to claim and you will receive all eligible COVER tokens at once, there will be no vesting period.
Notes on governance for tokenomics
After 6 months, inflation for shield mining can be revisited and adjusted to meet the needs/demands of the protocol by the community.
We are creating a revolutionary product that will have a lasting impact on DeFi and the crypto community. The new tokenomics are designed to ensure the future success of the protocol while also keeping early supporters in mind. Expect more news to come soon. We count on your continuous support as COVER moves forward.
The COVER Team