COVER Revised Tokenomics

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.

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.

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