gm gardeners! 👩🌾
We're midway through Season 1 and the journey has been nothing short of exhilarating. Can you believe it? We've hit an astonishing $7M in volume within just 15 days, and that too with closed access! That's not just a milestone; it's a rocket launch! 🚀
But guess what? That's just the beginning. There is no better time to announce the foundational piece of our garden (well, every garden I suppose). We're super excited to introduce you to our utility token — SEED!
TL;DR SEED forms the core of Garden's tokenomics. The token goes live at the close of Season 1 (January 18th). Earn SEED tokens by actively engaging in our Seasons program! Stake SEED to earn APY through our revenue-sharing initiative. Find us on 𝕏 to grab access codes for the app.
Ethos of SEED
As web3 natives ourselves, we've witnessed various token behaviors, both good and bad, over the years. This understanding drives our tokenomics ethos:
- Encouraging long-term community participation without deterring future users.
- Promoting trading activity within the app.
- Strengthening the web3 ecosystem.
- Collaborating and growing with other web3 projects and communities.
SEED in Numbers
SEED will have a total supply of 147,000,000 tokens. All of which will be minted during TGE on 18th January 2024 (i.e. end of Season 1). Token allocations are as follows:
- 54.4% (80,000,000 SEED) for Garden community incentive programs.
- 5.5% (8,000,000 SEED) for liquidity incentives and partnerships.
- 5.5% (8,000,000 SEED) for tech and non-tech community grants.
- 15% (22,000,000 SEED) for team members.
- 19.6% (29,000,000 SEED) to investors.
We want Garden to be a community centric project, hence we have allocated 2/3rds of the token for community growth and nurturing. The team and investor tokens will be locked until the end of the seasons program.
SEED Emission
Our Seasons program is the only means to acquire new SEED tokens. Each season has a predetermined SEED token allocation, distributed among participating gardeners based on their points relative to others. Over 18-24 months, we'll host 12 seasons, not necessarily consecutive. Tokens rewarded decay by 25% every 4 seasons, distributing around 31% of the tokens to the community.
The inaugural season, Snowman, is allocated 5,000,000 SEED tokens (~3.4%).
Here's a clear breakdown of the token allocation for each season:
- Seasons 1-4: 5,000,000 SEED per season (~3.4%)
- Seasons 5-8: 3,750,000 SEED per season (~2.6%)
- Seasons 9-12: 2,810,000 SEED per season (~2%)
Following the seasons' program, community incentives will refresh, informed by gardener community proposals.
SEED Utility
- Staking: Stake 210,000 SEED tokens to become eligible to participate in market making. Users can stake lots of 2,100 SEED against market makers of their choice through a delegated proof of stake (DPoS) model to earn a share of their revenue. [Last updated: Jan 16, 2024]
- Discounted Trading Fees: SEED tokens unlock the benefit of reduced trading fees within Garden. Use SEED as a payment method for trading fees and enjoy discounted rates, making transactions more cost-effective for active participants.
- Token Gated Incentives: SEED holders can have access to exclusive contests and early features.
What's Next?
We've yet to dive into the NFTs awarded to top scorers in each season. These exclusive NFTs (codeword: FLOWERs) play a key role in governance among other things. We'll talk more about that in due time.
More details regarding $SEED airdrop for Season 1 will be shared in the mid-season review blog.
Last updated: Jan. 15, 2024.
About Garden
Garden is the fastest way to swap BTC and WBTC, providing a 10x improvement over existing options. It is decentralized, trustless, audited and not a real garden.
Join our garden townhall to chat with other gardeners about soil acidity and trimming bushes.