Hello, #PartySquad! We are here to announce our “Tokenomics V2”, diving deeper into how PartySwap will manage the $YAY tokens while publicly announcing a few modifications.
Initial Distribution V2
We are happy to announce our new (and final) Initial Distribution graphic, showing up how we will manage our reward token.
Team Allocation
These funds will pay wages and living expenses for the main team members of PartySwap. The funds will be locked in a smart contract provided by TrustSwap, and will be scheduled to unlock every two months after the platform launches, in a one-year time frame. The first unlock will be set to happen a few days after the platform is released, and it will be announced on our social media accounts. The total amount of tokens represent 10% of the total supply (11,000,000 $YAY tokens).
To be extremely clear and transparent, each unlock will be the equivalent of 1,833,333.33 $YAY tokens.
Airdrop
Airdrop will consist an 8% of the total supply (8,800,000 $YAY tokens). We will explain more about this particular point in our Airdrop announcement.
Community Marketing
These funds are going to be used to pay our social media marketers and group managers. That includes moderation for our future Discord server, Twitter account management, Multi-language telegram groups, and more. If by any chance you are interested to send us proposals for these types of jobs, we have our e-mail open: hello@partyswap.io.
This fund will also cover special events, such as giveaways, contests, and more. The total amount of tokens represent 2% of the total supply (2,200,000 $YAY tokens).
Liquidity Mining
The liquidity mining tokens will provide rewards for our users in the two primary services of our platform: Piñatas and Jacuzzis.
Piñatas are the equivalent of farms, where people can use their LP tokens to generate $YAY rewards. We already announced the initial pairs in our original announcement, and so far, they will remain the same. Piñata rewards represent 43.75% of the total supply (48,125,000 $YAY tokens).
Jacuzzis will be our single-token pools, where users can stake their $YAY tokens and receive even more $YAY tokens over time. More details will come out in a specific blog post devoted only to this section of the website, where we will explain deeper how the reward system will work. However, we can upfront that it will be similar to PenguinFinance’s “Nest” section, with certain modifications. Jacuzzi rewards represent 18.75% of the total supply (20,625,000 $YAY tokens).
Investors
After our public announcement, a few investors from the AVAX ecosystem reached us to invest in our platform and help us fund the initial website development. The extra funding will help us deliver on the deadline announced in our roadmap while keeping quality at the top. It will also help us fund the audit of our smart contracts. All the extra money will benefit our users in the short term, allowing us to deliver a platform that will be accessible, good-looking, and well-programmed on day one. Our investors, which consist of a small group of people, will remain private until they decide to uncover publicly.
The investors’ tokens represent 2.5% of the total supply (2,750,000 $YAY tokens). These tokens will also be locked in a smart contract from TrustSwap and unlocked in the same time frame as our “Team Allocation” tokens. That means the tokens will unlock every two months in a one-year time frame, with the first unlock happening a few days after our platform launches.
To be extremely clear and transparent, each unlock will be the equivalent of 458,333.33 $YAY tokens.
Treasury
Our treasury tokens represent 15% of the total supply (16,500,000 $YAY tokens). We will divide this into two different use cases: 5% of the treasury tokens destined to the Initial Development Fund and 95% of the tokens destined to the Governance and DAO Fund.
The Initial Development Fund tokens will be used to hire new developers, designers, artists, and web programmers to upgrade our platform from day one after launch. These tokens will represent 5% of the total Treasury tokens, totalizing 825,000 $YAY tokens available.
The Governance and DAO Fund tokens will be locked into a multi-signature wallet until the governance system is ready. After that, we will start setting up our “DAO” (Decentralized Autonomous Organization). These platforms will help our token holders vote on significant changes for PartySwap, with the governance working on making substantial changes on the farm pairs and jacuzzi pool specifications and listings (and also in certain aspects of our future applications too). In addition, the “DAO” gives total power to our token holders to make significant modifications to the PartySwap core decisions. More details will come out soon about both in a future blog post.
For transparency, our treasury funds are currently stored in this wallet.
$YAY Token Specifications
To recap, here are the specifications for our reward token $YAY, originally specified in our platform announcement:
- Total supply: 110,000,000
- Contract Address: 0x10b3A2445f29F838ed8D9d61a82205A0436B7F75
- Decimals: 10
- Symbol: YAY
- Hash: 0x557aeb1779cab89b7d87228fcb9ad5ee81441568841939552a3089fbeb0c337f
- Block Height: 2445649
- Genesis Address: 0xbbfc5d3ca1a21c46096dec7b698f471236b86c4a
About PartySwap
PartySwap is a Decentralized Exchange (DEX) launched in Avalanche where you can do permissionless swaps between currencies, earn interests in farms and liquidity pools in one interoperable, highly scalable ecosystem.
If you have inquiries about our platform, please don’t feel afraid to ask! hello@partyswap.io
