Gains Network announces a plan for the economic model of GNS token: 100% of Dev fund revenue will be redirected to GNS staking.
2023-07-21 10:51:21
Odaily News According to official sources, contributors and community representatives of Gains Network, a protocol for on-chain derivatives, have collaborated to develop a plan for the GNS token economy. The key points of the plan include:
- 100% redirection of Dev Fund revenue to GNS staking (Dev Fund currently charges approximately 16% platform fees);
- Replacement of the current Governance Fund with a new 6/11 multisig;
- Discontinuation of GNS NFTs;
- Redirection of NFT bot revenue to GNS staking and oracle at an 80%/20% ratio;
- Increase in token supply by 4.36 million GNS tokens, or 14% (dev: 1 million GNS, NFT: 3.36 million GNS);
- Increase in GNS earning share from 33% to over 60%;
- Existing GNS stakers expected to earn an additional 60% under the same income.
To compensate for the cost adjustment of the Dev Fund, Gains Network will mint 1 million GNS tokens as compensation, which is equivalent to 1 to 1.5 years of Dev Fund revenue based on the current GNS price. The minted GNS tokens cannot be sold for at least one year and are eligible for staking to receive protocol earnings. It is reported that this plan is expected to go live on September 1st or later.
- 100% redirection of Dev Fund revenue to GNS staking (Dev Fund currently charges approximately 16% platform fees);
- Replacement of the current Governance Fund with a new 6/11 multisig;
- Discontinuation of GNS NFTs;
- Redirection of NFT bot revenue to GNS staking and oracle at an 80%/20% ratio;
- Increase in token supply by 4.36 million GNS tokens, or 14% (dev: 1 million GNS, NFT: 3.36 million GNS);
- Increase in GNS earning share from 33% to over 60%;
- Existing GNS stakers expected to earn an additional 60% under the same income.
To compensate for the cost adjustment of the Dev Fund, Gains Network will mint 1 million GNS tokens as compensation, which is equivalent to 1 to 1.5 years of Dev Fund revenue based on the current GNS price. The minted GNS tokens cannot be sold for at least one year and are eligible for staking to receive protocol earnings. It is reported that this plan is expected to go live on September 1st or later.
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