About $GENESIS
For a full description of $GENESIS Tokenomics please visit the Whitepaper.
Last updated
For a full description of $GENESIS Tokenomics please visit the Whitepaper.
Last updated
$GENESIS Tokens are the governance and economic token for Genesis Worlds, allowing holders to guide the direction of the universe, and make transactions within the game. GENESIS holders also benefit from activity in the Genesis universe, such as burning GENESIS during Land sales, as well as buying and selling in-game items, NFTs, and access to in-game events.
$GENESIS can only be mined by holders of Mining Claims, and earned by participating in governance or providing liquidity. This is a 100% fair launch model, with no special deals, discounts, or special treatment for whales, and no tokens set aside for the team, advisors, or anyone else.
GENESIS (ERC-20): The GENESIS ERC-20 token is the fundamental building block of the Genesis Multicreator Gaming Universe. GENESIS is delivered using fair launch principles - every GENESIS will be delivered to the community, whether by farming, mining via Mining Claims, or earned by participating in governance, liquidity, or content development. There are no special deals, and no tokens set aside for the team, advisors, or anyone else. You can see the split here:
To farm GENESIS, stake GAME in the farming contract. The longer you stake your GAME, the more GENESIS you'll farm. 50M GENESIS is set aside for this purpose.
To mine GENESIS, simply hold one or more Mining Claims in your eth address. The longer you hold the Mining Claims, the more GENESIS you'll mine. GENESIS mining starts one week after the first world sale.
GENESIS can also be earned through staking GENESIS in the governance portal. This incentivizes the community to participate in governance, and also to think long-term about the project. The earned GENESIS will be split among all governance portal members. Earning through governance starts four weeks after the first world sale.
The amount of GENESIS emitted through mining and governance is limited by the number of Mining Claims owned and the length of time the Mining Claims are held. There is no end date for the emission of GENESIS, but the emission follows a logarithmic curve, and so emissions reduce naturally over time.
Given the amount of GAME available, the limit on the number of Worlds, and the bonding curves, the expected total supply of GENESIS created over the first 100 years is 1 billion GENESIS.
The Foundation will not burn the GENESIS it owns. But, it will most likely escrow and time-lock large portions of that GENESIS to reduce circulating supply, and maintain resources for the long term. The mechanics of this time lock will be left up to the Foundation and the community, and may change over time.
Of the 1 billion expected total supply of GENESIS, 50 million, or 5%, will be set aside for the initial GENESIS farming pool. Another 50 million will be set aside to drive decentralized exchange liquidity, reward early community members. The remainder will be released over time to Mining Claim holders and Governance stakers.
GENESIS Farming: 50 million GENESIS will be placed in a pool, where community members can stake GAME to earn GENESIS.
Liquidity Incentives: 10 million GENESIS will be used to create and incentivize initial liquidity in a GENESIS-USDC pair on QuickSwap (Polygon), providing both a small initial pool amount, and a larger liquidity incentive for that pool, encouraging the community to keep the pool large enough to support high trade volumes. Because QuickSwap pools are all linked, this pool allows you to buy GENESIS using any token you own.
The liquidity incentives are designed to deliver a steady rate of 250% to 300% APR, and will last for 3 to 9 months, depending on the amount of GENESIS added to the pool.
Community Incentives: 10 million GENESIS will be used for community incentives between now and the end of 2022, such as rewards for involvement, contests, content, and more. Our most valuable community members are creators, designers, and organizers. For many, this will be their first experience in a crypto project. For many more, they may have only minimal financial resources. It’s important that early community members have access to GENESIS, so we’re creating this incentive to ensure the community can reward its most creative, prolific, and fun members.
Future Liquidity Pools: The remaining 30 million GENESIS is set aside for incentivizing additional liquidity pools. The pools and incentive amounts will be chosen by the community; likely pools include ETH-GENESIS on Uniswap and USDC-GENESIS on QuickSwap. Multiple trading pools ensures GENESIS will trade against a basket of currencies, and reduce price fluctuations. It also makes buying more attractive for users of those currencies.
