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Token Economics
Phu Quoc Dog native coin will be used to:
- Pay transaction and trading fees to get discounts on them
- Participate in on-chain governance of the network
- Become a validator of the network by staking
- Nominate validators and collators of the network
- Users can deploy tokens for their spaces and communitie
- Rent or sell your posts as NFTs
- Run ads on pet social networking platforms
- Easily send donations or setup a subscription.
- DeFi and smart contracts. Developers can implement advanced payment options.
Now let’s take a deep dive into the core elements of Phuquocdog tokenomics.
The total supply of Phuquocdog native token, PQD, is capped at 90 billion PQD However, PQD supply can fluctuate at times.
How does it work?
Phuquocdog mechanism will burn the transaction fees if the current total supply goes over 90 billion tokens. We are also working on other mechanics of burning tokens from the PQD NFT pallet and Cross that will be introduced later. Burning mechanisms regulate supply via the network without the need for users to intervene.
There are 55,420,356,977 PQD tokens currently released on the market. It is less than 62% of the Total Supply.
Our core team building the product receives 15% of the total supply of tokens, 13.5 billion PQD. They are released according to the following schedule: 20% of tokens is unlocked 12 months after the Mainnet launch and the remaining amount is vested quarterly over the next 12 months.
The biggest chunk of tokens, 21% (19.7076 BilionPQD), is locked up in the Treasury. These tokens are reserved for giving grants to extend the Phu Quoc Dog ecosystem, building bridges to other blockchains and governance of the Phu Quoc Dog Network.
Treasury is locked by on-chain governance and can be released only by votes of users. Further details of the unlock process and voting system will be in the on-chain proposal
10% of the total number of tokens will be reserved for the Parachain auction.
Staking will incentivise users to hold PQD in order to receive rewards in PQD tokens. Staking is a mechanism for network validators. It will work in the same way as in the Polkadot network. It is based on the reward curve that will gamify the system. The goal is to keep 50% of the circulating supply of PQD always staked. For more details, please refer to
https://wiki.polkadot.network/docs/en/learn-staking
It is important for Phu Quoc Dog to become a parachain in the Polkadot network so that it can reduce the cost of bringing tokens from the Ethereum network to Substrate. Becoming a parachain will also allow the trustless movement of these tokens.
In case Phuquocdog does not secure a parachain slot before the Mainnet launch, we will continue to run the project as a solo chain with limited functionality until we secure the slot. That said we applied for the parachain slot and are working on securing it as soon as possible.
Last modified 1yr ago