Governance Tokens
Introduction#
The platform includes the YOU governance token, which users of the platform may solicit under certain conditions. No purchase price is due and the token does not represent a claim against an issuer. The governance token will eventually be used to vote on governance items of the platform and to distribute platform profits.
Governance Token General Incentives#
The general incentives for participation in the platform work as follows. The general incentive allocation is described below.
Opt-In#
Currently there is a distinction between minters of uUSD and of uDEFI. The vaults for the uDEFI token will allow to opt-in on the holder conversion right. Those vaults that do not opt-in, will never be selected for a holder conversion and the collateral in the vault cannot be exchanged for outstanding tokens. However, these vaults will also not receive any YOU tokens. Any one vault can only do the opt-in decision once and it is non reversible. The below description is for all uUSD vaults and uDEFI vaults which have opted in. In the future this will likely be harmonised between different tracker tokens.
Staking Calculations#
The allocation of staking rewards for YOU tokens is mainly driven by the fee generation for the platform.
Fee types#
There are
- Upfront fees,
- The minting fee charged upon minting tracker tokens.
- The swap fees charged on the swap feature.
- Period fees, i.e. the interest rate spread on tracker tokens.
Once there are types assets on the platform which have a different mix of upfront and period fees, there needs to be a way of comparing the two types of fees.
Tracker Tokens#
| # | Comment | Asset | Underlying | Collateral | Opt-In1 | YOU token claim weight [tez] |
|---|---|---|---|---|---|---|
| 1 | n/a | uBTC | BTC | tez | no | outstanding token amount2 * target price3 |
| 2 | n/a | uBTC | BTC | tez | yes | 0 |
| 3 | n/a | uBTC | BTC | SIRS | no | outstanding token amount2 * target price3 |
| 4 | n/a | uBTC | BTC | SIRS | yes | 0 |
| 5 | n/a | uDEFI | DEFI | uUSD | no | outstanding token amount2 * target price3 |
| 6 | n/a | uDEFI | DEFI | uUSD | yes | 0 |
| 7 | n/a | uUSD | USD | tez | n/a | outstanding token amount2 * target price3 |
| 8 | n/a | uUSD | USD | SIRS | no | outstanding token amount2 * target price3 |
| 9 | n/a | uUSD | USD | SIRS | yes | 0 |
| 10 | n/a | uXAU | XAU | uUSD | no | outstanding token amount2 * target price3 |
| 11 | n/a | uXAU | XAU | uUSD | yes | 0 |
- 1 The opt-in/opt-out feature described above.
- 2 The outstanding token amount in each vault is only observed at the time of the last vault action (minting, burning, depositing or withdrawing). The change in outstanding token amount caused by the liability interest rate since the last vault action is not reflected. Changes in the exchange rates since the last vault action are also not reflected.
- 3 The target price of the underlying measured in tez.
Available YOU tokens#
The total number of governance tokens in existence is finite and will asymptotically approach 4,680,000.
Governance tokens are awarded at no cost to minters based upon the amount of minters' outstanding youves tracker tokens. They can be solicited by minters in intervals of their choice. Minters have, however, no obligation to actually collect them. Unclaimed governance tokens have no expiration date and minters can claim them even years later.
Total Number#
There is a given number of governance tokens (YOU tokens) available that minters can claim every second. The number of available governance tokens is defined by a schedule. In the first 52 weeks after the launch of the platform 45,000 tokens can be claimed every week, this is equivalent to 0.066137566137 tokens per second. The time span is chosen as a multiple of 52 weeks, 364 days, i.e. roughly one year, to avoid weekly fractions and further complications with leap years.
Liquidity Incentives#
22.22% of the YOU tokens are allocated to incentivise liquidity. In the first 52 week period this is 10,000 each week.
General Incentives#
66.67% of the YOU tokens are allocated to incentivise general participation in the platform. In the first 52 week period this is 30,000 each week.
Developer Share#
11.11% of the YOU tokens created go to the developer team for the creation and maintenance of the platform in perpetuity. Initially this is 5,000 YOU tokens per week.
Availability Schedule#
The weekly available YOU token number is reduced by 50% after every 52 week span.
Figures#
| 52-Week Period | Period Start | YOU Tokens Per Week Liquidity Incentives | YOU Tokens Per Week General Incentives | YOU Tokens Per Week team | YOU Tokens Per Week Total | YOU Tokens Per 52 Weeks Liquidity Incentives | YOU Tokens Per 52 Weeks General Incentives | YOU Tokens Per 52 Weeks team | YOU Tokens Per 52 Weeks Total |
|---|---|---|---|---|---|---|---|---|---|
| 1 | 2021-07-22 12:00 | 10,000.00 | 30,000.00 | 5,000.00 | 45,000.00 | 520,000.00 | 1,560,000.00 | 260,000.00 | 2,340,000.00 |
| 2 | 2022-07-21 12:00 | 5,000.00 | 15,000.00 | 2,500.00 | 22,500.00 | 260,000.00 | 780,000.00 | 130,000.00 | 1,170,000.00 |
| 3 | 2023-07-20 12:00 | 2,500.00 | 7,500.00 | 1,250.00 | 11,250.00 | 130,000.00 | 390,000.00 | 65,000.00 | 585,000.00 |
| 4 | 2024-07-18 12:00 | 1,250.00 | 3,750.00 | 625.00 | 5,625.00 | 65,000.00 | 195,000.00 | 32,500.00 | 292,500.00 |
| 5 | 2025-07-17 12:00 | 625.00 | 1,875.00 | 312.50 | 2,812.50 | 32,500.00 | 97,500.00 | 16,250.00 | 146,250.00 |
| 6 | 2026-07-16 12:00 | 312.50 | 937.50 | 156.25 | 1,406.25 | 16,250.00 | 48,750.00 | 8,125.00 | 73,125.00 |
| 7 | 2027-07-15 12:00 | 156.25 | 468.75 | 78.13 | 703.13 | 8,125.00 | 24,375.00 | 4,062.50 | 36,562.50 |
| 8 | 2028-07-13 12:00 | 78.13 | 234.38 | 39.06 | 351.56 | 4,062.50 | 12,187.50 | 2,031.25 | 18,281.25 |
| 9 | 2029-07-12 12:00 | 39.06 | 117.19 | 19.53 | 175.78 | 2,031.25 | 6,093.75 | 1,015.63 | 9,140.63 |
| 10 | 2030-07-11 12:00 | 19.53 | 58.59 | 9.77 | 87.89 | 1,015.63 | 3,046.88 | 507.81 | 4,570.31 |
| 11 | 2031-07-10 12:00 | 9.77 | 29.30 | 4.88 | 43.95 | 507.81 | 1,523.44 | 253.91 | 2,285.16 |
| 12 | 2032-07-08 12:00 | 4.88 | 14.65 | 2.44 | 21.97 | 253.91 | 761.72 | 126.95 | 1,142.58 |
| 13 | 2033-07-07 12:00 | 2.44 | 7.32 | 1.22 | 10.99 | 126.95 | 380.86 | 63.48 | 571.29 |
| 14 | 2034-07-06 12:00 | 1.22 | 3.66 | 0.61 | 5.49 | 63.48 | 190.43 | 31.74 | 285.64 |
| 15 | 2035-07-05 12:00 | 0.61 | 1.83 | 0.31 | 2.75 | 31.74 | 95.21 | 15.87 | 142.82 |
| 16 | 2036-07-03 12:00 | 0.31 | 0.92 | 0.15 | 1.37 | 15.87 | 47.61 | 7.93 | 71.41 |
| 17 | 2037-07-02 12:00 | 0.15 | 0.46 | 0.08 | 0.69 | 7.93 | 23.80 | 3.97 | 35.71 |
| 18 | 2038-07-01 12:00 | 0.08 | 0.23 | 0.04 | 0.34 | 3.97 | 11.90 | 1.98 | 17.85 |
| 19 | 2039-06-30 12:00 | 0.04 | 0.11 | 0.02 | 0.17 | 1.98 | 5.95 | 0.99 | 8.93 |
| 20 | 2040-06-28 12:00 | 0.02 | 0.06 | 0.01 | 0.09 | 0.99 | 2.98 | 0.50 | 4.46 |
| 21 | 2041-06-27 12:00 | 0.01 | 0.03 | 0.00 | 0.04 | 0.50 | 1.49 | 0.25 | 2.23 |
| 22 | 2042-06-26 12:00 | 0.00 | 0.01 | 0.00 | 0.02 | 0.25 | 0.74 | 0.12 | 1.12 |
| 23 | 2043-06-25 12:00 | 0.00 | 0.01 | 0.00 | 0.01 | 0.12 | 0.37 | 0.06 | 0.56 |
| 24 | 2044-06-23 12:00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.06 | 0.19 | 0.03 | 0.28 |
| 25 | 2045-06-22 12:00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.03 | 0.09 | 0.02 | 0.14 |
| 26 | 2046-06-21 12:00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.02 | 0.05 | 0.01 | 0.07 |
| 27 | 2047-06-20 12:00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.02 | 0.00 | 0.03 |
| 28 | 2048-06-18 12:00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.02 |
| 29 | 2049-06-17 12:00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.01 |
| 30 | 2050-06-16 12:00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
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