- Avoid token sale
- Distribute most tokens to stakers through farming
- Achieve a large token float on launch
Immediately after TBTCv2 launch, a week-long concentrated farming period will start during which 15% of all supply will be distributed to parties that provide liquidity for TBTC.
After that has finished, the following events will take place:
- Farming rewards are unlocked
- 10% of the supply will be airdropped to current KEEP/NU holders (to avoid getting passive holders rekt)
The rest of the tokens will be distributed the following way:
- 10% treasury
- 10% liquidity incentives
- 55% for KEEP/NU/T stakers. This will be done according to maclane’s proposal, the staking power of NU/KEEP will keep decreasing while the one of $T stakers will gradually increase.
Distributing the tokens through farming improves on many of the goals that the token sale attempts to achieve:
- Even if the BTC gained from the token sale is transformed on TBTC, the amount of BTC converted to TBTC will be much greater compared to the sale since the risk is much lower and it doesn’t require losing capital.
- It’s more interesting to reward everyone with $T instead of some other token because that locks them more into the protocol. Thus it’s better to hold $T on the treasury and rewards participants using that instead of BTC.
- This will get us massive amounts converted to TBTC during the first week, which will give us TVL-based publicity and will assure everybody that the system is safe (as there’ll be a large bounty for hacking it).
Furthermore, one key demographic we are trying to attract here are bitcoiners that care about decentralization, and I believe a token sale would not be conductive to that given the general hatred on the bitcoin community towards ICOs (see all the discussion around Ethereum’s ICO).