Tokenomics
Last updated
Last updated
FYDA token within the Fyda ecosystem is driven by the fundamental principle of decentralization. This principle ensures that the community collectively oversees the DeFi protocol, upholding a governance structure devoid of singular ownership or access to users' cryptocurrency funds. The establishment and functioning of a Decentralized Autonomous Organization (DAO) are pivotal to this approach, requiring the introduction of a dedicated token.
The FYDA token will have a fixed total supply of 1,000,000,000 (1 billion), with each token divisible into 18 decimal places.
FYDA token address on Ethereum: 0x554764F77DeA58b9a04Ac73b8500419e1E184Af6
Token allocation refers to the distribution and assignment of tokens within the ecosystem.
Let’s see how each of the Token allocations will work in details:
Token Sale - Tokens allocated for sale during both private, pre sale and public sale rounds.
Team and Advisors - Tokens designated for distribution among core team members and advisors as recognition for their valuable contributions to the project.
Airdrop - Tokens to be airdropped to users at a specific point in time, enhancing decentralization of token distribution and serving as a reward for early adopters of the Fyda platform.
DAO Treasury - Tokens earmarked for the DAO treasury. Community members will have the opportunity to propose and vote on initiatives, allowing for collective decision-making on the utilisation of these tokens.
Liquidity - Tokens to be allocated to the liquidity pools of decentralized exchanges (DEX).
Incentives - Incentives for community and partners for boosting the user growth of the project.
$FYDA play a pivotal role in the Fyda protocol, providing users with diverse functionalities and benefits to own $FYDA.
Proposals and Voting Rights: $FYDA holders can propose and vote on proposals within the DAO.
Safety Module Staking: Stake $FYDA in Fyda safety module to enhance security and earn higher rewards. Up to 30 percent of the stake can cover losses during attacks, adding protection to the protocol.
Fyda Nodes: Staking $FYDA allows participation in the Fyda signals network, responsible for providing smart signals to the protocol. Nodes receive rewards in $FYDA.
Data Access: Other contracts need to pay in $FYDA to access smart signals data from Fyda protocol.
Copy Strategies: Payment in $FYDA is required to copy strategies from experienced traders.
Revenue Sharing: A fixed percentage of all the revenue generated by the protocol is distributed among $FYDA holders, fostering revenue sharing within the ecosystem.
Fyda will deploy a vault where users can stake FYDA tokens and be eligible of staking and revenue sharing rewards. All the income from different cross chain sources are converted to FYDA and deposited to the vault. The vault will have minimum staking period to be eligible for rewards.
FYDA tokens staked in vault will also be considered when calculating voting power. Users can optionally enable features such as contribution to safety module to enhance their APY.
Each day a percentage of the daily revenues from Fyda is going to be used to purchase $FYDA tokens from the open market and burn, thus reducing the supply while the demand increases.
The reason is to reduce the circulating supply of FYDA tokens in the market, making them scarce and intrinsically increasing the price overtime.
