Unraveling GOON token — the fuel of the new DeFi ecosystem
The dream of borderless and universally accessible money came true when the Decentralized Finance ecosystems started to conquer the industry. Despite rapidly emerging protocols that experimented with this field to capitalize on the momentum, we realize that DeFi will only go mainstream once the ground layer is solidified with specific innovations in security, scalability, and accessibility. The next major milestone for a global crypto community is to achieve a seamless interaction experience along with a smooth user journey. Projects like the synthetic asset platform Polygoon are going ahead of the curve to lay the foundation for a better co-existence of the blockchain-based applications in DeFi.
It is well known that tokens are the heart of every cryptocurrency ecosystem. Building a strong project in Decentralized Finance is impossible without a well-thought product token economics or tokenomics. The success of blockchain-based projects depends on many factors: decentralized control, community, economic dynamics, and governance. However, no vital goals can be achieved if investors do not realize how the system works. Simply put, tokenomics represents guidance to understand how useful the asset is and what might it cost in the future. It all boils down to a series of metrics relating to cryptocurrency coins or tokens such as supply, allocation, distribution, and utility.
We at Polygoon are aware that tokenomics is at least as important as the product, which is why we put the token at the center of each of our products so that it captures their benefits. It is the only way to ensure the long-term value of the token.
Details of the Polygoon tokenomics
Polygoon is a decentralized exchange/yield farming Dapp and synthetic asset platform on the layer 2 Matic Network, offering easy access to DeFi by facilitating interoperability between already existing projects and providing many necessary tools.
Our team’s vision is to actively support the Matic ecosystem and already existing projects, providing the necessary tools for further community development. By building a cooperative system facilitating the prosperity of the ecosystem, our mission is to integrate the new wave of Matic users. How will we achieve this?
The team has designed the GOON to be the utility token. Since the yield farming is part of the investment module of the Polygoon protocols, users can earn GOON tokens in a controlled model that prevents inflation. Users give up custody of the tokens to Polygoon’s master contract for as long as they want, while being able to withdraw their tokens at any moment should they decide to stop providing liquidity.
Now, let’s get into details to better understand the token’s inner characteristics:
- Sale structure
The circulating token supply of 42,000,000 tokens would be distributed at an emission rate of 1 tokens per block — which will be adjusted based on the performance of Yield Farm, but will never go above 1 token per block. The distribution will amount to 75% for farms and 25% for pools. In addition, to ensure the proper functioning and development of the project, 10% of the emission rate will be allocated to the growth and advancement of Polygoon platform.
In order to distribute the tokens in a way as to effectively promote their use among the DeFi community, boosting the usefulness to encourage growth, we decided to provide the initial distribution (1.67% of the total offer) as follows:
- 380,000 GOON tokens will be sold during presale at a value of 1.5$ per token
- 40,000 GOON have been sold during the private sale, at a value of 1$ per token
- 130,000 GOON will serve as liquidity; listing price at 1.5$
- 130,000 GOON will be preserved for marketing needs
- 20,000 will be distributed through Airdrop campaigns to grow the community’s awareness
Burning mechanisms implemented
Since tokenomics is our top priority, we have been putting enormous efforts to come up with ideas about adding value to GOON over time. That’s why with each new feature we implement, most of the benefit is returned to the holders in the form of “buy-back” and “burn”. Therefore 0.1% of each trade carried out on our future DEX will be used for such purposes along with part of the revenue generated through the deposit fees.
Due to the team’s high regard for the project’s community safety and confidence of platforms investors, we protect them from fraudsters and events that may negatively affect the project and the value of GOON. These protection mechanisms are configurable by Polygoon, and they will always be communicated in advance to investors and the community to avoid any misunderstanding.
- Harvest Lockup & Reward Vesting
To limit the frequency at which new GOON tokens are “harvested” we have introduced a locking measure that prevents the loss of the tokens and reduces the short-term impact of inflation. This measure also helps prevent arbitration as well as abuse of APRs by users. Note that farmers that have staked in the GOON pools have a shorter harvest lock time than other pools.
In addition to Harvest Lockup, we use a special Vesting Program which means that PolyGoon farmers can instantly claim only 50% of their reward. Meanwhile, the remaining 50% is locked for 4 months period or can be claimed at any time before the end of the lock, but doing so will burn 50% of the vested tokens.
Next steps in the roadmap
Once we conclude our public sale and raise, you will see a packed schedule of product updates, announcements of partnerships with content creators, alongside other announcements.
The vision of blockchain interoperability is coming live. There’s a huge path ahead as the Polygoon roadmap features many points both in main and side development planned for years ahead. In addition, our team has a complex media strategy, including social media campaigns, creative content creation, Telegram marketing, and more to reach out to the world and leave a mark in the crypto industry.
Global blockchain adoption can be achieved only when projects from across chains can work in synchrony to achieve a common goal. By establishing synergy for projects within the MATIC chain, our team aims to transform the multiple LEGO bricks of DeFi into a versatile playground.
With each new advancement and brick in the wall of multichain ecosystems, the chances to go mainstream grow stronger. However, there is still a huge gap between flashy promises of incredible opportunities and authentic experience in DeFi. To make another “quantum leap” in acceptance, drastic improvements to existing protocols are needed.
Our journey in DeFi is just beginning!