ToON ERC20 governance token is minted as a result of Ethereum transaction to a smart contract address at an ever-increasing price pegged to the USD. It is designed to ensure smoother onboarding to the DAO.
First million tokens are sold at $1, then token price on the primary market increases exponentially.
ToON Token doesn’t have a supply cap, but doubling the supply requires a tenfold increase in price in the contract. When the token price does not grow, the supply does not change.
There are three directions of ToON Token distribution:
- MINT: minted in exchange for ETH
- Maintainer: extra 10% of tokens minted as the Maintainer reward after the token supply in the contract exceeds 2,000,000 tokens. Note that there is the lockup period that lasts until the price doubles, or one year.
- Bounty: extra 10% of tokens minted for promotional campaigns after the token supply in the contract exceeds 2,464,047 tokens. Note that there is the lockup period that lasts until the price doubles, or 100 years.
Unlike «limited supply» assets that quickly fade as founding team sells their tokens, we have a continuous financing mechanism for both the development and promotion of our currency.
All Ethereum earned by minting tokens remains on the smart contract. We call it Donation, and it is intended for charity that will be carried out by DAO.
Stay tuned to read about the coin and the chain!