Distribution/Tokenomics
QUIC Finance is first focused on providing a fair early distribution, and then on the creation of synthetic assets.
Distribution:
For our distribution, we will be using a modified version of the QUIC Finance farming infrastructure. https://quic.finance/farms
Since QUIC Finance does not intend to create its own competitor to Uniswap, we will not be migrating to our own pools. Instead we will just use the yield farming model for distribution.
We have made a number of changes to the distribution system in order to:
Prevent abuse/exploits from flashloans and flash minting.
Encourage long-term participation in the ecosystem.
Create a robust and diverse treasury.
Create additional treasury funds that the community owns.
Penalize users who leave pools too quickly and try to manipulate prices or optimize farming.
Create locking and vesting to reduce deflation and align stakeholders long term.
Total Tokens:
While the community will have the ability to vote to change the caps of the token, the current plan is for QUIC to produce a maximum of roughly 1.5T tokens over 5 years.
The total tokens is not a hard cap, as we close in on distribution it will be up to a community vote to cap the tokens.
Distribution: There will be a total distribution of 1T tokens. When a user earns tokens, 85% of that token balance is locked on to a 2 year vesting cycle that is 6 month delayed from the start of the distribution schedule. This means users will receive 15% of the earned QUIC upfront, then starting around 6 months later users will receive the remaining 85% of QUIC evenly distributed daily for 2 years. Tokens start to unlock on the same block for everyone (https://etherscan.io/block/countdown/13455555). Team members also have the same vesting schedule.
Tentative Dates
While the initial earning phase of QUIC is expected to cover a 2 year time frame, it will take 4 years before all distributed tokens are in circulation. The following chart shows the token distribution across time by farming with liquidity pool tokens. This chart doesn't represent circulating or total supply as it does not account initial issuance and treasury funds.
QUIC Emissions Schedule
This chart show the token distribution by farms and doesn't include initial issuance, grants or treasury.
The distribution will take place in three phases:
Phase #1 - Yield Farming:
During the yield farming phase, user will earn rewards each block for staking their LP tokens in the QUIC Farming page. http://quic.finance/farms
During this one year period we will distribute 800 billion QUIC.
These QUIC will be distributed using the QUIC yield farming page on quic.finance that is based on the Bao Finance / SushiSwap MasterChef protocol.
Users will receive their QUIC for staking LP tokens in this page.
The goal of this distribution model is to reward a diverse set of users with the governance protocol token, as well as encourage the habit of depositing LP tokens.
These deposited LP tokens in the future will act as the users collateral for synthetic assets, margin and other crypto trades.
There will be 1000 base QUIC tokens distributed every block. During the first two-years, these blocks have a multiplier ranging from 0x-4096x which increase the number of QUIC tokens in distribution. The rates are outlined in this table:
The remaining QUIC tokens are not distributed, they stem from the initial issuances, and the treasury (community fund, LP fund, dev fund) and the founder share.
Phase #2 - NFT Yield Farming
With the release of the fact that UniSwap V3 will be using NFT tokens as a representation of the
What is the use of the QUIC token?
The users who hold QUIC tokens will be able to:
Vote in governance polls.
Create governance proposal.
Decide on new features and devs.
Elect oracles for pricing synthetic assets.
Remove oracles for pricing synthetic assets.
Decide which synthetic assets to create/list/remove.
QUIC will also be used as collateral where users will require:
25% of collateral limit to be held in QUIC for making synthetic assets.
Have margin, leverage and option limit capped at max of 5x QUIC balance.
(Users can vote to change those rates)
Lastly, QUIC users will own:
The QUIC in the devfund/treasury.
The community fund.
Smart contracts/deploy process.
Initial Issuance
In order to seed the QUIC pool so that there is not a mass collapse like other early yield farming assets, the contract allows the QUIC deployer to mint QUIC tokens, they are limited to 74,701,360,000 tokens which is roughly 7.47% of total tokens to be issued.*
*The full initial issuance was not used and the community under governance locked and staked the bulk of the issued tokens.
It represents less than 25% of tokens to be issued in the first week of distribution so the amount will quickly become irrelevant from the dilution, but it ensures a larger distribution.
This initial issuance was used for:
Providing initial liquidity to the QUIC<>ETH pool on Uniswap.
Creating a bounty for users to create useful dashboards for QUIC pools (similar to https://sushi.zippo.io/)
Paying rewards for an audit of QUIC ecosystem.
Initial listing or liquidity bounties with exchange and trading partners before the QUIC rewards begin to enter into the liquidity fund.
The QUIC Team will not keep any of these funds from the initial issuance, any remaining funds that do not get used for #2 - #4 will be used to create liquidity in the QUIC<>ETH pool.
Last updated
Was this helpful?