Distribution of Plenty's new $PLY token.
PLY Token Distribution
The total supply of
PLYis capped at 1 billion tokens. The distribution is as follows:
- 15% (150 million PLY) - Reserved for the current and future members of Plenty's core team.
- 5% (50 million PLY) - Reserved for airdrops, marketing and partnerships with existing Tezos protocols.
- The circulating supply at genesis would be at most 250 million PLY (25% of total supply). The 5% of supply allocated for airdrops, marketing and protocol partnerships will be available for use instantly, plus the 20% of supply through the initial exchange as described in migration.
- The remaining 200 million PLY (20% of supply) allocated for migration will be released linearly over the first two years of the project as described in the mechanics of migration.
- 150 million PLY (15% of supply) allocated for the core team shall be linearly vested for 2 years.
- The final 400 million PLY (40% of supply) will be provided as liquidity and locking incentives to the community through gauges and inflation of PLY lockers. The emission strategy is explained elaborately in the emissions section.
The genesis supply would ideally be much less than the maximum figure of 250 million PLY since not all holders would migrate on the first day itself. Additionally, the 5% reserved for airdrops and partnerships shall be minted in parts, whenever required.
Due to the ve-model, a certain percentage of PLY will be locked as vePLY and directly affect the emission rate of PLY over time.
Vested PLY vested is minted on-demand whenever a claim is made. This ensures that at no point there is an 'unused PLY' supply that is locked away in any other form other than vote-escrow.
Over time, the total circulating supply i.e emission through gauges + locker inflation + vesting of migrated and team allocated PLY would look like this:
The knee at the 2-year mark is caused due to the ending of the vesting period for the team allocated and migrated PLY. Post that, the only way PLY comes into supply existence is through gauge emissions and locker inflation.
Vested PLY that is not claimed within the first two years is still claimable after the end of the vesting period.