Finally, we have come to this day🐿
OolongSwap will be fair launching the Oolong Token (OLO) on November 15th 2pm UTC through LP farming. Below are the details for OLO token.
Getting Started on OLO:
OLO is a governance token for OolongSwap exchange and Oolong Protocol Controlled Value (PCV). The token distribution follows a fixed supply, decaying emission model.
Token symbol: OLO
Token Supply: 10 billion
All OLO tokens will be emitted according to the following distribution. Team, treasury, and investor allocations are emitted at the same schedule as public distribution to miners.
- 40% Mining: LP rewards
- 34% Treasury: Locked in treasury contract, and non-circulating; For partnership, future investors, later contributors, reward programs
- 20% Founding team: Locked with a 3-month cliff, vests with emission schedule
- 6% Angel Investors and Ecosystem Partners: Locked with a 3-month cliff, vests with emission schedule
Here are more details you should know about the OLO token.
OLO is a fair launch token. There are no pre-minted allocations of the OLO token.
One of the main goals for Oolong since the beginning is to launch the OLO in a fair way to all participants of the Oolong ecosystem, we’ve decided that all tokens will be distributed according to the same emission schedule(please refer to the emission schedule section below). That means the team funds and treasury funds are distributed at the same pace as our LP farms.
This also means that if OolongSwap were to raise investor funds in the future, these investors would also receive tokens based on the same emission schedule as the community, and not receive pre-minted tokens.
- 1/3 of all trade fees are accrued in Oolong’s PCV.
- OLO token holders will have governance rights to OolongSwap exchange and Oolong PCV.
OLO follows a decaying emission schedule that infinitely approaches the 10 billion hard cap.
The total emission amount for any given month is calculated using the following formula:
X * (1-Y)^M
X = initial monthly emission
Y = monthly reduction rate
M = month of emission
The initial parameters for OLO emission are:
- X = 560,000,000
- Y = 5.6%
Below is a chart that shows the cumulative supply over time:
Until next time! :)