The GemKeeper team is excited to announce the long awaited launch of our AMM on the Oasis Emerald ParaTime! GemKeeper’s DEX is the first Dapp of many intended to be launched under the GemKeeper umbrella on Oasis. To find out more about GemKeeper’s initial DEX plans, as well its mission to build a one-stop DeFi platform on Oasis, check out this blog post: An Introduction to GemKeeper: The one-stop gateway to DeFi on Oasis
With the launch of GemKeeper’s first product we would like to release the token distribution and launch plan for GemKeeper’s governance token, BLING.
GemKeeper Token Distribution
The GemKeeper team believes creating stable token emissions, as well as effectively communicating what those emissions are to the community, is vital to the success of any DeFi platform. After observing and learning from the successes and failures of other DeFi platforms, the GemKeeper team has put together an emission schedule that we believe has a healthy balance of
slow and steady BLING token supply growth, while also fairly rewarding our early users and contributors. Here is how we will be distributing the 100,000,000 BLING tokens to achieve that goal.
Ecosystem Incentives: 70M BLING (70% of total Supply)
- Separated into two parts.
- 62.5M BLING (62.5% of total supply) BLING to GemKeeper DEX Liquidity provider rewards emitted each block over the next 3 years.
- 7.5M BLING (7.5% of total supply) minted on launch to be used for all ecosystem incentive rewards other than the GemKeeper DEX. Although these tokens will be available at launch the GemKeeper team would like to assure you that they will be used solely in a conservative manner to incentivize future protocols launched under the GemKeeper umbrella.
Team allocation: 10M BLING (10% of total supply)
- Vested linearly over 3 years
- 1 year cliff so that 3.6M (3.6% of total supply) BLING are released in March of 2023
- Then 275K BLING released every 30 days for the remainder of the 3 year period lasting until March 2025
GemKeeper Treasury: 10M BLING (10% of total supply)
- Vested linearly over 5 years
- 1 year cliff so that 2.25M BLING (2.25% of total supply) are released in March of 2023
- Then 160K BLING released every 30 days for the remainder of the 5 year period until March of 2027
Investors: 10M BLING (10% of total supply)
- Less than or equal to 1M BLING (1% of total supply) upfront
- The rest vested linearly over 3 years
All together this what the emission will look like:
BLING Token Launch Plan
Now that we have gone over the distribution and emissions we should also go over our BLING token launch plan, as it is different from how many other DEXs have launched.
The BLING token will not be available immediately with the launch of the GemKeeper DEX. Instead the token will be farmed for the first 30 to 60 days in the GEM MINE, until the BLING token is officially launched. Here is how that will work.
Liquidity providers of the incentivized liquidity pools will be able to stake their GemKeeper Liquidity Pool (GLP) token in the GEM MINE. These tokens will then start accruing BLING token rewards. The GLP tokens staked are yours and you are free to remove them at any time without penalty to the principal stake. The BLING token rewards will not be claimable for 30 to 60 days though, until the token is officially launched. The GemKeeper team understands that uncertainty on the time of the BLING token launch could be frustrating for GLP stakers. For this reason there is a cap on the launch date of two months from the launch of the GemKeeper DEX. Additionally the BLING token emissions will be weighted heavier for these early GLP stakers than future emissions. This has the added benefit of keeping with the GemKeeper’s mission to always reward our early community members and contributors. Here is a chart of what these GEM MINE ecosystem incentive emissions will look like.
We believe launching in this manner provides a balanced approach where GemKeeper will effectively and sustainably bootstrap liquidity by rewarding early community members, while also launching the token with adequate liquidity. By requiring GLP stakers to potentially stake for 2 months prior to receiving their BLING rewards, we believe GemKeeper will attract community members with long term mindsets and who believe in the future of GemKeeper. This combination of aligning incentives with long term community members and launching with a relatively large amount of liquidity will serve to better mitigate the initial volatility often seen with DEX launches.
- Wormhole — USDT/ROSE (1.5x multiplier)
- Wormhole — USDT/ Multichain — USDC (1.25 multiplier)
- Multichain — BUSD/ROSE (No Multiplier)
- Multichain — USDC/ROSE (1.5x multiplier)
- Multichain — BNB/ROSE (No Multiplier)
These are the pools that will be supported in the GEM MINE, beginning on Tuesday February 15th . We are also collaborating with bridge protocols to add a few other tokens to our incentivized pools. These will be added with no multiplier when the tokens become available on Oasis Emerald with a cap of 10 pools total for the first 60 days.