Tokenomics

To balance the interests of liquidity providers and token holders, BaseX uses a dual-token model that splits utility $BXT and DAO $BDT functions within the protocol. This separation helps allocate resources for governance effectively without being negatively affected by excessive demand for utility purposes, resulting in a fairer system for all users.

Initial Token Allocation

CategorySupply %AmountVesting

Airdrop Season

5%

2,500,000

Locked as veBXT for 2 years

Ecosystem Fund

27%

13,500,000

75% unlocked, 25% linear vesting for 2 years

Adoption Incentives

22%

11,000,000

Locked as veBXT for 2 years

Investors

3%

1,500,000

30% unlocked, 6 month cliff, 70% linear vesting for 3 months

Public Sale

10%

5,000,000

IDO (1.25%) : 30% unlocked, 70% linear vesting for 6 months; LBP (8.75%) : 100% unlocked

Team

10%

5,000,000

6 month cliff, linear vesting for 18 months

DAO Treasury

23%

11,500,000

3 month cliff, linear vesting for 21 months

Total

100%

50,000,000

Initial Circulating Supply: 15,137,500

Emission

  • Weekly emissions (at inception): 750,000 $BXT

  • Weekly emissions decay: 1%

  • Weekly developer wallet allocation: 2%

  • Weekly veBXT rebase: Up to 30%

  • Emissions for liquidity providers: 68%

Utilities

$BXT - ERC-20 BaseX Utility Token

$BXT is the native utility token of BaseX, providing users with a range of utility functions within the platform, including staking and voting. Users can either earn protocol fees or accrue BaseX DAO tokens by staking their $BXT

veBXT - ERC-721 BaseX Governance Token

veBXT is the vote-escrowed version of $BXT. Users can lock their $BXT tokens for up to 2 years to get veBXT. The longer the lock, the higher the amount of veBXT voting power received.

The lock period an be up to 2 years, following the linear relationship shown below:

  • 100 $BXT locked for 2 years will become 100 veBXT

  • 100 $BXT locked for 6 months will become 25 veBXT

To encourage continuous locking and sustained participation from stakeholders, the veBXT balance of users declines over time until it reaches zero at the conclusion of the initial locking period. veBXT positions can be increased, split up and resold on a secondary market.

veBXT Utility

Revenue Access for Protocol:veBXT holders can engage in weekly gauge voting, granting them access to 50% of the trading fees and all bribes from the relevant pool.

Benefits for veBXT Voters:

  • Earnings from trading fees of voted pools.

  • Receipt of bribes for voted pools.

  • Regular $BXT distribution (rebase).

veBXT Details

ve(3,3) Concept: This merges the anti-dilution rebase mechanism of Olympus DAO with Curve's vote-escrowed model, as introduced by Solidly's ve(3,3) Mechanics. It limits dilution of veBXT holders to 30% and allows for dynamic veBXT distribution over time.

Gauge Feature: Pools with varying $BXT rewards determined by weekly veBXT voting. No negative votes. Bribery System: Third parties can offer custom tokens to veBXT holders in exchange for votes in a gauge.

Maximum Lock Period: 2 years.

Flexibility: veBXT positions can be combined, divided, or traded on secondary markets.

Voting Process:

  • Epochs last 7 days, with rewards distributed post-epoch. Earnings are exclusive to voted gauges.

  • Trading fees and bribes are claimable in total after the succeeding epoch (n+2).

  • Consistent weekly voting is required for reward eligibility, unless an optimizer is used.

  • Votes can be altered or reset at any point.

  • Vote weights are reset each epoch, necessitating continuous voting for fee and bribe acquisition.

$BDT - ERC-20 BaseX DAO Token

$BDT is the governance token of BaseX DAO. $BDT holders have the governance rights over the DAO and management rights of the DAO Treasury.

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