A series of crypto conferences took place in October and November where the technologies, the team and the narratives of the GTON project were showcased to the global web3 community. During these events, we were able to directly communicate with those who represent the audience of the project, the DAO, service users, market makers and investors in digital assets associated with the GTON technology. The networking results of these events will play their role in the near future and will reverberate for a long time in the form of new strategic partnerships, collaborations, and investments.
One of the key insights from these events is that the launch of the GTON Mainnet should be split into several steps, with each focusing on a subset of the associated products and their users. At the moment, GTON Labs and the partner teams are developing and preparing to launch the following products this year and early next year: a DEX, a synthetic assets protocol, an NFT marketplace, a prediction market game and a Learn2Earn game.
(Original) GTON Exchange
Launching each of the above projects is a stepping stone towards the launch of GTON mainnet. At the top of the list, as the project that is most ready to launch from the standpoint of usability, is the (original) decentralized exchange – GTON Exchange. The use-cases served by the DEX are long and short trading of synthetic assets, which will use an implementation of the Pathway protocol, a launchpad for new projects in the ecosystem, plus a special tokenomic mechanics where profit for LP providers is distributed not as the farming rewards, but through the buy-back & burn mechanism of the main Relay Token.
At the core of the exchange token functionality is its focus on the issuance and trading of synthetic assets linked to RWA (real world assets), such as gold, silver, oil, exchange or crypto-indices, ETFs, or stocks and even other cryptocurrencies. The principle for holding the peg is as follows: two pairs of assets are issued for long and short (described here), whereas the peg itself is supported by the Pathway protocol (research article, proofs article).
One of the key features of the DEX tokenomics is that the Relay Token (MoE), which also serves as the governance token of the exchange, is burned during each swap operation (0.3% fee), thus reducing the circulating supply.
OGXT Relay Token
The tokenomics of Ethereum after the adoption of EIP-1559 is designed to cause Ethereum to become deflationary through fee burning, as activity on the blockchain increases.
is quite simple and effective, as the value of the network grows with the growth of network usage. At the same time, the staking yield stays predictable and can be expressed in terms of APR (annual percentage rate). For example, if the APR is 10% but the network activity Annual Burn Rate (ABR) is higher than 10%, the native token becomes deflationary.
The current tokenomics of the GTON token does not allow for such mechanics to be implemented because the supply of the token is limited to 21 mln tokens and there is no possibility of minting more of it in the future.
The GTON Labs team proposes to reissue the token (by conducting a token swap) to implement an ABR-APR tokenomics in it:
- 0.3% trading fees conversion to OGXT and burn
- Staking APR 10%
- 100 mln total supply during initial token release (4.761 OGXT for 1 GTON)
- Max supply limited by ABR-APR ratio
- Same proportional token distribution as GTON
The utility of the OGXT token is inherited from the utility of the GTON token:
- Governance of OGX and all related products and services
- Collateral for GTON Dollar
- Fixed APR staking
- Relay token
- Value capture via Annual Burning Rate (burning fees)
That is, in fact, the same token with improved tokenomics for a native value capture and a focus on a real use-case as a Relay token in the token ecosystem.
We propose to time limit the tokenswap campaign for 2 months for December and January. All other issues will be resolved privately through support tickets in our Discord.
OG Exchange Token Use Cases
Summing up, the list of use-cases for the exchange token is:
- Mirrored assets
- Integrated launchpad
- Leverage trading (derivatives)
- Multichain support
- Cross-chain swap
OGX and BNBChain
After completing extensive research on the economics of GTON Rollup & Dollar infrastructure, as well as user activity, we found that it makes more economic, technical, and marketing sense to release OGXT, Rollup and Stablecoin on Binance Smart Chain as the first L1. All funnel-based user engagement will also be refocused on BNBChain. Once the ecosystem reaches economic profitability and is able to efficiently cover gas and system transaction costs, the team will introduce the integration with Ethereum mainnet. Therefore, the GTON L2 ecosystem is designed as a multichain L2, while keeping GCD as a gas token in all rollups.