$FIDA Supply
The core players of SNS, including the seed investors, are locked for the long term. We only wanted contributions from those who believe in us for the long run.
95.4% of all FIDA tokens are locked for four years and no tokens began to unlock before 12 months from the FIDA IEO and IDO’s.
$FIDA began unlocking on the 31st of December, 2021
Of the remaining 4.6%, 2% were sold to liquidity providers to maintain adequate liquidity across all exchanges. These tokens will only be used in a market-making capacity to meet the demand of buyers.
The next 0.6% will be used for FIDA’s IEO’s and IDO’s to provide an opportunity for the community to purchase the tokens they desire. The remaining unlocked tokens are used for rewards and incentives.
FIDA is put in a very unique position for a token; for the entire first 12 months, there were no seed sales unlocked, making that 95.4% of all tokens locked, and only a few percentages of tokens actually circulating. Thus there are no large holders to act as net sellers of any kind.
FIDA Utility
Fee Incentives: FIDA token holders receive preferential treatment on SNS platform. They are entitled to reduced fee tiers when trading domain names. These tiers undergo regular adjustments, ensuring FIDA holders consistently benefit from market dynamics
Discounts: FIDA holders are privileged with a 5% discount on domain name registrations
Token Burn: All FIDA acquired by the protocol undergoes burning, with stablecoins used to buy and subsequently burn FIDA in on-chain markets
Governance: This is in progress to be implemented. Since quadratic voting is now on Solana, a public good co-funded by SNS, we will work on replacing the governance previously functioned with gFIDA in a more efficient and dynamic way - utilizing both FIDA and quadratic voting
The SNS Whitepaper contains more information on our tokenomics
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