We moved away from a two token economy to a single token economy.
The total supply of both NIO and NIOX got combined into a 300M NIOX with a fixed annual inflation of 15 million NIOX (representing 5% of the starting total supply).
The NIOX token serves to:
Become a DAO member if one holds at least 300,000 NIOX;
Buy/Sell algos/indicators/modules on the marketplace;
Get rewards for marketmaking and liquidity mining;
Receive smartdex listing voting tokens with limited lifespan that can be used for voting for token listings;
Reduce the smartdex maker/taker fees;
Allows the for profit entities (built to benefit from the tools and services available within the Autonio open-source environment) to
be paid with NIOX as well, for services rendered, on top of the fiat and traditional crypto fares (BTC, ETH etc).
We finalized the “Hold for airdrop” campaign with swapping and burning the former NIO tokens through the portal into a smart contract that had a bridge toll mechanism.
All team members received 1.5M NIOX tokens, representing 0.5% of the total circulation, as a reward for sticking around and adding their efforts to make the transition to the open source model and DAO, on top of their existing NIOX holdings.
After one claimed their NIOX tokens within the terminal they:
- Became a DAO member with full amount, only over 300k NIOX; Or,
- Withdrew the NIOX tokens with a vesting period governed by the bridge toll mechanism.
Bridge toll mechanism:
50% lockup penalty of 365 days for withdrawing in the first three months (Month 0–3);
30% lockup penalty of 365 days for withdrawing in the next two months (Month 3–5);
20% lockup penalty of 365 days for withdrawing in the next month (Month 5–6).
Any person that holds more than 300k NIOX can be a part of the DAO following these simple rules:
— In order to be a part of the DAO, one needs to lock up their tokens into a smart contract through the staking portal with an ERC 20 compatible address as the user ID;
— For the first 6 months, the tokens are locked;
— In order to become eligible for the yearly rewards, the DAO member has to have an active stake of over 300k NIOX and to have not withdrawn from their stake for at least 6 months before the distribution date;
— If one removes tokens from their DAO wallet, the minimum 6 months staking period before the rewards distribution will be reset to 0;
— One can add more tokens to their existing stake, without resetting the staking timer;
— One can have multiple stakes of at least 300k NIOX under the same account, each new stake conforming to the general staking rules (initial lockup of 6 months, minimum staking period of 6 months prior to the token distribution date, active staking at the moment of distribution, staking timer reset if withdrawals are made)
— If one’s hold in the staking contract becomes smaller than 300k, they get disqualified instantly from their position as DAO members and all of their benefits will be ceased immediately;
— If one member tries to cheat the voting system and creates multiple DAO member accounts in order to game the “one member, one vote” voting system for their own benefit, the slashing penalty will be operated, cutting the member’s stake by 50%.
All members have equal voting power, each receiving a fixed number of votes at each voting round that are equal to the number of options submitted for being voted upon.
The vote will be conducted using the quadratic model:
Voting one option with 1 vote consumes 1 vote credit,
Voting one option with 2 votes consumes 4 vote credits,
Voting one option with 3 votes consumes 9 vote credits,
Voting one option with 4 votes consumes 16 vote credits,
Voting one option with 5 votes consumes 25 vote credits etc.
Additionally, there will be an extra vote available for those that are long term holders (at least 18 months of continuous staking), in order to incentivize and reward the holding of the NIOX token. This vote will be added as an extra vote to any option and can be used only once per voting session.
IE You vote option a) with 5 votes, consuming your whole 25 voting credits. You get to cast an additional vote (attention! not voting credit, but vote in itself) so in the end, you cast 5+1=6 votes for option a)
All members have equal voting power, per the “one member, one vote” constitutional right of the DAO.
As the initial token distribution was made by the team, and any new members will be vetted by the team before they enter the DAO structure, we have the neccesary means of on-chain analysis and we can easily determine if someone is trying to rig the voting system. Therefore, if in case of fraud suspicions the respective member cannot provide enough proof to prove the contrary, the slashing mechanism will be initiated, taking 50% out of the member’s stake and distributing it to the regular NIOX holders as an airdrop.
OTC trades that may happen outside the trading environment of centralized or decentralized exchanges will have to undergo manual review, in order to determine that the OTC trade is real.
Gifts to kin up to the 4th degree are forbidden and will not be taken into consideration for the DAO membership.
Multiple stakes are allowed under the same account of the DAO member, given that each stake equals at least the minimum of 300k required to become a DAO member.
The founding document for the DAO to which all of the members adhere, ensuring the principles of Sharonomics, Prosperism and Crowdocracy are respected and pursued.
It can be changed only with more than 4/5 of total members votes, in an extraordinary voting session, that can be held only if 50% + 1 members agree that a Constitution extraordinary voting session is opportune and needed.
Smartdex Zero Fees
As a DAO member, anyone trading on our smartdex will enjoy Zero Trading fees for the whole duration of their DAO membership.
Full access to all trading tools and services
As a DAO member, anyone will have unlimited access to all our present and future trading tools and services.
Yearly inflation distribution
The 15M annual inflation will be awarded only to the DAO members, in an unlocked fashion, being available to sell right away if they want to.
This annual inflation is distributed according to the amount held in the DAO smart contract, on a percentual share of the DAO stake pool basis.
IE If you hold 450k NIOX in your DAO smart contract, and the stake pool totals 100M, when the 15M is issued you receive 450k x 100 / 100M = 0.45% out of 15M = 67.5k NIOX