PolkaRare’s Tokenomics: Comprehensive overview of the PRARE token economy
With PolkaRare’s IDO launch fast approaching, we thought it would be an appropriate time to explain in detail the tokenomics behind PRARE, the native token of PolkaRare.
PolkaRare is a web3 economy that allows any user or a brand to create, trade, and discover NFTs. By leveraging NFT’s provable scarcity, transferability, and PolkaRare’s offerings, PolkaRare aims to unlock the maximum potential of NFTs.
PRARE is the fuel that powers the Polkarare economy
PRARE is the native currency for the Polkarare. It is the PolkaRare platform’s utility and governance token. The total supply is fixed at 100 million. PRARE will be issued and distributed as an ERC20 token at the IDO and will be cross-chain compatible later.
Use-Cases of PRARE tokens
Governance
PRARE token holders will be able to propose and vote on key proposals, a portion of platform transaction fees will be used for the governance rewards.
Anyone can stake PRARE to create and vote for proposals. A portion of platform transaction fees will be used for the governance rewards. By participating in voting, token holders may earn rewards. For proposals to be accepted, they must be endorsed by a sufficient amount of token holders. Each proposal should include an implementation plan and a bounty.
Utility
PRARE tokens will act as a medium of exchange, and PRARE will be used as a primary mode of payment on PolkaRare. Whether people are creating, buying, or selling NFTs in the PolkaRare platform, the only form of payment will be PRARE necessitating its constant usage.
Staking
One of the cornerstones of DeFi will be foundational for the PRARE economy wherein the native tokens can be used for staking and liquidity pools. LPs who stake PRARE will be rewarded with platform fees in the form of PRARE tokens, So users will be able to stake PRARE to earn more PRARE.
The PolkaRare staking economy also enables NFT Farming wherein users will be able to stake PRARE tokens to farm rare NFTs. Additionally, PRARE holders will get exclusive NFT drops from the collectibles product
Token Metrics:-
Total Supply : 100,000,000 PRARE
Hardcap: $2,200,000
Total Tokens to be Sold: 36,375,000 PRARE
Percentage Sold (Seed + Private + IDO): 36.375%
Initial Market Cap: $450,000
Token Distribution:-
Token Vesting:-
- Seed Round: 5% TGE, 10% from month 2nd to 10th, 5% at 11th month
- Private Round 1: 10% TGE, 10% from month 2nd to 10th
- Private Round 2: 12% TGE, 10% from month 2nd to 9th, 8% at 10th month
- IDO: 100% at TGE
For more information on PRARE distribution, take a look at the complete tokenomics overview: https://tokenomics.polkarare.com/
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