DGYM Tokenomics
First and foremost a governance token with lots of utility
Note: this is a preliminary outline of the overall intent for the DeGym DAO's economics. These designs will be finalized at dapp launch via the governance process by stakeholders from the community, and they are subject to alterations via the same process.
DeGym token would also provide the economic incentives which will be distributed to encourage users to contribute and maintain the ecosystem on DeGym, thereby creating a win-win system where every participant is fairly compensated for its efforts. DeGym token is an integral and indispensable part of DeGym, because without DeGym token, there would be no incentive for users to expend resources to participate in activities or provide services for the benefit of the entire ecosystem on DeGym. Given that additional DeGym token will be awarded to a user based only on its actual usage, activity and contribution on DeGym, users of DeGym and/or holders of DeGym token which did not actively participate will not receive any DeGym token incentives.
There will be inflation (see the section on Inflation) which comes in the form of rewards providing staking yield, but will only inflate upon stakes that are in circulation and have been bond in the staking dapp. In other words, any tokens that are locked cannot be staked, therefore generates no inflation.
Token Info
Token Ticker: $DGYM
Chain: Taraxa BlockDAG
Initial Supply: 1 Billion.
Max Supply: 10 Billion (It asymptotically approach the Cap accordingly to the inflation).
Token Contract Standard: ERC20
Token Contract Address: 0x... (coming soon)
Utility
The $DGYM token serves multiple utility functions within the DeGym's ecosystem, enhancing its intrinsic value and usability. Beyond its fundamental role, $DGYM offers a range of essential utilities and governance opportunities:
Revenue Distribution: DeGym tokens contribute to the ecosystem's growth and sustainability. A portion of transaction fees generated by DeGym is distributed among $DGYM holders, providing a direct financial incentive for participation.
Access and Voucher: Tokens can be used to purchase NFT-based gym voucher, providing access to a network of gyms.
Staking Rewards: Users are incentivized to stake DeGym tokens, earning additional $DGYM rewards as part of the staking program. This encourages long-term engagement and support within the community.
On-chain Governance: $DGYM holders have voting rights in the DAO, allowing them to participate in decision-making processes regarding the development and rules of the ecosystem.
Payment and Incentives: Gyms receive $DGYM tokens as payment for check-ins, and users may receive tokens as rewards for fitness-related activities and promotions.
These utilities ensure that $DGYM remains a vital and active component of the DeGym ecosystem, facilitating both operational needs and strategic growth. As the ecosystem grows, DeGym tokens will continue to underpin innovative developments and foster a vibrant community.
No Slashing
DeGym will not implement a slashing or punishment mechanisms at this moment.
It is incredibly difficult to design economic incentive schemes that properly motivate players in a system to behave in ways that are deemed constructive. As a rule, such mechanisms need to be as simple as possible, as more complexity creates more opportunities to game these mechanisms.
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