Purpose of $WRAP: Make Wrap Protocol an open source project: community managed and community owned
- Governance: $WRAP holders set important parameters of the protocol
- Economics: $WRAP holders earn a share of the revenue of the protocol
$WRAP is both an ERC20 and an FA2 token. The entire maximum supply is initially issued as an ERC20 token and then wrapped into an FA2 token using Wrap Protocol.
- Max supply: 100,000,000 tokens
- Decimals: 8
- Distribution: Weekly
$WRAPs are distributed to:
- Quorum members: 50%
- Wrap protocol users: 40%
- Dev Pool: 10%
Weekly distributions decrease exponentially. All 100m tokens will be distributed after 7 years.
More information about the weekly $WRAP token distribution.
$WRAP is the token that governs Wrap Protocol. It is our goal to give full ownership of Wrap to the $WRAP tokenholder community. $WRAP will implement BaseDAO shortly after launch of Wrap v1 for governance votes. $WRAP holders can vote on:
Wrap protocol Fee Structure
- Protocol Fee Levels
- Protocol Fee Recipients
- Protocol Fee allocation between Recipients
$WRAP Token Characteristics
- Distribution function
- Distribution frequency
- $WRAP Recipients
- $WRAP allocation between Recipients
Other topics (off-chain governance)
- Grant allocations
- New assets to add to the protocol
- Pretty much any topic
$WRAP holders receive 0.10% of all assets wrapped and unwrapped through the protocol. To be eligible, they need to stake their $WRAP on a Tezos smart contract. $WRAP holders receive fees in wTokens on a weekly basis.