Wrap Protocol Logo

About the $WRAP token

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.

TOken Characteristics

- 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.

Economics and governance

$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:
‚ÄćWrap protocol Fee Structure
Protocol Fee Levels
- Protocol Fee Recipients
- Protocol Fee allocation between Recipients

‚Äć$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.