Shimmer $SOON

The Soonaverse: A DAO Market Platform

To maintain our competitive edge beyond the bubble, we’ve taken the core principles and value propositions of our DAO-on-Demand MVP and expanded them to include some of the most leading edge innovations in DeFi and platform tokenomics today. The Soonaverse now enables new economic models which will combine the community engagement of social technology with the immutability of ledgers and completely liquid digital asset markets. All of the Core Modules that allow users to interact with the platform will continue to be feeless. This is only possible on a DLT because of the unique attributes of the IOTA Network plus a mechanism where our platform token $SOON is staked to receive bandwidth to execute transactions. More details on that mechanism will be detailed in the token utility section, but first an exciting new type of module joins the Soonaverse.

Service Modules, 3rd Party Platform Integration, and $SOON

In addition to our feeless “Core Modules”, there are now 3rd party modules that can be built into the Soonaverse that add new capabilities and utility to the platform. Any organization or team will be able to connect their dApp to the Soonaverse as a third party “Service Module”. These modules can charge fees for their services, which is necessary to recruit seasoned developers and teams looking to integrate their dApps into the Soonaverse. The best part for them: Using a Service Module won’t require the SOON tokens to be staked. Our very first “Service Module” will be our own Token Launchpad which goes live on May 24th. LaunchPad will allow projects to seamlessly distribute their native tokens to their community and raise funds for their development. We discussed our Token LaunchPad at length in a previous blogpost.

Today, we are here to discuss what the LaunchPad will enable us to deliver to the market on May 24th, the $SOON token. Previously, only NFT holders were able to own $SOON tokens through airdrops, but with the deployment of the Token LaunchPad Soonaverse users will be able to purchase $SOON using their Firefly and TanglePay wallets. In addition, existing $SOON token holders will finally be able to access their tokens and track their balances directly on the platform.

We’ve spent the last few months reworking the tokenomics from the ground up to make sure all token holders benefit as activity and service modules scale up on the Soonaverse. The result is an exciting model for token holders that create stronger ties linking the token to the performance of the platform.

Token Supply and Valuation

The SOON token will initially be created on the Soonaverse, utilizing the same technology as our NFT Marketplace and the current Shimmer and Assembly airdrop tokens. Once the Shimmer Network is able to support the minting of the token, it will be enabled through our multi-network transfer feature.

Token Sale Date: May 24th, 2022

mSOON Price: $0.70 USD

Circulating Supply at Launch: 14,000,000 mSOON (10,000,000 from Launchpad and 4,000,000 from airdrops)

Initial Market Capitalization: $9,800,000 USD

Fully Diluted Value (after 3 year staking incentive period): $70,000,000 USD

SOON tokens will be able to be bought with IOTA tokens on the Soonaverse Token Launchpad. The price of SOON in IOTA will be locked 1 hour before the sale starts.

Token Utility and Staking $SOON

To utilize any of the feeless core modules, all one needs to do is stake and lock a certain amount of SOON tokens:

This unique staking support mechanism is to prevent malicious actors from exploiting the feeless nature of the modules and spamming the network. Stakers have a minimum lock up period of one month, but have the option to increase that locking period linearly up to 12 months, and by doing so can increase their allocation of staking rewards up to 2x.

Users can either stake just the SOON token or SOON/Shimmer LP tokens to receive staking rewards. These staking rewards come from two places:

1. 30% of the token supply will be used from the Community Adoption Incentives allocation to reward stakers and DEX liquidity providers over a period of 3 years, with higher rewards in the beginning that taper off over time.
2. Service modules will be generating fees in SMR (the native token of the Shimmer Network). Soonaverse service modules will automatically send 100% of the fee revenue to the Soonaverse vault. Third party service modules will automatically send a portion of their fee revenue (e.g. 10%) to the Soonaverse vault and get to keep the rest. On a regular basis, the Soonaverse vault will take all of the SMR it’s accrued and market buy as many SOON tokens as it can off a DEX where liquidity was established. All these newly bought SOON tokens will then be sent to all stakers as a distribution. These are called Service Protocol Distributions of Revenue (SPDRs).

Token holders now directly benefit from increased service protocol activity. More service modules that are built on top of the Soonaverse means more SMR that goes into the vault and larger distributions to SOON token and SOON/Shimmer LP token stakers.

25% of the token supply is allocated to the Soonaverse Treasury, and all of it will be staked. Projects will be incentivized to build third party service modules on top of the Soonaverse because SPDRs accrued by the Treasury will be used to finance them. The amount of funding a project receives to build a third party service module is directly correlated with how profitable their ventures may be as well as the portion of their fee revenue they commit to sending to the Soonaverse vault. These new third party service modules will generate more revenue that will go to the vault and allow the Treasury to invest in more third party service modules to generate even more revenue!

SOON token holders will also have governance rights and the opportunity to vote in council members every 3 months. To start out there will be 3 different councils consisting of 8 members each:

1. Service Module Council — Vetting third party service module requests and funding the best projects.
2. Protocol Upgrades Council — Improvement proposals must be approved by this council before being implemented into the Soonaverse.
3. Treasury Council — In charge of all things treasury to make sure the Soonaverse is always well funded and operational.

The SOON token has many features and truly connects the token holders with the Soonaverse.

Token Distribution

The SOON token will have a fixed supply of 100,000,000,000,000. This large number is being used instead of the initially stated 100,000,000 supply because of the absence of decimal places when minting tokens natively on the Shimmer network.Therefore, $SOON will have a massive 100 trillion supply and follow the same mega/giga/tera naming convention as the IOTA token (i.e. 10 mSOON, or 10 Mega SOON, is equal to 10,000,000 SOON).

Token Airdrops to NFT holders were, and will be, stated in mSoon. If our spreadsheet originally said you received 1,000 SOON you have 1,000 mSOON.

The distribution of the fixed 100,000,000 mSOON supply is as follows:

Launchpad: Fairly distribute tokens to the public. All these funds will be used to continue the growth of the Soonaverse.

CEX Liquidity: Engage with a market maker to ensure the SOON token is completely liquid across all centralized exchanges it’s listed on.

Core Contributors: These tokens are allocated for the founding team and other critical team members.

Treasury: This will be staked and revenue generated through SPDRs will be used to fund future development costs and third party service modules.

Community Adoption Incentives: 10% of the token supply will be airdropped to all SoonLabs Genesis NFT holders. The remaining 30% will be used to reward stakers and liquidity providers over a period of 3 years. Staking will begin once smart contracts are live.

This marks the beginning of the next stage in our evolution. On May 24th, LaunchPad, Service Modules, and $SOON tokens become an active part of the Soonaverse platform. We at the Soonaverse look forward to taking this next big step with the community. There’s still so much to share, so stay tuned for more exciting announcements throughout the month of May that will build on top of this new tokenomics structure.