The Soonaverse Keeps Growing!

The iotabee and TanglePay teams unite with SoonLabs

The Soonaverse was created with a singular purpose. Create the most performant product in the IOTA ecosystem to showcase the power of the protocol for the world to see. We work everyday on delivering that promise to our supporters and the market, but we haven’t been alone. Over the last year we saw two teams consistently delivering at a similar pace as ours, with equally dynamic solutions leveraging available technologies to deliver products NOW for the ecosystem.

TanglePay pushed the boundaries of the possible and brought the first mobile wallet to the ecosystem. iotabee was able to use innovative system design to bring DeFi to IOTA, while others were still only on testnets.

It was this focus on superior product delivery and a willingness to doxx their team and communicate without boundaries that drew us together and deepened our collaboration. As the most agile BUIDL teams in the IOTA ecosystem, equally dedicated to developing on both L1 and L2 on all of the networks, a partnership was a natural and logical evolution. Today we are proud to present the results of that relationship.

The Details

The below bullet points highlight the structure of the partnership:

• iotabee will not issue their own token. Instead, they will adopt the SOON token as their main token.
• The Soonaverse will provide 3 million SOON tokens as a liquidity mining incentive on various trading pairs on iotabee.
• 30% of the iotabee fees (that don’t go to liquidity providers) generated from all the trading pairs of the cross chain swap (hybrid) and DEX on Shimmer and Assembly will go to the Soonaverse Vault.
• The fee will go to the Soonaverse Vault for a minimum of 3 years. If the total fee amount still doesn’t cover the 3,000,000 SOON tokens according to a monthly USD value report, then the fee will keep going to the Soonaverse Vault at the same 30% rate past the 3 year mark.
• The SOON rewards from liquidity mining will be locked for a 12 month period after they are claimed (still eligible for SOON emission rewards and SPDRs while locked).
• The SOON token will be used in the iotabee governance to vote for trading pair fee rates etc.
• The new TanglePay Messaging System product will become a module of Soonaverse.
• The Soonaverse will join the Tangle Rally and will distribute 100,000 locked SOON tokens to TanglePay NFT holders.

We’re incredibly excited to have iotabee become the first Soonaverse service module and TanglePay increasing their integration with the platform, building new features and modules. We look forward to blazing this new path forward together. Now, LFGOOOOO!