Genesis Block: L1 at Launch
At launch, 1 billion L1 tokens were released into the LAMINA1 platform’s open metaverse economy. 500MM L1 were minted and wrapped into Rewards L1 or RL1, and 500MM were minted into Launch L1 or LL1 on the Lamina1 genesis block.
A recent update to platform tokenomics prior to the L1 token listing has now increased that supply to 750MM RL1 and 700MM LL1, with the remaining 50MM L1 allocated to the Foundation as a strategic reserve to fund future Foundation/OMMA operations, partnerships, and creator programs/incentives.
In this system, LL1 and RL1 Reward Tokens unlock over time on the network (think a vested investment or holding in the network), and are the equivalent of “Block Rewards”, “Node Rewards,” or “Proof of Work Rewards,” or “Stake Rewards,” in other systems. These rewards unlock continuously, every second in the smart contract that controls them and can be unwrapped daily via the Wallet tab on the LAMINA1 Hub.
At Genesis,
1. The unlock rate for LL1 will be 5% per quarter.
2. The unlock rate for RL1 will be 10% per quarter.
3. The issuance rate for RL1 will be 10% per quarter of remaining.
The Open Metaverse Monetary Authority, an appointed and elected body of stakeholders across the LAMINA1 ecosystem will vote quarterly on these numbers, and these numbers must be approved by the LAMINA1 community, which can do so using VOTE tokens (coming soon).
As a general rule, LL1 tokens will be distributed to partners, team members, partners and community members, and held back for the Foundation to finance future development of the chain.
Meanwhile, RL1 Reward Tokens will be placed in a locked wrapping contract, which will issue RL1 ERC20 tokens a.k.a –– Reward L1 tokens to those who stake, validate, build, operate nodes, or participate in various developer initiatives on the network.
Long-term, this means over 70% of the entire Lamina1 token supply will go back into the ecosystem and its creators/developers in some way –– via block rewards, foundation ecosystem grants, builder initiatives and beyond.
For more information about how these systems will work, see the Staking, Tokenomics & Governance section below.
Metaverse Standard Time
On Lamina1, network days begin at noon, 12:00pm Metaverse Standard Time (MST) – (UTC+12), or UTC 0:00.
The Metaverse Standard time zone is 12 hours ahead of Coordinated Universal Time used in many internet and world wide web standards. It encompasses countries and regions that are among the first to see the sunrise of a new day, and exists at the International Date Line.
For an example of how MST works:
- 5/28/2024 00:00 (midnight) MST is 5/27/2024 12:00 (noon) UTC
- 5/28/2024 00:00 (midnight) UTC is 5/28/2024 12:00 (noon) MST
This time zone features prominently on the LAMINA1 Staking Tab to inform users of the official start of a network day, and was coded into the LAMINA1 Genesis block at launch.
To see what time it is in MST where you are currently, visit: https://dateful.com/time-zone-converter?tz2=UTC12