Genesis Block: L1 at Launch
At launch, 1 billion L1 tokens will be released into the LAMINA1 platform’s open metaverse economy. 500MM L1 will be minted and wrapped into Rewards L1 or RL1, and 500MM will be minted into Launch L1 or LL1.
Of the LL1, the Foundation will have the discretionary power to unlock up to 10% of these LL1 tokens (up to 50M) for strategic investment in the platform, and to power platform operations such as gas fees, partner subsidies, onboarding costs, etc.
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.
To provide some initial liquidity to LAMINA1 community members, 5 L1 will be minted to each non-smart-contract address and Discord community member that sent or received L1 in the Lamina1 Betanet as part of its initial airdrop, to be used as gas for future token unwraps and transactions. Additionally 5 L1 will be minted to each address eligible for community rewards. The Open Metaverse Foundation is also giving out 5 Bonus L1 to the first 100,000 accounts that sign up and create a profile on the LAMINA1 Hub. For more information about that, visit us on Discord.
In the ADb airdrop, 32.5MM LL1 tokens will be distributed to the LAMINA1 community via the Foundation's supply of 500MM LL1 tokens between July 25 and August 26, 2024. Approximately 16 million LL1 tokens will be distributed as “community rewards'' for the ADb airdrop, while the remaining 16 million will be distributed as “platform rewards.” Additionally 595,750 LL1 will be allocated to community members from the Foundation for “bonus pack” rewards based on participation in key builder, creator, and on-chain initiatives during the Beta period. Any unclaimed tokens from that airdrop will go into future creator, builder, and community rewards initiatives organized by the Open Metaverse Foundation.
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 midnight, 12:00 am Metaverse Standard Time (MST) – (UTC+12), the beginning of Earth’s day.
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 will be very important once Staking and Voting functionalities to live on the LAMINA1 Hub, and has already been 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