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Lamina1 Tokenomics & Governance

The LAMINA1 tokenomics and governance model, designed by LAMINA1 co-founder Peter Vessenes, the LAMINA1 Core Team, and the Open Metaverse Foundation, is intended to empower the Open Metaverse economy through a novel staking and voting monetary system that draws on lessons from traditional central banking and decentralized on-chain governance.

Totally new to the crypto industry is integration of a central banking function. The Open Metaverse Monetary Authority (OMMA) will oversee monetary issuance matters, and the Lamina1 community will work with a rewards smart contract to direct that issuance and facilitate governance decisions on the platform.

Under this system, LAMINA1’s core economy will be composed of the following:

  • L1: The primary currency of Lamina1, used for gas fees, transactions, smart contracts and governance.
  • LL1 Tokens: A.k.a “Launch L1” delivered to the L1 community as a whole; they are locked at launch and gradually unlock for use within the network.
  • RL1 Tokens: A.k.a. “Reward L1” issued to various participants (e.g. Validators, Stakers, LAMINA1 Creators) based on the Rewards Contract’s provisions. These innovate on the idea of mined tokens in other chains.
  • VOTE Tokens: Soulbound tokens issued instantly to Lamina1 users who lock their L1, enabling them to participate in governance decisions.
  • STAKE Tokens: Issued to users who stake, serving to multiply their rewards earning potential on the platform.

LAMINA1 Governance and Tokenomics changes will be controlled by two distinct entities:

  • The Open Metaverse Monetary Authority: The governing body for the LAMINA1 token supply that controls the inflation schedule and functions as a central bank for the network, subject to certain restrictions.
  • The Open Metaverse Arts Council: The governing body overseeing the economic health of the platform's creators and developers, alongside platform curation and incentives around content creation and engagement on LAMINA1.

Both councils will consist of both appointed and elected representatives across the Foundation, Core Team and community.

Meanwhile, an independent Rewards Contract facilitate the distribution of rewards to Lamina1 community members for holding their tokens, and a combination of OMMA and the Voting Contract to make changes to its list of destination addresses.

Initially, the Lamina1 Hub platform will launch with just staking, followed by the release of voting on the network 90 days after the L1 token listing. We believe the Rewards Contract is a significant innovation and improvement over existing rewards systems, and we hope it will be a model for future chains.

In this system:

  1. The Rewards Contract holds RL1.
  2. The Contract knows how long is left in its current period.
  3. On a call to claim, it will calculate how many RL1 it has access to as of the block timestamp, and transfer RL1 to each smart contract in the Rewards list, pro-rata to their score.
  4. Claim distributions only go to the top n recipients. At launch, n is set to 5, but the number will be scaled up during the first quarter of the chain’s life, at the discretion of the Foundation. It is unlikely to exceed 20 in the first years of the chain’s life.
  5. An address could be a smart contract or an account address. If it is a smart contract, it is advised that the contract be able to call functions on the Rewards Contract and the LL1 contract, or tokens will be lost.
  6. Audited contracts may apply to be considered RL1 Senders if they have a use case that requires they distribute RL1 out to other participants.

A more detailed breakdown of all of the above can be accessed in the latest update to the LAMINA1 Governance & Tokenomics Whitepaper.

Associated contract addresses for the assets/entities listed above are as follows:

  • 0xE0da98E0C6261eeFcEe4F28F05447dd543c0B5F7 - Rewards Contract
  • 0xC4AE77E1c562A7c4b142bda9B544e2999B0bA798 - STAKE Token
  • 0xED44A3109c5f92AB6B64EbE7E7F49d09DB63Cbf5 - RL1 Token
  • 0xfFfB3F31e0108b1EeB4A32644D21A3059146Bc51 - RL1 Multisig
  • 0xA1a9A9d818Fa963209B183BEBD8cB46399773EFa - LL1 Backing Contract
  • 0xe90F7A1BE1b5204e71161D92B515fe819D0B8dEb - Foundation Vault
  • 0xC6a49fEB03436D9fF68b6d9371B6442BB2373629 - Airdrop

And a community-wide FAQ has been compiled here answering key questions about the L1 tokenomics plan and how it relates to staking, token unlocks, and the L1 token listing.\ \ Future updates to the Governance & Tokenomics whitepaper will include more detailed information on OMAC governance, voting mechanisms, and VOTE tokens — which are currently in the works with the Open Metaverse Foundation. Expect this third update to release alongside the launch of voting on LAMINA1.

In the meantime, we recommend LAMINA1 community members familiarize themselves with the evolving plan and continue developing new models and resources via the dedicated #governance-whitepaper channel on the LAMINA1 Discord.